A rise in cross-border funds processing
01 May 2014 EU and US
Image: Shutterstock
EFAMA and SWIFT collaborated to create report on fund orders received by transfer agents, in the cross-border fund centres of Luxembourg and Ireland in 2013.
They found that total order volumes increased by 21 percent in 2013, bringing the total volume processed by the 31 survey participants to 29.5 million orders since 2012.
The report, Fund Processing Standardisation, presents figures on total volume increases and automation rates on a generic basis and in Ireland and Luxembourg in 2012 and 2013.
Thirty one transfer agents in Ireland and Luxembourg took part in the survey, which represented more than 80 percent of incoming third party invesetment fund order volumes in both markets.
In Ireland, the total automation rate rose to 85.6 percent in Q4 2013 (+0.3 percentage point compared to Q4 2012), thanks to a rise in the use of ISO standards (+1.6 percentage point to 20.9 percent), according to the report.
The total automation rate in Luxembourg increased to 75.3 percent in Q4 2013 (+1.6 percentage points compared to Q4 2012), again reflecting a rise in the use of ISO standards, which gained +1.2 percentage points to stand at 57.7 percent.
“The regular monitoring of the progress highlights the fund industry’s commitment to become more efficient to the benefit of its clients,” said Peter De Proft, director general of EFAMA.
Fabian Vandenreydt, head of markets management at Innotribe and the SWIFT Institute, added: “We applaud the continuous progress towards ISO adoption along with the substantial increase in funds order volumes. It is clearly moving in the right direction.”
They found that total order volumes increased by 21 percent in 2013, bringing the total volume processed by the 31 survey participants to 29.5 million orders since 2012.
The report, Fund Processing Standardisation, presents figures on total volume increases and automation rates on a generic basis and in Ireland and Luxembourg in 2012 and 2013.
Thirty one transfer agents in Ireland and Luxembourg took part in the survey, which represented more than 80 percent of incoming third party invesetment fund order volumes in both markets.
In Ireland, the total automation rate rose to 85.6 percent in Q4 2013 (+0.3 percentage point compared to Q4 2012), thanks to a rise in the use of ISO standards (+1.6 percentage point to 20.9 percent), according to the report.
The total automation rate in Luxembourg increased to 75.3 percent in Q4 2013 (+1.6 percentage points compared to Q4 2012), again reflecting a rise in the use of ISO standards, which gained +1.2 percentage points to stand at 57.7 percent.
“The regular monitoring of the progress highlights the fund industry’s commitment to become more efficient to the benefit of its clients,” said Peter De Proft, director general of EFAMA.
Fabian Vandenreydt, head of markets management at Innotribe and the SWIFT Institute, added: “We applaud the continuous progress towards ISO adoption along with the substantial increase in funds order volumes. It is clearly moving in the right direction.”
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