Following a year of industry consultation and feasibility analysis, ASX is confident that this project can deliver significant cost savings for the managed funds industry, by facilitating more efficient electronic transaction processing between fund managers, custodians, master funds and distributors.
The industry consultation also acknowledged ASX's core competencies in transaction processing, exemplified by the SEATS and CHESS platforms.
The first phase of the project, to commence immediately, will be to gain industry commitment to the proposed service by ensuring that the business model and functionality meets the needs of all participants.
"This first stage is particularly important because the service can only succeed if it genuinely meets the needs of industry participants," Mr Humphry said.
"We regard this initiative as a key step in ASX's long-term strategy of supporting markets across different investment products."
"Taken with our earlier initiatives with listed funds and ETFs, this project strengthens ASX's commitment to the managed funds industry."
