(PresseBox) (Frankfurt am Main, )Clearstream Banking SA has joined the EMX Message System as a consolidator and went live on 11th August 2008.
Clearstream's Vestima+ service for investment funds will be able to facilitate straight through processing of their offshore clients into the UK market place thanks to this link with the EMX Message System.
Philippe Seyll, Director, Investment Funds of Clearstream said: 'The link to the EMX Message System will allow Clearstream to offer electronic order routing in UK domiciled funds by using existing market infrastructure. Combined with the integrated custody and settlement offering of Clearstream, it will offer a full STP ordering and settlement solution for UK domestic investment funds to all Clearstream clients.'
Jane Sidnell, Head of Continental Europe at EMXCo said: 'Since opening our Luxembourg office in 2004 our cross border business has continued to grow and I am delighted to welcome Clearstream on board the EMX Message System. To see further major non UK institutions joining up to use our market infrastructure demonstrates the power of our offering.'
Despite difficult market conditions EMXCo has seen fantastic growth with over 11 million messages passing through the EMX Message System in the first half of 2008, an increase of over 20% on the same period in 2007.
EMXCo is a technology company that provides an electronic messaging solution for automating the purchase, sale, valuation, reconciliation and reregistration of unitised funds. The EMX Message System, Europe's leading funds messaging platform was launched in June 2000 and routed over 19.2 million messages in 2007. In January 2007, EMXCo became part of the Euroclear group. Benefits of trading via the EMX Message System include; a cheaper, faster and safer alternative to paper-based, phone or fax processing, an electronic audit trail and reduced errors thus increasing efficiency. Straight through processing is delivered by one set of data, entered once, in one format through one connection. Use of the EMX Message System for purchase, sale, valuation and reconciliation messages is free to distributors.
Clearstream is an international central securities depository (ICSD) headquartered in Luxembourg and an integral part of Deutsche Börse Group. Clearstream offers settlement and custody services to more than 2,500 customers worldwide for bonds, equities, and investment funds. Clearstream currently holds in assets under custody over EUR 10.5 trillion. Clearstream created and operates Vestima+ an open order routing system for investment funds and the Central Facility for Funds CFF, a state of the art STP settlement solution for international investment funds. Its investment funds services department offers custody services for more than 65,000 domestic and international investment funds.