EMXCo says BNP Paribas Securities Services went live on the EMX Message System, its electronic mutual fund dealing and valuation service, at the end of December.
“We are delighted to welcome BNP Paribas on board the EMX Message System and don’t doubt that using our electronic solution they will be able to provide first class service to their clients, as well as reducing costs and business risk,” says EMXCo Head of Sales & Marketing, Tony Wood. “When we release our automated settlement functionality shortly, this will further serve to deliver the benefits of straight through processing for the users of the EMX Message System.”
EMXCo says its EMX Message System moves approximately 440,000,000 worth of cash funds flow through the system each month. Over 100,000 order messages were routed in December, completing a series of 12 consecutive months of record growth throughout 2003.
“BNP Paribas Securities Services is committed to supporting industry STP initiatives and our connectivity to the EMX Message System further enhances our capabilities in this area,” says Sue Price, Head of Product Development for Transfer Agency at BNP Paribas Securities Services. “We are pleased with the pilot implementation and will be extending the EMX connectivity to our other transfer agency clients in the following weeks.”