Euroclear and EMXCo have formed a funds liaison group made up of senior executives from the industry.
The group will look at future order-routing and settlement solutions for UK investment funds, in line with the IMA principles for fund processing.
It brings together industry stakeholders to enable the development of a market-sponsored solution for STP of order-routing, settlement and asset servicing.
The group will be chaired by Edward Jones principal Carol Wechsler and will include fund managers Invesco Perpetual, JPMorgan, New Star, Old Mutual Asset Management, Schroders and Threadneedle.
Retail brokers include Brewin Dolphin, Charles Stanley, Edward Jones and Halifax Share Dealing and transfer agents BNPParibas Fund Services, IFDS, Mellon Global Securities, Northern Trust and BoNY.
The platforms involved are Abbey National Wrap Managers, FundsNetwork, Hargreaves Lansdown and Skandia/Selestia. Banks include Barclays Wealth, HSBC and Northern Trust.
Industry bodies will include APCIMS, IMA, ISITC and PIMA.
The group has its first meeting this month and will meet quarterly.
Wechsler says: “This is the first forum representing parties on both
sides of a fund transaction to meet and agree on their combined objectives.
This shows the benefit of the UK market infrastructure’s involvement. As a
working group, we have agreed it is our responsibility to investigate and
assess all available options for the introduction of STP– for the delivery of
greater efficiency andcost saving – to the UK investment-fund market. I very
much look forward to chairing this group to reach a successful solution over