Charles Stanley is one of a number of participants to sign up to settlement so far this year including Brewin Dolphin, Cardale Asset Management, and RedmayneBentley.

Andrew Butcher, Chief Operations Officer at Charles Stanley said: 'Now more than ever it is important that we drive down costs and improve efficiencies and making use of settlement via EMX allows us to do just that. By placing our fund deals by the EMX Message System, these are sent to the EUI system where the cash part of the transaction is settled therefore eliminating the costly errors caused by manual processing.'

Tony Wood, Deputy CEO of EMXCo said: 'I am delighted that Charles Stanley is one of the early adopters of settlement via the EMX Message System. It is great to be able to start the year with such influential participants signed up and others in the pipeline. For some time market participants have been telling us that having automated the order flow we now need to do the same for settlement. Through our work with Euroclear and the Funds Liaison Group we have developed what the market has asked for and we are delighted to see such businesses as Charles Stanley leading the way. We are seeing the same pattern as with orders where key distributors create the momentum for adoption.'

Later this year, EMXCo and Euroclear UK & Ireland will be launching a second phase of settlement which will reflect funds unit movements in notional client accounts.

'This second phase of settlement will enable us to further reduce settlement times for funds' said Andrew Butcher.