Source: EMX Message System.
Cardale Asset Management has signed up for settlement via the EMX Message System.
Cardale joined the EMX Message System as a distributor in November 2006 and have been quick to recognise the benefits that settlement via the EMX Message System will bring.
Shirley Mansour, Head of IT and Settlements at Cardale said: "Euroclear UK & Ireland funds settlement means that we will be able to settle our trades in a standard four-day period. Everyone knows when they will be paid and we won't have any problems with cheques getting lost in the post. It will reduce costs and man-hours, so our clients will get better value. As a firm we're always looking to grow, and this will free staff up to take on work that requires less manual intervention."
Funds deals placed via the EMX Message System by opted-in participants are sent to Euroclear UK & Ireland, which settles the cash leg of the transaction on the intended settlement date.
Tony Wood, Deputy CEO of EMXCo said: "Through this link with EUI we are now able to offer our clients the same efficiencies that they have seen for funds orders. I am delighted that Cardale have signed up for settlement via the EMX Message System and I look forward to announcing further settlement joiners in the coming weeks."