21 February 2018
visit www.nextgenbanking.co.uk/

Euroclear to launch automated processing platform for French fund market

05 July 2005  |  1431 views  |  0 Source: Euroclear France

Euroclear France has received market approval to develop a comprehensive, automated processing solution for the investment-fund sector in France, Europe's largest domestic fund market.

This new Euroclear initiative represents an important part of a broader strategy that will ultimately be rolled out across the other central securities depositories (CSDs) in the Euroclear group.

Due for launch during the first quarter of 2006, the new service will combine the order-routing functionality of FundSettle – Euroclear's cross-border fundprocessing platform – with the custody and settlement services of RGV/Relit+, Euroclear France's state-of-the-art securities processing system. This will enable the French CSD to offer a fully integrated fund-processing solution, allowing investment-fund transactions to be processed on a straight-through basis for the first time in France.

The initiative has been developed in close consultation with Euroclear France's users and with two of the country's leading trade organisations, AFTI (the Association of Financial Intermediaries) and AFG (the French Asset Managers Association).

Commenting on today’s announcement at Fund Forum 2005 in Monaco, Brigitte Daurelle, Director of Product Management, Euroclear SA/NV Paris, said: "This novel solution for the French funds market could not have been developed without the full support of our users, with whom we have been working very closely. It will enable us to offer a full STP service for French investment funds, from order routing through to custody and settlement, thereby reducing considerably the risks and costs currently associated with the manual processing of fund transactions."

Bruno Prigent, moderator of AFTI's depository working group, added: "An automated order-routing system linked to Euroclear France’s own custody and settlement infrastructure will greatly help to improve the competitiveness of France's fund sector and to promote more widely the CSD model for fund processing in Europe."

With an estimated 5,000 orders transmitted per day, third-party fund distribution in France grew by 20% in 2004. Over the next three years, annual growth rates are expected to be in excess of 10%. As a consequence, automation of the order-routing process is one of the French fund industry’s top strategic priorities. Benefits include significant reductions in the costs and risks associated with existing manual processes (primarily via fax and phone), and improved service levels for investors and fund promoters alike.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Register for the webinarvisit www.ebaday.comvisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
10054 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9675 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
8443 views comments | 13 tweets | 12 linkedin
BBVA-backed digital banking startup targets gig economy workersBBVA-backed digital banking startup target...
7101 views comments | 8 tweets | 12 linkedin
hands typing furiouslyMaking Customer Experience Your Business
6795 views 0 | 7 tweets | 5 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job