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EMXCo cuts prices again

07 July 2009  |  1379 views  |  0 Source: EMXCo

EMXCo have today announced major reductions to its provider tariff for the second year running, and a further reduction to the tariff in 2010.

Yannic Weber, CEO of EMXCo said: 'We always planned to deliver further price reductions to participants of the EMX Message System and I am delighted to announce these today. Use of the EMX Message System has continued to increase and we always said that as that happened we would continue to reduce our prices.

So to follow on from the 20% reduction in our top rate band last year, we are increasing the initial band where we charge £2 per order from 5,500 to 20,000. What this means in real terms is that a provider client receiving 20,000 order messages each year will benefit from a saving of 42%. In January 2010 there will be a further reduction and providers receiving over 20,000 order messages will benefit from additional savings as we drop the charge for the band between 20,000 and 100,000 orders from £4 to £3.50

Our plans for the future as part of the Euroclear Group are focused firmly on delivering the industry infrastructure to make the processing of fund transactions more efficient and less costly so bringing them in line with equities and other investment vehicles. As an
important part of this strategy we are on target to deliver the cash and stock phase of settlement in Q4 2009.'

Michael Morecroft, Head of European Transfer Agency at Invesco Perpetual said: 'Increasing automation and reducing risk through electronic messaging is a key focus of Invesco Perpetual and something which we believe adds value to both our clients and ourselves. This further price reduction from EMXCo is great news and of real benefit to the industry.'

Sean Sheridan, Head of Distribution Services at Old Mutual Fund Managers Limited said: 'EMX is a core part of our funds platform and this reduction in costs clearly means better value for money.'

Crispin Henderson, CEO of Threadneedle said: 'Reducing the costs associated with our funds business has been a key goal of Threadneedle for a number of years. This price reduction is great news and I am pleased that EMXCo are continuing to deliver real cost savings to the funds industry.'

To date this year EMXCo have seen volumes of messages through the system increase by 24% to 13.9 million and have welcomed 40 new joiners to the system.

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