Clearstream Banking SA has joined the EMX Message System as a consolidator and went live on 11th August 2008.
Clearstream’s Vestima+ service for investment funds will be able to facilitate straight through processing of their offshore clients into the UK market place thanks to this link with the EMX Message System.
Philippe Seyll, Director, Investment Funds of Clearstream said: ‘The link to the EMX Message System will allow Clearstream to offer electronic order routing in UK domiciled funds by using existing market infrastructure. Combined with the integrated custody and settlement offering of Clearstream, it will offer a full STP ordering and settlement solution for UK domestic investment funds to all Clearstream clients.’
Jane Sidnell, Head of Continental Europe at EMXCo said: ‘Since opening our Luxembourg office in 2004 our cross border business has continued to grow and I am delighted to welcome Clearstream on board the EMX Message System. To see further major non UK institutions joining up to use our market infrastructure demonstrates the power of our offering.’
Despite difficult market conditions EMXCo has seen fantastic growth with over 11 million messages passing through the EMX Message System in the first half of 2008, an increase of over 20% on the same period in 2007.
