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Euroclear UK & Ireland cuts fees for growing fund business
EUI's fund order-routing fees are structured on a sliding-scale basis where higher message volumes are rewarded with lower fees. The new tariff reflects economies of scale and provides greater savings for customers that route more orders through EUI using the EMX Message System.
Clients can also make meaningful savings through a new 'family concept' where fund orders generated by all clients of the same group will be aggregated to benefit from lower tariffs higher up the sliding scale of fees. In addition, only one legal entity of the family will pay the annual account fee. Smaller volume users can benefit from a new feature enabling them to choose to pay the one-off annual account fee as nominal monthly payments to use the EMX Message System, with the possibility of full reimbursement upon attaining higher volumes.
John Trundle, Chief Executive Officer of Euroclear UK & Ireland, commented: "Clients that bring higher levels of business are being rewarded with significant financial savings and incentives. Our fund services have grown and we are sharing the benefits of scale economies with our clients and will continue to do so in the future. We welcome the 30 new clients that signed up to our fund services over the past few months; they will be able to benefit from robust fund transaction automation at even more competitive prices."
Andrew Thompson, Head of Fund Distribution at Sarasin & Partners LLP, stated: "We applaud Euroclear for lowering their prices for the routing of fund orders. Under the new tariff regime and based on current order activity, it is pleasing to find that we will be making a yearly saving of around 11%."
Euroclear UK & Ireland offers a comprehensive range of fund-related services, including order routing through the EMX Message System, primarily for domestic market transactions. Cross-border fund transactions are routed to Euroclear's FundSettle platform for asset servicing and settlement between transfer agents, fund promoters and distributors in the UK and abroad. Domestic fund transaction services are also available through other Euroclear central securities depositories.
The EMX Message System is Europe's leading fund messaging service. Acquired in 2007, the EMX Message System has been fully integrated within Euroclear UK & Ireland's investment fund processing infrastructure.
The Euroclear group includes Euroclear Bank, the international central securities depository based in Brussels, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. Euroclear also owns Xtrakter, operator of the TRAX trade matching and reporting system.
In 2011, the Euroclear group settled the equivalent of more than EUR 580 trillion in securities transactions, representing 163 million domestic and crossborder transactions, and held more than EUR 22 trillion in assets for clients.
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