Clearstream Insights: eMission – the heart of European issuance
Philippe Mueller, Head of Issuer CSD Services, talks about how the new European Issuer Portal and the eMission platform at its heart help harmonise Europe’s fragmented issuance landscape, providing the European issuer community with lower funding costs and greater investor reach.
Philippe, what is the eMission platform?
eMission is our automated issuance platform, which serves as a single gateway for issuers and their agents to connect directly to the T2S markets through Clearstream’s CSD in Germany. eMission is well-established in the German CSD infrastructure, having seen a steady growth in volumes for certificates and warrants over the last decade. Its success is primarily due to the high level of operational efficiency and standardisation it offers, providing for electronic admission, issuance and distribution services allowing for end-to-end automation and integration with the issuer’s or issuer agent’s workflow.
How are you now expanding eMission to create the European Issuer Portal?
The key aim of the European Issuer Portal, or EIP, is to harmonise Europe’s fragmented issuance landscape. It has the eMission platform at its heart, building on it to cover as much of the issuance value chain as possible. This means adding a comprehensive suite of post-issuance services, such as dispatch, deposit and settlement: all accessible via a one-stop-shop service. Through the EIP, issuers will benefit from lower costs through the consolidation of issuance in a single place and an extended reach to international and domestic counterparties.
What are the main benefits for issuers?
I see EIP as an enabler for growth. An efficient issuance process allows for further product diversification and a larger offer on a pan-European basis. Given its proven expertise in issuance of certificates and warrants, the EIP is also well positioned to offer issuers of structured products access to European CSDs and stock exchanges. We will continue to leverage changes to the issuance landscape, such as regulation, to further facilitate a standardised issuance process. In achieving that, we aim to become the single European issuance platform of certificates, warrants and equities for all European CSDs and stock exchanges and in addition make it easier for European debt issuers to connect to their investor base across Europe so that we are the partner of choice for international debt issuers seeking a Eurozone investor base.