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Euroclear UK & Ireland slashes fund transaction reconciliation fees

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Euroclear UK & Ireland’s charges to fund promoters for processing reconciliation messages emanating from the fund distributor community have been lowered substantially, with immediate effect.

Fund promoters that receive fund distributor data requests concerning fund unit balances for reconciliation purposes (known as reconciliation messages) will be charged GBP 1.00 for the first 250 messages per month, and then only GBP 0.10 (10 pence) per message thereafter.

Ever since the EMX Message System was linked to the transaction-processing system of Euroclear UK & Ireland, greater efficiencies in fund unit balance reconciliation have been made available to fund
distributors.

Yannic Weber, Chief Executive Officer of Euroclear UK & Ireland, says: “The rationale for Euroclear UK & Ireland lowering its tariff is directly linked to the increasing critical mass of fund-related transactions we process. By electronically reconciling through the EMX Message System, fund distributors are actively reducing their processing costs and risks.”

Weber continued: “Reinforcing our competitive edge at the forefront of investment fund processing in the UK, our fee cut means that all of our top-bracket fund managers will save at least 50% in reconciliation costs compared to previously.”

Gary O’Brien, Head of Client Services at Old Mutual, said: “We are delighted that Euroclear UK & Ireland are able to return the benefits of higher volumes to fund managers by a reduction in tariff of this size.”

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