Multi-Jurisdiction Securitisation Platform
Noray Capital is a Swiss-based structuring coordinator operating a securitisation platform across four jurisdictions. We give asset managers, family offices and wealth managers access to bankruptcy-remote issuance vehicles — without incorporating, capitalising and administering their own securitisation company.
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.
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 costs — 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 | 4–6 weeks to ISIN |
| Own SPV incorporation, capital, directors | Existing approved issuer |
| Standing audit, domiciliation, legal retainers | Costs borne per compartment |
| You appoint and manage every counterparty | Coordinated as a single mandate |
| Fixed overhead regardless of AUM | Scales with issuance |
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 | Cost-efficient AMCs, 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.
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 pricing and appetite through to you, whether or not it suits the transaction. Open architecture means the arranger is selected per deal.
What is the all-in cost per compartment, at your AUM?
Setup fees are the visible number; ongoing administration, audit allocation, paying agent and calculation agent fees are the ones that compound.
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, fee schedule, 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.
Securitisation Platform FAQs
What is a securitisation platform?
Shared issuance infrastructure that allows an asset manager to issue notes or certificates from an existing bankruptcy-remote vehicle under a segregated compartment, instead of establishing and maintaining their own securitisation company.
What is the difference between a securitisation platform and a securitisation vehicle?
The vehicle is the legal issuing entity. The platform is the vehicle plus the coordinated infrastructure around it — arranger, paying agent, calculation agent, auditor, legal counsel and lifecycle administration. Access to a vehicle without that coordination leaves the manager assembling the counterparty chain themselves.
How long does it take to issue from a securitisation platform?
Four to six weeks from signed term sheet to ISIN across all four jurisdictions, assuming KYC is complete and the underlying is custodied. Establishing an equivalent vehicle from scratch takes six to nine months.
Is a compartment genuinely bankruptcy-remote from other compartments?
Under the Luxembourg 2004 Securitisation Law and the Guernsey PCC regime, segregation is statutory: the assets and liabilities of each compartment are legally ring-fenced, and creditors of one have no recourse to another. Segregation strength varies by jurisdiction and should be confirmed in the issuance documentation.
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 target jurisdiction.
Is “securitization platform” the same thing?
Yes — the -z spelling is the US convention for the same structures. Noray issues under European and offshore regimes, so our documentation uses the -s form.
Is there a minimum size to issue from a securitisation platform?
Noray imposes no minimum issuance size. Fees are structured with a floor rather than a size threshold, so the question is whether the economics work at your intended volume — a judgement the manager is better placed to make than the platform. We will model the all-in cost against your expected AUM and turnover before you commit, and tell you if we think the structure does not pay for itself.
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.