Fundsmith LLP went live on the EMX Message System on the 1st November 2010, enabling them to automate their trades for their equity fund.
Fundsmith are a newly established provider founded by Terry Smith, who has his own investments in the fund. Fundsmith have brought their equity fund to the EMX Message System in order to fully automate their dealing process. Fundsmith promote the idea behind the company and their fund as being able to offer anyone the opportunity to trade into funds without all the additional fees that other fund houses charge. By joining the EMX Message System Fundsmith will be able to reduce costs whilst maintaining efficient funds messaging.
Yannic Weber, CEO of Euroclear UK and Ireland said - "We are delighted to welcome Fundsmith to the system and are pleased that a fresh innovative business has chosen to fully automate their dealing process from the very beginning through the EMX Message System. It shows evidence that EMX answers the needs of the different segments of the UK Fund Industry, including start-up companies."
To date there are currently over 7,600 funds from 112 fund managers traded by 406 distributors on the EMX Message System that processed around 4 million trades last year."