Direct Sharedeal Ltd is the latest wrap platform to join the EMX Message System, signing up for both orders and settlement.
Having gone live on the 16th March, Direct Sharedeal now has access to around 90 fund managers through the EMX Message System.
Douglas Boyce, Chief Executive of Direct Sharedeal said: 'Joining the EMX Message System is a step forward for us as we are now able to automate funds processing, therefore reducing costs. To us the advantages of signing up to settlement at the same time as orders are clear, as we can trade and settle funds through one channel resulting in even further cost reductions.'
Yannic Weber, CEO of EMXCo said: 'We are delighted that Direct Sharedeal has joined both the EMX Message System and the EMX Settlement System. With over 20 new participants joining the EMX Message System already this year, it is great to see that the industry recognises we provide services that have become an integral part of funds processing.
Additionally, with Direct Sharedeal adding their name to the growing list of leading players in the market to sign up, the demand for settlement in the Euroclear UK & Ireland system via the EMX Settlement System is gaining real momentum.'
The EMX Message System is the industry's fund messaging system of choice and in 2008 launched cash settlement for funds via the EMX Message System.