Euroclear Banks FundSettle platform has launched an automated link to EMXCos EMX Message System. FundSettle specialises in cross-border fund settlement and asset servicing, and EMXCo is a leading provider of fund order routing.
This combination will further automate cross-border flows in UK funds, providing an integrated, automated and electronic means for order input through to settlement and asset servicing.
“This automated link is a concrete step down the evolutionary path of delivering integrated UK fund transaction processing within the Euroclear group. Those FundSettle orders currently routed by fax to UK transfer agents will be a burden of the past as clients benefit from timelier processing, as well as substantial savings triggered by automation. Where a FundSettle client would typically pay a flat fee of EUR 25 per order, with the delivery of STP order routing the cost is estimated to drop to an average of EUR 7 per cross-border instruction,” said Ivan Nicora, Director and Head of Investment Fund Product Management at Euroclear.
“I am delighted to welcome FundSettle to the EMX Message System. Our aim has always been to rid the funds industry of the inefficiencies that manual processing brings. Following the acquisition, we created the Funds Liaison Group to provide a forum for market consultation on future order routing and settlement solutions for funds,” said Max Wright, Chief Executive Officer of EMXCo.
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