Trading in a new CoinShares product tracking Zcash (ZEC) resumed on Euronext Paris on Wednesday, Oct. 28, according to CoinShares, hours after Euronext suspended it on what was meant to be its first day.

Benoît Pellevoizin, a CoinShares press contact, told Unchained that trading resumed “at noon CET.” Unchained could not find a Euronext notice on the resumption.

Earlier that day, the exchange published a corporate event notice that lists the suspension as starting at 09:00 on Oct. 28. The notice describes the instrument as an exchange-traded note (ETN) issued by CoinShares Digital Securities, under the symbol ZCSH and ISIN GB00BNRRG954.

The notice did not explain the decision. Under “Reason,” it read only “upon the decision of Euronext and until further notice.”

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Settlement at the Depository

Euronext spokesperson Flavio Bornancin-Tomasella told Unchained on Wednesday that “the instrument will remain suspended until standard settlement operations can be fully supported by the Central Securities Depository (CSD).” He added that the measure “is strictly limited to these operational settlement requirements and is not tied to broader concerns or regulatory trends regarding crypto-based ETPs.”

A CSD is the institution that holds securities and records their transfer when trades settle.

CoinShares, which announced the product earlier on Wednesday, addressed the settlement question as well. Pellevoizin told Unchained that “settlement has absolutely nothing to do with CoinShares” in the same message that reported the resumption.

A Crowded Field for Zcash Products

The CoinShares note is the fourth exchange-traded product in Europe offering exposure to ZEC, after offerings from 21Shares, Virtune and Valour.

21Shares’ Zcash product charges a 2.5% annual management fee and uses BitGo as custodian. It debuted Sept. 22 on Euronext’s Paris and Amsterdam venues under the ticker ZCASH.

In the U.S., Grayscale’s Zcash ETF began trading on NYSE Arca on Aug. 25. That fund also trades under the ticker ZCSH, the same symbol Euronext lists for the CoinShares note in Paris. The two are separate products from separate issuers on separate exchanges.

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