The culmination of many months of consultation and work with major transfer agents, asset managers and distributors.
Fundsquare, the newly-created subsidiary of the Luxembourg Stock Exchange, has announced that it will be operational on 1 July 2013.
Fundsquare will operate as a market infrastructure for investment funds. Its objective is to offer streamlined fund distribution processes for various actors in the fund industry and to provide solutions to the mounting cost pressures associated with stronger regulation and a tough economic climate.
From 1 July, as part of an initial phase, the company will begin with services for order management and fund information. Fundsquare intends to facilitate order placement and exchange of fund information whatever the domicile of the distributors and the investment funds.
The fund information available will range from pure static data to dynamic data such as NAVs, and distribution or tax figures and to documents such as KIIDs, prospectuses and factsheets. The order management service will incorporate the whole trade lifecycle on a real-time basis from the order to its acknowledgement and confirmation.
For the technical realisation of its order management services, Fundsquare has partnered with SWIFT and Altus.
Finesti is providing the information services and its commercial activities will be integrated into Fundsquare on 1 July 2013.
Dominique Valschaerts, CEO of Fundsquare, said, “We promised more than one year ago that we would be live on 1 July and this is now a reality. This is the culmination of many months of consultation and work with major transfer agents, asset managers and distributors. We are proud that Fundsquare has been developed by and for the industry. Looking ahead, we see great potential for growing the number of services that Fundsquare can offer to fund professionals.”
Fundsquare was constituted in June 2013 and was set up by the Luxembourg Stock Exchange in order to create a unique international market infrastructure that provides services to substantially support and standardise cross-border distribution of investment funds. The main objective of this utility is to facilitate the relationships between professional investors and funds.
Its initial scope of services focuses on fund operation flows and information exchanges. As such, it provides order management services to fund distributors, promoters and transfer agents, as well as information services to the fund industry as a whole.
Fundsquare has a strategic partnership with SWIFT and Altus for the infrastructure. As partners, they deliver valuable expertise in communication and operational models. Both power Fundsquare for its order management services.
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