EMXco has FSA authorisation to go live on 12 June with the first tranche of product providers and in...
EMXco has FSA authorisation to go live on 12 June with the first tranche of product providers and intermediaries who trialled the online trading and valuation system throughout May.
The FSA gave approval to EMXco last week, six months after the company initially applied.
Caroline Lee, chief executive of EMXco, said 77 groups, consisting of 34 product providers and 43 UK-based intermediaries, took part in the May trials and were expected to start using the product from its June launch date.
"The 34 product providers going live on 12 June represent 57% by value of the investment funds under management in the UK," Lee said.
"A total of 53 providers have signed statements of intent to use EMX and they represent 70% by value of the investment funds under management in the UK."
EMX is to provide a "marketplace" for valuation requests and lump sum orders for investment fund products such as Oeics and unit trusts.
Some 44 firms have signed up for the second wave of trials in August and these companies are expected by EMXco to go live in September. Registration for this trial closes on 31 July. There will be three other chances to join trials in September, October and November.
The group will also be working on enhancing the site and tying up legal loose ends to allow intermediaries based outside the UK to use the service.
EMXco is looking at adding stakeholder pension products to the service. It may also add commission statements, historical balances and transaction history, daily price feeds, settlement and access to key features documents.
There is a sliding tariff scale for IFAs wishing to use the service but Lee expects the majority will fall into the category who pay £500 as a joining fee with no annual charge or fee for orders placed. This group will get the first 1,000 valuation requests free each year and after that each valuation will cost 80p.
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