The UK mutual fund messaging network EMXCo – which was acquired by Euroclear last year – has announced there will be no increase in their annual membership fee this year.
In previous years EMXCo, owners of the EMX Message System, have increased the cost of the annual membership fee that providers pay.
“We are delighted that the business is now in a position where we can forgo an increase in the annual fee, even though our costs will rise as we continue to grow the business,” says Max Wright, CEO of EMXCo. “This is the first step towards our stated aim of reducing the total processing costs for the funds market.”
Use of the EMX Message System for purchase, sale, valuation, reconciliation and settlement messages is free to distributors. There are currently around 200 distributors and 65 providers using the system.