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Euroclear UK & Ireland Investment funds service The UK’s first automated funds processing solution Euroclear UK & Ireland investment funds service Euroclear UK & Ireland investment funds service Combining the strengths of the CREST settlement system and the EMX Message System to automate the funds industry The problems of processing fund transactions are well known. Processes are often manual, costs are unacceptably high, and the date of settlement is often unclear. This lack of standardisation is restricting potential growth in trading volumes. Euroclear UK & Ireland is addressing these time-consuming, inefficient and unnecessarily expensive processes. Developed in partnership with 65 industry professionals from 39 funds organisations, our investment funds service provides a single point of input and full automation for the funds industry. Bringing automation to manual processing “Euroclear UK & Ireland funds settlement The Euroclear UK & Ireland investment funds service is the first integrated, electronic order routing and settlement infrastructure for UK fund transactions. The solution: is ushering the industry into a more cohesive, rationalised and cost-efficient era.” Andrew Butcher, COO at Charles Stanley • provides settlement within our CREST system on T+41 basis, helping you to better realise your cash management potential • allows you and your clients to monitor fund positions as they settle throughout the day and reconcile in real time. You can also handle any exceptions via the CREST system as they occur • enables paperless transfers within the CREST system and automates corporate action processes For the first time players can benefit from the same proven efficiency and reliability of systems used for other security types administered in the UK and Ireland. This allows you to take advantage of the equivalent economies of scale this provides. 1 Transfer of legal title takes place outside of Euroclear UK & Ireland’s CREST system, when the legal register is updated. Euroclear – March 2011 1 Euroclear UK & Ireland investment funds service How the service works 1. Subscriptions/redemptions Retail client order IFA Platform/ Distributor order Settlement instruction Reconciliation EMX Message System Settlement instructions Optional direct input CREST settlement system order electronic contract note Product provider/ third-party administrator Settlement instruction Reconciliation Corporate action processing “A major step forward in process automation and the mitigation of operational and credit risk.” Peter Fleming, Head of Investment Administration at Skandia 1. A retail client places an order with his IFA to subscribe to or redeem units in a fund. 2. The distributor routes the order either to the EMX Message System or via other methods to the fund manager. 3. The EMX Message System automatically routes the order to the fund manager (product provider). The fund manager completes the order by sending an electronic contract note to the distributor. 4. Settlement instructions are sent to the CREST system, either bilaterally or automatically via the EMX Message System direct input option. 5. Euroclear UK & Ireland processes the instructions (both the cash and unit aspects) and electronically confirms the details of the matched transaction with the fund manager and the distributor. 6. On Intended Settlement Date (ISD), Euroclear UK & Ireland debits and credits the distributor’s and fund manager’s securities and cash accounts. It reports the settled transaction to the fund manager and the distributor. The distributor then informs the retail client. The movement of securities in the CREST system is made simultaneously against the movement of cash on the books at the settlement banks. 2 Euroclear – March 2011 Euroclear UK & Ireland investment funds service 7. A Register Update Request (RUR) is sent to the fund manager. Registrars and fund managers are allowed a two-hour period for RUR acceptance. 8. Transaction status reports, open and settled balances and open and settled transaction reports are available in real time via the CREST system. This allows distributors to plan present and future cash requirements and to handle any exceptions. 2. Reconciliations/account holdings Member account A 25,000 B 6,500 M&G Member account A 5,000 B 6,500 C 8,500 BNY Member account B 19,000 C 4,000 CAZ CREST system Member accounts UÊÀi>Ìi`ÊLÞÊ̅iÊ«>À̈Vˆ«>˜Ì UÊ,iviVÌi`ʜ˜Ê̅iÊÀi}ˆÃÌiÀ A Member PART ID: 00123 B ,-/Êi“LiÀÊ­*>À̈Vˆ«>˜Ì® C M&G BNY 25,000 5,000 M&G BNY CAZ BNY CAZ 6,500 6,500 19,000 8,500 4,000 The accounts held in the CREST system reflect the balances held by the fund manager. Distributors’ holdings are held in member accounts which are reconciled nightly with fund managers. At any time during the operational day, real time balances of your entire holdings are available. Regulatory distributor asset reconciliation obligations, as laid down by the FSA, can be fulfilled by using the balances held within the CREST system. Euroclear – March 2011 3 ... - tailieumienphi.vn
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