2009 was yet another great success for EMXCo, message volumes through the EMX Message System have increased by 32% to 30 million.
EMXCo have welcomed 16 new providers and 76 new distributors to the EMX Message System in 2009.
This continuing success has resulted in further price reductions to their tariff from 1st January 2010.
This latest reduction to the tariff will mean that fund providers will benefit from savings of up to a further 12.5% on message charges in addition to the savings of up to 42% that were announced in June.
The low user band remains at £2.00 per order for participants receiving less than 1,668 orders per month but for all participants receiving more than this the existing charge will be reduced by £0.50 per order for the next 6,665 orders per month. This change, together with the increasing number of providers receiving volumes of orders that qualify for the top band cost of only £1.00, means that almost all providers will see a fall in the average cost per message.
Dan Watkins, Head of European Operations of J.P. Morgan Asset Management said: 'We are consistently aiming to reduce the costs for transacting business in the funds world, and this reduction from EMXCo supports that objective. It is good to see EMXCo delivering on their commitment to reduce costs as volumes grow.'
Yannic Weber, CEO of EMXCo said: 'I am delighted to be able to implement this, our third price reduction to the market since EMXCo joined the Euroclear Group in January 2007. Volumes have continued to grow as new clients join and existing clients increase their use of the system which has allowed us to make this price reduction and we are committed to keep doing so and give back to the market the economies of scale achieved because of increased volumes.'