The Luxembourg Stock Exchange have now announced its cooperation with Altus on the development of the market infrastructure for European investment funds.
The Luxembourg Stock Exchange is creating a market infrastructure, which will provide services to substantially support, facilitate and standardize the cross-border distribution of funds.
The initial scope of services will focus on transaction management and, Information and Reporting services, leveraging on Finesti experience and leadership. The first step will be to cover Luxembourg and then other cross-border UCITS funds domiciled in various countries.
This infrastructure will serve the market as a user-owned and user-governed market utility. The objective is to “Go live”, for phase 1, in quarter 3 2013 with the first users connected to the platform. This first step will be followed by other developments such as the trade settlement.
Dominique Valschaerts, member of the executive committee of the Luxembourg Stock Exchange, said: “We are very pleased that Altus will be cooperating with us on this important project. Altus will be able to bring all their experience of the development of software solutions towards the Fund Industry. Industry players are supporting the initiative as they recognised the need for such an infrastructure in the current economic and regulatory context that is putting a real cost pressure. The FMI will propose for the first time in Europe an innovative utility model with costs shared by participants bringing value added services facilitating cross border distribution and low transaction costs”.
Ben Cocks, Products Director at Altus said: “We are delighted to be partnering with the Luxemburg Stock Exchange on this prestigious programme. Using open standards to create a more efficient funds industry is at the core of what we do at Altus and we wholeheartedly support Bourse de Luxemburg’s vision of transforming cross-border funds distribution.”
The fund market infrastructure initiative is backed by a consultation group of major international participants operating in Luxembourg, Europe’s largest investment fund centre, and include leading transfer agents and distributors involved in cross-border fund distribution.
About the Luxembourg Stock Exchange (LuxSE)
The Luxembourg Stock Exchange is the leading exchange for the listing of international securities. It offers a high quality and efficient listing service that meets the needs of international capital markets and their participants.
The long experience of the LuxSE in international securities combined with its established listing procedures attract a very wide range of issuers and financial instruments. Currently, the Luxembourg Stock Exchange has around 42,000 quotation lines, including some 28,000 related to bonds. These come from 3,000 issuers in 100 countries.
The Luxembourg Stock Exchange operates two markets: an EU regulated market, called the “Bourse de Luxembourg” market, and the Euro MTF, an exchange-regulated market. All securities are tradable on NYSE Euronext’s UTP platform.
The LuxSE also operates a specialist subsidiary, Finesti, (www.finesti.com) which focuses entirely on the collection and dissemination of investment fund information.
For more information: www.bourse.lu
Finesti (www.finesti.com), the LuxSE’s wholly owned-subsidiary is an information agency for the European investment fund industry providing data and document services for a wide range of clients. On average, Finesti collects and disseminates around 44,000 NAVs per day. The Finesti website provides access to information on some 57,000 share classes and, as well as more than 500,000 documents (including prospectuses, KIIDs, financial reports and factsheets). The company is also active in two major European projects: the European Fund Classification and the provision of Fund Processing Passports.
Altus is a business and systems solutions company founded in 2005 to meet the unique needs of the Financial Services industry. From shaping a detailed outsource deal to automating transfers across the investments sector, our mission is to be at the forefront of the networked financial services business of the future. It is our practical experience of both the business of Financial Services and the IT systems which support it which enable us to solve the right problems with the right technology. For more details please see our website at: www.altus.co.uk
For any additional information please contact Christian Descoups
(tel. 47 79 36 272, e-mail: firstname.lastname@example.org)
Société de la Bourse de Luxembourg S.A.
BP 165 / L-2011 Luxembourg / Siège social: 11, avenue de la Porte-Neuve
T +352 47 79 36-1 / F +352 47 32 98 / email@example.com / www.bourse.lu / RC Luxembourg B 6222