What we do
From first assessment to last coupon.
Exchange Trust leads a Transaction through the eDCMP™ from the first assessment to financial close, and coordinates it for the rest of the Term. Each service sits with the group company permitted to perform it. Authorised intermediaries perform placement and every other regulated activity.
01 The programme
Five steps of the programme
Every Transaction follows the same five steps, whatever the industry or the size of the raise. Each step below names the parties that perform it. The client works with Exchange Trust for the whole Term.
Assess
Asset, jurisdiction, business and management
Exchange Trust, with the Transaction ArrangerStructure
Compartments, collateral and reserves, then the Instrument terms
Exchange Trust and the Transaction ArrangerInsure and rate
Cover from a rated insurer where wrapped, and a public rating
Insurers and rating agencies, coordinated by Exchange TrustIssue and place
The Issuer issues listed notes, placed with qualified investors
The Issuer, with authorised co-arrangers placingRun
Payments, reserves and reporting for the Term
The Issuer and its appointed agents02 Services
Who performs each service
Each Exchange Trust company acts only within its own legal and regulatory status. Regulated investment services sit outside the group, with an authorised intermediary appointed to each Transaction in writing. Each engagement starts with an Offer Letter and a signed engagement letter.
| Company | Role | Services |
|---|---|---|
| Exchange Trust Settlement Services (Pty) Ltd | Corporate finance and structuring, South Africa | Corporate finance consulting, origination and Borrower advisory, project and asset information, eDCMP Transaction architecture, coordination, Transaction management and documentation |
| ETFM Advisory, LLC | Transaction Arranger, Delaware | Credit and funding assessment, Instrument design, pricing with the Fund Manager, and coordination of authorised co-arrangers |
| Exchange Trust Fund Managers Sàrl | Fund Manager, Luxembourg | Management of the Fund and its Issuer, eDCMP governance, Luxembourg issuance infrastructure, and Issuer decisions on coupon, issue size and settlement |
| Exchange Trust Securities FT | Issuer, Luxembourg | Issues the notes, lends the proceeds to the Borrower and holds the collateral of each compartment. It gives no advice and performs no distribution |
| Authorised intermediaries | Outside the group, appointed per Transaction | Investor solicitation and marketing, investment advice, placement and underwriting, order handling and execution, investor onboarding and market making |
Regulatory statusExchange Trust Settlement Services (Pty) Ltd provides corporate finance, financing strategy and capital-markets structuring services to corporate clients. It does not give investment advice to investors or perform placement, underwriting, dealing, order transmission or execution. Authorised intermediaries appointed to each Transaction perform those activities.
Source: Exchange Trust service boundaries policy, 1 November 2026.
03 Industries
Nine industries, one collateral test
The test is the same in every industry. It needs an insurable, enforceable asset in an acceptable jurisdiction, a growth purpose and a Borrower that can service the note. The industry sets which assets are pledged and which insurers write the cover. Industries outside this list are considered where the asset passes the same test.
01Agriculture
Farmland, orchards, processing plant, storage and irrigation assets, with contracted offtake
02Energy
Generation and storage plant, grid connections and long-term power purchase agreements
03Fuel and logistics
Terminals, depots, tank farms and fleets, with throughput contracts
04Water
Treatment plants, storage, pumps and pipelines, originated with H2O Securities
05Mining and minerals
Plant, equipment and in-ground reserves, backed by a compliant technical report
06Real estate
Income-producing property, entitled land and development sites with contracted sales
07Transport
Ports, rail and road assets, vessels and rolling stock, with concession or charter income
08Data centres
Sites, power and cooling infrastructure and fitted-out halls, with tenant leases
09Multi-sector
Sponsor and platform portfolios across industries, including royalty pools
Usual collateral in each industry. The collateral for a specific Transaction is set at assessment. Source: Exchange Trust programme documentation, September 2026.
04 Timeline
How a Transaction runs
A Transaction runs through six phases over 23 to 28 weeks, from data room to first capital release. Each phase ends at a gate, where Exchange Trust issues a Completion Letter. The next phase starts once the client accepts it. A fee is charged at each stage, and the first assessment carries no fee.
Pre-Contract
2 to 3 weeksPlan and Design
3 to 4 weeksTest and Formalise
5 weeksRegulatory Approval
7 to 9 weeksLaunch
3 to 4 weeksList and Drawdown
3 weeks| Phase | Closes when |
|---|---|
| APre-Contract | The client signs the engagement letter after an Offer Letter |
| BPlan and Design | Eight segment reports set the collateral model, the compartments and draft note terms |
| CTest and Formalise | Every party clears know-your-customer checks, the market is presounded and security documents are signed |
| DRegulatory Approval | Compartments are set up, partners appointed and Final Terms executed: the note is ready to issue |
| ELaunch | Investor commitments are enough to open subscription |
| FList and Drawdown | The notes settle, the security is perfected and capital is released: financial close |
After close: the Term
Set-up
Coupon calendar and reporting live within 30 days
Operations
Waterfall, covenants, coupons and collateral checks
Events
Tap issues, further Series and early redemption
Redemption
Classes repaid in order, security released, compartment closed
What keeps the plan on time. The durations assume the client answers questions within five business days, and returns documents, signatures and payments within three. A late item moves every later phase back by at least the same time.
Next step
Plan your Transaction with us
A client that needs capital by a fixed date should work back from that date with Exchange Trust at the first meeting. Commercial terms are set out in that meeting, under a non-disclosure agreement. Documents follow later, through a secure data room on the Exchange Trust Platform.