Cofunds routing orders through Euroclear’s EMX
London, 12 June 2013 – Cofunds is linking to Euroclear’s EMX Message System for further electronic fund transaction order routing, enabling Cofunds to reach 95% straight-through processing with the fund managers it interacts.
The Cofunds platform, which is responsible for administering fund holdings worth over GBP 50 billion, offers its clients the benefits of automation for the full fund transaction life-cycle. In addition to the current automated processes on offer, the fund platform’s clients can now route aggregated orders through the Cofunds link with Euroclear’s EMX Message System.
Mark Hopcroft, Head of Institutional Distribution, Cofunds, stated: “The increased levels of processing efficiency that our co-operation with Euroclear UK & Ireland provides is common business sense. In a world where stronger focus will be on providing capital market transparency, efficiency and cost control, it will be those fund management houses that have embraced proven channels for automated distribution that can expect to see their AUMs soar. What we are doing with Euroclear UK & Ireland echoes the commitments we made to clients last October – to remain focused on ensuring that everything we do enables clients to demonstrate value, drive efficiencies and increase the importance they play for end investors.”
John Trundle, Chief Executive Officer, Euroclear UK & Ireland, commented: “We are very pleased to partner with an industry leading platform such as Cofunds. Together we are enabling mutual clients to reduce their operational processing costs and achieve exceptional processing efficiency. The wide scope of our service enables Cofunds to route their orders in an electronic way to an additional 25 fund issuers where previously they relied on less automated channels.”
The EMX Message System is fully integrated within the post-trade infrastructure of Euroclear UK & Ireland where platform clients and other trade originators can choose from a comprehensive portfolio of order routing, settlement and custody services.
Fund orders from institutional firms, or IPAs for retail market business, can be routed from fund platforms to Euroclear UK & Ireland’s EMX Message System, which interfaces electronically with transfer agents and the fund managers they service.
About Euroclear UK & Ireland
Euroclear UK & Ireland is the central securities depository (CSD) of the United Kingdom, Jersey, Guernsey and the Isle of Man for all domestic securities, and of Ireland for equities. Euroclear UK & Ireland provides advanced, low-cost settlement facilities for a wide range of investment funds, corporate and government securities, including those traded on the London Stock Exchange and Irish Stock Exchange.
Euroclear UK & Ireland is part of the Euroclear group, which is the world’s largest provider of domestic and cross-border settlement and related services for bond, equity, derivatives and fund transactions. The Euroclear group also comprises Euroclear Bank, based in Brussels, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland and Euroclear Sweden.
The Euroclear group settled the equivalent of EUR 542 trillion in securities transactions in 2012, representing 159 million domestic and cross-border transactions, and held more than EUR 23 trillion in assets for clients. For additional information, please visit: www.euroclear.com
Cofunds is the leading investment platform for advisers and other financial institutions, with assets under administration of over GBP 52 billion (as at April 2013). It provides flexible administration and management services for advisers and their clients as well as dealing and custody services for financial institutions. It does not offer investment management or advice, nor does it compete with advisers by offering its services direct to the end client. Cofunds exists to serve the needs of institutions advisers, their clients, and fund managers. Cofunds is authorised and regulated by the Financial Conduct Authority.