Experts say the decision could speed the adoption of electronic re-registration for wrap platforms.
EMX, from EMXCo, is the most widely adopted UK system for implementing electronic messaging but it faces competition from the International Organisation for Standardisation’s ISO20022.
The IMA had been calling for ISO20022 to be adopted this year but says this is now unrealistic and hopes instead for adoption by 2012.
A spokesperson says: “We wanted to have ISO20022 now but this was too ambitious. We have looked at it again and it is two tiers we want, for the process to get automated and then one international standard.”
Experts say the IMA’s new stance means that providers will feel under less pressure to adopt the international standard, which could speed the adoption of EMX for electronic registration.
Financial Technology Research Centre director Ian McKenna says: “Fund management groups will only be able to adopt electronic re-registration if they have some process – ISO or EMX – to deal with electronic processing on funds. The IMA has rightly turned round and have said the important thing is the messaging itself.”