Brewin Dolphin Ltd has signed up for settlement via the EMX Message System.
Already an active Euroclear UK and Ireland member they will settle fund orders in the Euroclear UK & Ireland system via the EMX Message System thus benefiting from true straight through processing.
Brewin Dolphin were one of the early joiners of the EMX Message System, dealing for the first time through the system in November 2001 and are among the first to sign up to use settlement via the EMX Message System.
Stuart Marwick, Group Settlement Director of Brewin Dolphin Limited said: 'Reducing the costs associated with settling our funds business has been a key goal of Brewin Dolphin for a number of years. Trading through the EMX Message System has provided a reliable trading platform by streamlining and saving costs in dealing but it has not yet impacted on settlement. We strongly believe that by signing the EMX Settlement System Participant Agreement we will, with the second phase launch of funds settlement in Euroclear UK & Ireland from Q4 2009, have the opportunity to make settlement savings. Brewin Dolphin is committed to this launch and would encourage all market participants to commit also.'
Tony Wood, Deputy CEO of EMXCo said: 'I am delighted that a major player such as Brewin is one of the first to sign up to settlement via the EMX Message System. We have a number of participants who have signed up and more in the pipeline committed to using the settlement service. We expect to be able to announce these soon.'
Developed by EMXCo and Euroclear UK & Ireland in consultation with more than 65 industry professionals from 39 organisations, settlement via the EMX Message System provides a single point of input and full automation for the funds industry.
From Q4 2009, Euroclear UK & Ireland will be able to reflect the transfer of ownership of the funds with a notional record in its system as well as offering own name-to-nominee and nominee-to-nominee transfers and those who have signed up to settlement now will be best placed to benefit from this.