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EMX asks fund firms for £2m

EMX, the electronic messaging exchange, is asking fund managers to stump up an extra £2m after running into severe financial difficulties.

Since the launch in June, there has been a much slower take-up by fund managers than expected and minimal use by intermediaries. By mid-September, it had only processed just over 3,000 transactions.

It is thought that EMX is now trying to raise the £2m to tie it over until next summer when it is considering a rights issue to raise further capital.

EMX offers intermediaries a messaging exchange to allow them to trade unit trusts, Peps, Isas and Oeics online. As Money Marketing went to press, EMX was unavailable to comment.

A senior industry source says: “We have been disappointed with the response from the marketplace to EMX. Having seen the operation in practice, we believe EMX needs a radical overhaul if it is to fulfil the position it aspires to.”

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