Multi-Jurisdiction Securitisation Platform
A securitisation platform is shared issuance infrastructure that lets an asset manager issue notes or certificates from an existing bankruptcy-remote vehicle, under a compartment reserved for that transaction, instead of establishing and governing a securitisation company of their own. Noray Capital is a Swiss-based structuring coordinator operating one across four jurisdictions, with a first ISIN typically 4–8 weeks from a signed term sheet.
Each transaction is issued by an independent, bankruptcy-remote vehicle into a ring-fenced compartment with its own ISIN, deliverable into any custodian bank via Euroclear or SIX SIS. Noray does not issue on its own balance sheet. You choose the jurisdiction; we coordinate the issuer, arranger, paying agent, calculation agent, auditor and legal counsel around it as a single mandate.
Last updated: September 2026
Definition
What a securitisation platform actually does
A securitisation platform is shared issuance infrastructure. Rather than establishing a standalone securitisation vehicle — a process that typically runs six to nine months and carries standing legal, audit, director and domiciliation obligations — your transaction is issued from an existing, already-approved vehicle under a ring-fenced compartment, with a coordinator assembling the counterparty chain around it.
The compartment is legally segregated. Its assets and liabilities are walled off from every other compartment on the platform and from the platform issuer itself, so noteholders in one transaction have no recourse to another. That segregation is what makes shared infrastructure viable for institutional investors, and it is the single feature to interrogate hardest when comparing providers.
US readers will see this written as "securitization platform" — the structures are identical; the spelling follows the jurisdiction.
What it replaces
| Doing it yourself | Issuing from a platform |
|---|---|
| 6–9 months to first issuance | 4–8 weeks to ISIN |
| Own SPV incorporation, capital, directors | Existing approved issuer |
| Standing audit, domiciliation and filing obligations | Borne by the platform, per compartment |
| You appoint and manage every counterparty | Coordinated as a single mandate |
| Governance burden regardless of issuance volume | Scales with issuance |
Compare
Securitisation platform vs fund platform vs standalone SPV
These three are routinely discussed as if they were interchangeable. They are not. A fund platform gives access to a regulated collective investment scheme: investors buy units and own a proportional claim on a portfolio held by a depositary, under a fund authorisation. A securitisation platform issues debt securities from a special purpose vehicle against defined assets, with no fund authorisation, no management company and no depositary in the fund sense. A standalone SPV uses the same legal technique as the platform, but you incorporate, capitalise and govern the vehicle yourself.
The practical consequences are speed, breadth of eligible underlying, and where the governance burden sits. Securitisation reaches a settled ISIN in weeks and takes assets a fund regime would refuse; a fund reaches investors whose mandates require a fund, and — where the regime permits — retail. Neither replaces the other, and managers regularly run both, with a tracker certificate feeding an existing fund.
| Securitisation platform | Standalone SPV | Fund | |
|---|---|---|---|
| What it is | Shared bankruptcy-remote issuer, one compartment per transaction | A vehicle you incorporate and govern yourself | An authorised collective investment scheme |
| Time to first issuance | 4–8 weeks | 6–9 months to establish, then weeks per issue | 6–12 months |
| What the investor holds | An ISIN-bearing security, in their own custody account | An ISIN-bearing security, in their own custody account | Units in a regulated fund |
| Who carries the governance | The platform, under its own regime | You — directors, audit, filings, indefinitely | The management company and depositary |
| Eligible underlying | Very broad, including illiquid and private assets | Very broad | Constrained by the fund's regime |
| Best suited to | A first product, or many products under one roof | A large, permanent, multi-series programme | Investors whose mandates require a fund |
Swipe horizontally to see all columns.
The full comparison, including when it is worth graduating from a platform to a vehicle of your own, is in securitisation platform vs SPV vs fund.
Segregation
Compartments and cells: how segregation actually works
Shared infrastructure is only viable if the transactions sharing it are genuinely walled off from one another. Each jurisdiction has its own name for the mechanism. A Luxembourg securitisation undertaking issues from a compartment; a Guernsey protected cell company issues from a cell; a Cayman segregated portfolio company issues from a segregated portfolio. The label differs; the effect is the same.
In each case the assets and liabilities attributed to one compartment are, as a matter of law, unavailable to the creditors of another and unavailable to the general creditors of the issuer. Noteholders in one transaction have no recourse to another, and a compartment that performs badly cannot contaminate the ones beside it. This is what makes it possible for many unrelated products to share one issuer without investors in any of them carrying the others' risk.
The distinction worth interrogating is statutory versus contractual segregation. Statutory segregation is written into the law of the jurisdiction and binds third parties without their agreement. Contractual segregation is an undertaking between the parties, which depends on every counterparty honouring it and on a court agreeing after the fact. The two are not equivalent when tested. The single most useful due-diligence question about any platform is which of the two applies and under which provision — and a provider who cannot cite it is describing an intention rather than a protection.
Segregation is one part of a wider structure: limited-recourse and non-petition provisions, restricted corporate objects, orphan ownership and independent governance all work together to make the issuer unlikely to enter insolvency in the first place. Those mechanics are set out in what is a bankruptcy-remote SPV.
Compare
Four jurisdictions, one coordination point
Most securitisation platforms are single-jurisdiction — a Luxembourg vehicle, or a Luxembourg and Irish pair — and the provider will steer you toward whichever one they operate. Noray coordinates across four, so the jurisdiction follows the transaction rather than the provider's balance sheet.
| Jurisdiction | Vehicle | Best for | Segregation | Typical timeline | Settlement |
|---|---|---|---|---|---|
| Luxembourg | Securitisation Undertaking (2004 Law) | EU distribution, private debt, regulated investor base | Compartment (statutory) | 4–6 weeks | Euroclear / Clearstream |
| Guernsey | Protected Cell Company | Fastest route to a first ISIN, flexible cell structures | Cell (statutory) | 4–6 weeks | Euroclear |
| Cayman Islands | Exempted Company / SPC | Offshore funds, digital assets, US-facing | Portfolio (SPC) | 4–6 weeks | Euroclear |
| Switzerland | Swiss SPV | Swiss investor base, SIX SIS settlement | Contractual + structural | 4–6 weeks | SIX SIS |
Swipe horizontally to see all columns.
Selection is driven by the investor base and the underlying, not by preference. We will tell you when a jurisdiction we do not operate is the better answer.
Underlyings
What can be securitised
Liquid strategies
Actively Managed Certificates tracking a discretionary or systematic portfolio.
Private debt and loan portfolios
Credit-Linked Notes and secured note programmes.
Private equity and co-investments
Making illiquid positions subscribable via custodian.
Real estate
Single-asset and portfolio structures.
Digital assets
ISIN-eligible wrappers for custodied crypto and tokenised exposure.
Fund feeders
Delta-1 tracker certificates over an existing fund.
The common problem across all six: an asset the client cannot currently book at their custodian. The securitisation platform converts it into a bankable, ISIN-identified security.
Instruments
What a securitisation platform can issue
Every instrument below is the same securitisation technique wearing a different label. What changes between them is the payoff, how the underlying is managed, and how the security is distributed — not the structure that issues it. All of them carry their own ISIN and settle through Euroclear, Clearstream or SIX SIS, which is what lets an investor hold them at their own bank.
Actively Managed Certificate (AMC)
A discretionary strategy in an ISIN-bearing wrapper. The manager adjusts the underlying inside the mandate without reissuing the security.
Learn moreTracker certificate
Delta-one exposure to a fund, index or defined portfolio, tracking its published value one for one. Commonly used as a bankable feeder into an existing fund.
Learn moreExchange-Traded Product (ETP)
A securitised instrument admitted to trading on an exchange, with continuous market making and creation and redemption in size.
Learn moreCredit-Linked Note (CLN)
Defined exposure to a credit reference — a single name, a basket or a loan — for private credit, project finance and structured lending.
Learn moreSecured notes
Note programmes issued against a specific pool of assets or receivables, with the security package documented at the compartment level.
Learn moreIf you are unsure which label fits your strategy, the decision framework in ETP vs ETN vs certificate works through it by distribution, investor base, underlying and jurisdiction.
Timeline
How long setup takes, in weeks
Four to eight weeks from signed term sheet to a settled ISIN, across all four jurisdictions, assuming onboarding is complete and the underlying is custodied. Guernsey cell structures sit at the fast end at four to six weeks. The comparison worth holding on to is with the alternatives: establishing an equivalent vehicle from scratch takes six to nine months before the first issuance is possible at all, and authorising a regulated fund takes six to twelve.
Structuring call and jurisdiction selection
Underlying, investor base, distribution jurisdiction and target timeline, with a written rationale for the vehicle recommended.
Term sheet
Economics, scope of the mandate, calculation methodology, subscription and redemption mechanics.
Onboarding and compartment opening
KYC and AML onboarding, then creation of the ring-fenced compartment inside the issuing vehicle.
Documentation and counterparty coordination
Issuance documentation under the vehicle's existing programme, with the arranging, calculation, settlement and audit chain coordinated around it.
ISIN and clearing admission
ISIN allocation and admission for settlement, so any custodian bank can receive the security against payment.
First issuance
Units issued against the seed subscription and delivered into the settlement system.
The two things that most often move the date are incomplete onboarding documentation and an underlying that is not yet custodied. Both are worth starting in week one.
Who it is for
Who uses a securitisation platform
Four client types account for almost all issuance on the platform. They arrive with different problems and leave with the same thing: a security their investors can hold at their own bank.
Asset managers and EAMs
A discretionary strategy that clients can only access by replicating it account by account. One ISIN consolidates it into a single instrument every client can hold at their own bank.
See the use caseFamily offices
Multi-asset and private-market holdings that no custodian will book in their raw form. Securitising them produces a single certificate that sits in the custody account like any other position.
See the use caseWealth managers
A house strategy that needs to be delivered under the firm's own brand, bankable through whichever custodian each client already uses, without building issuance infrastructure.
See the use casePrivate banks
Bespoke mandates for UHNW clients that require a defined payoff or a specific credit exposure, issued quickly and segregated from every other transaction on the platform.
See the use caseThe platform is not the right answer for everyone. If your investors' mandates require a fund, no amount of structural elegance in a note makes it eligible — and we will say so rather than sell you a compartment.
Due diligence
How to choose a securitisation platform
Six questions worth asking any provider, including us. If you are weighing an independent coordinator against a bank-operated programme, our note on bank-backed versus independent platforms covers the trade-off in more depth.
Is the segregation statutory or contractual?
Statutory segregation under a compartment or cell regime is materially stronger than a contractual undertaking. Ask which one applies and under which article.
Is the issuer orphaned?
A bankruptcy-remote vehicle should not be owned by its sponsor. If the platform provider owns the issuer outright, the remoteness is weaker than advertised. Ask how ownership is held.
Is the arranging bank captive?
Platforms tied to a single bank pass that bank's terms and appetite through to you, whether or not they suit the transaction. Open architecture means the arranger is selected per deal.
What is the full scope of the mandate, in writing?
Ask which functions the provider coordinates and which stay with you — arranging, calculation, settlement, audit coordination, investor reporting — and get it in the term sheet. The gaps are what you end up staffing yourself.
Is the administrator independent and regulated in its own jurisdiction?
Lifecycle work — corporate actions, NAV publication, investor reporting, audit coordination — runs for the life of the note. An independent regulated administrator is a control, not a gap; a provider marking its own homework is the thing to watch for.
What happens if you want to leave?
Portability of a compartment to another platform, or to your own vehicle, should be answerable before you sign.
Process
The issuance process
Structuring call
Underlying, investor base, distribution jurisdiction and target timeline.
Jurisdiction and vehicle selection
With a written rationale, not a default.
Term sheet
Economics, scope of the mandate, calculation methodology.
Counterparty coordination
Arranger, paying agent, calculation agent, auditor, legal counsel.
Documentation and approval
Issuance deed, programme documents, KYC/AML onboarding.
ISIN and listing
Allocation, clearing admission, custodian deliverability.
Ongoing administration
NAV, corporate actions, reporting, audit.
Noray in numbers
- 4
- Issuance locations
- 100+
- Products issued
- CHF 500M+
- Total volume issued
- 4–8
- Weeks to first ISIN
Switzerland, Luxembourg, Guernsey and the Cayman Islands.
Certificates, notes and exchange-traded products across the platform.
Cumulative issuance volume since the platform launched.
From signed mandate to a live, bankable security.
The Noray Launch Path
Six steps from mandate to a live ISIN
Whatever the compartment ends up issuing — a certificate, a tracker, a note or a listed ETP — it runs through the same six steps. The platform's vehicle already exists and is already approved, so the work begins at your compartment.
typically 4–8 weeks to first ISIN
- 01Week 1
Mandate & vehicle selection
Agree what is being issued, and in which kind of vehicle.
- 02Weeks 1–2
Jurisdiction & structure
Match the issuing jurisdiction to the investor base and the assets.
- 03Weeks 2–4
Documentation & approvals
Draft the terms and clear onboarding.
- 04Weeks 4–6
ISIN, settlement & custody onboarding
Turn the structure into something a bank can actually book.
- 05Weeks 6–8
Launch & first subscription
Issue the first units and open the product to investors.
- 06Ongoing
Lifecycle & reporting
Run the product: valuation, flows, corporate actions, reporting, audit.
Securitisation Platform FAQs
What is a securitisation platform?
A securitisation platform is shared issuance infrastructure that lets an asset manager issue notes or certificates from an existing bankruptcy-remote vehicle, under a compartment reserved for that transaction, instead of establishing and governing a securitisation company of their own. The platform is the vehicle plus the approved issuance programme and the coordinated counterparty chain around it.
How is a securitisation platform different from a fund platform?
A fund platform gives access to a regulated collective investment scheme: investors buy units and own a proportional claim on a portfolio held by a depositary, under a fund authorisation. A securitisation platform issues debt securities from a special purpose vehicle against defined assets, with no fund authorisation, no management company and no depositary in the fund sense. Securitisation is faster and takes a much broader range of underlying assets; a fund reaches investors whose mandates require a fund and, where the regime permits, retail.
How is it different from setting up my own SPV?
The legal technique is identical — both produce a bankruptcy-remote issuer of ISIN-bearing securities. What differs is who carries the establishment work and the standing governance. A standalone vehicle takes six to nine months to incorporate, capitalise, staff with directors and document before it can issue anything, and then keeps generating audit, filing and oversight obligations whether or not it issues. On a platform, the vehicle and its programme already exist, so a new product is a compartment and a set of terms.
Is a compartment genuinely bankruptcy-remote from other compartments?
Under the Luxembourg securitisation regime and the Guernsey protected cell company regime, segregation is statutory: the assets and liabilities attributed to each compartment or cell are legally ring-fenced, and creditors of one have no recourse to another. That is materially stronger than a contractual undertaking to keep pools separate. Segregation strength varies by jurisdiction, and the specific provision should be identified in the issuance documentation.
How long does it take to issue from a securitisation platform?
Four to eight weeks from signed term sheet to ISIN across all four jurisdictions, assuming onboarding is complete and the underlying is custodied. Guernsey cell structures are at the fast end at four to six weeks. Establishing an equivalent vehicle from scratch takes six to nine months before the first issuance is possible at all.
Do I need a licence to use a securitisation platform?
The platform issuer holds the relevant permissions. The manager typically acts under a product management agreement rather than as issuer. Distribution of the resulting security is a separate question, governed by the rules of each jurisdiction the product is offered into. Noray Capital SA is a structuring coordinator, not the issuer.
Discuss your structure
Tell us the underlying, the investor base and the distribution jurisdiction. We will come back with a vehicle recommendation and a written rationale.