Microgen has launched an EMX module for its Microgen 5Series product suite. EMX, an electronic exchange for fund information owned by Euroclear, has rapidly become the standard via which Independent Financial Advisors (IFAs) communicate with fund managers regarding units they want to buy and sell. The new module is EMX accredited and has been successfully trialled and deployed with a customer.
“A lot of IFAs will only communicate via EMX, so if fund managers want to open doors to market opportunities and compete effectively they have to support this electronic standard,” says Tom Crawford, managing director, financial systems division, Microgen. “The UK onshore market is strategically important and IFAs are the main source of growth for fund managers. It is therefore imperative that we have the correct infrastructure in place that will enable them to drive this area of their business.”
The EMX module interfaces with Microgen 5Series and is underpinned by Microgen Aptitude, a Business Process Platform, to support connections with the EMX messaging network. Messages are passed through the EMX system between intermediaries and fund providers using the standard FIX messaging protocol. Microgen’s EMX module will support two key message types (message types can easily be expanded) – order input and valuation request – and replace manual processes with the straight through processing of these messages. It will also generate audit trails for reporting purposes.
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