ASX Ltd. says it will begin offering transactions in the $1 trillion Australian managed funds market on April 15 next year.
The ASX will offer quotations and settlement of managed funds using the ASX’s settlement system.
“Investors and advisers want to come to the ASX to obtain investment products,” says Ian Irvine, head of customer and business development, domestic customer management, ASX.
There are more than 10,000 managed funds in Australia typically offered by financial planners and stock brokers.
Managed funds transactions take place in Europe through Euroclear group and Clearstream, a unit of Deutsch Borse Group.
In the U.S. managed funds transactions occur through the Depository Trust & Clearing Corp.
Congratulations ASX on this step to move towards increased industry efficiency !