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James Brearley & Sons Ltd are the latest participant to be enabled on Euroclear’s UK Domestic Funds Service for settlement.
As the latest client to sign up to the service, James Brearley, which originally joined the EMX Message System for order routing in September 2002, will benefit from true straight through processing for the complete life cycle of a trade, from automated order through to settlement.
As experts in settlement and reconciliation, Euroclear have developed a system that simultaneously makes payment for the securities acquired and issues electronic message to registrars to update the legal ownership records for those assets. This delivers real benefits to the industry as it substantially reduces operational risk whilst transferring title of clients’ assets and it enables the automated reconciliation of both the cash and securities balances.
Tony Wood, Head of Fund Sales at Euroclear said:
‘I am delighted to announce yet another client for our UK Domestic Funds Service for settlement and welcome James Brearley on board. The continued support we have seen for this initiative has been the driving force behind the service.
Using proven infrastructure participants can, for the first time, benefit from the same efficiencies used for other security types, allowing them to take advantage of a reliable, secure system and the economies of scale that this provides. What’s more, the real advantage of our system to its users is that trades are settled in real time using existing infrastructure.
The UK Domestic Funds Service is just the latest step towards our goal of a panEuropean fund offering that enables participants to choose which service or services will best fit with their business model.’
