Company Structure and History
Company structure and history
At the initiative of the Luxembourg Stock Exchange, a consortium of major players of the fund industry was created in 2010 to analyse the creation of a market utility that would help fund actors mutualise costs and achieve greater efficiency in the fund distribution space. The ‘Fund Market Infrastructure’ project was launched.
The consortium quickly evolved into a Super User Group with the objective of substantially supporting, facilitating and standardising the cross-border distribution of funds.
At this stage and in order to bring the FMI project to fruition, the Luxembourg Stock Exchange decided to finance the entirety of the initiative and to create a dedicated legal structure. In parallel and to create the infrastructure the Luxembourg Stock Exchange decided to:
- Partner with SWIFT, who provides the backbone of the Fundsquare platform, and Altus, who provides the front end of the platform
- Integrate Finesti, also a subsidiary of the Luxembourg Stock Exchange, into the initiative as an opportunity to leverage its technical infrastructure, fund database, as well as its expertise in fund registration, regulatory reporting, data and document management.
Initially, the legal structure is to serve the market as a subsidiary of the Luxembourg Stock Exchange, but is to become a user-owned and user-governed market utility in the future.
Fundsquare was constituted on 7 June 2013 in Luxembourg and started its activity on 1 July 2013.
Fundsquare is a wholly-owned subsidiary of the Luxembourg Stock Exchange and is the combination of Finesti services with newly-created order management services.
- Chairman: Robert Scharfe, CEO, Luxembourg Stock Exchange
- Pierre Cimino, Managing Director, CACEIS Bank Luxembourg
- Benoit Elvinger, Head of Markets, Banque de Luxembourg
- Frédéric Pérard, Managing Director, BNP Paribas Security Services Luxembourg
- Olivier Renault, Country Manager, Société Générale Security Services
- Olivier Portenseigne, Managing Director and Chief Commercial Officer
- Maxime Aerts, Chief Operating Officer