TISA Exchange, the ‘contract club' launched almost two years ago to facilitate the electronic transfer of assets between platforms, has reported on its "incredible" progress, pointing out transfers that previously took up to three months have on occasion completed within two minutes.
The not for profit body said its work on transfer times had avoided the need for direct intervention from the Financial Conduct Authority (FCA). Almost two years on from the first asset transfer to complete through TeX, it said today more than 120,000 automated transfers take place each month and the number of transfer messages had risen from 5,000 in January 2013 to one million in 2014 - an increase of 166%. Transfer times of as little as two minutes have been reported by TeX members where all processes have been automated and integrated, it announced at its AGM on 11 December. It...
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