EMX, the mutual messaging system in the United Kingdom, says it has just passed a ninth successive month of record traffic.
The electronic platform, which routes deal and valuation instructions between fund managers and fund distributors, moved over 4,700 order messages in a single working day in early September. EMX reckons it now accounts for over one fifth of all transactions placed in the UK market.
Recent recruits to the platform include Seven Investment Managers (7IM), Accrue Investment Management, Canada Life, Jersey based Gartmore International, Personal Pension Management Ltd (PPML) a division of Winterthur and Thesis Asset Management. EMX says that existing users of the system are also placing more business through it.
‘We are seeing a fantastic rate of growth, with weekly traffic totals beating the last hands down,” says Max Wright, CEO of EMXCo. “We are now in the position where the best thing is to let the system and its benefits speak for itself. Companies that are using the platform and reaping the rewards can’t wait to increase the proportion of business they route this way and this encourages them to put pressure on the people they deal with to come on board. We are already extending our reach into the cross-border market space and have the functionality to provide our service throughout Europe. As an established and genuine STP solution, I see no reason that the EMX Message System should not become the standard solution for Europe as it has done for the UK.’
The EMX Message System was launched in June 2000.