EMXCo and FundSettle Further Automate Cross-border Flows in UK Funds
Euroclear Bank’s FundSettle platform has launched an automated link to EMXCo’s EMX Message System. FundSettle specialises in cross-border fund settlement and asset servicing, and EMXCo is a 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. Following an announcement in December 2006, whereby Euroclear agreed to acquire EMXCo, both firms have worked towards delivering the Euroclear group’s fund strategy. FundSettle using the EMX Message System forms part of this strategy. Building on their experience in servicing more than 2,500 UK funds and 37,000 funds worldwide, the company says FundSettle’s link to the EMX Message System will significantly benefit international distributors of UK funds by delivering STP levels of up to 90%. As a result, distributors using FundSettle will benefit from better input deadlines and quicker turnaround times for their fund order confirmations.