UK trade body, the Association of Private Client Investment Managers and Stockbrokers, has welcomed CREST settlement service operator Eurocl...

UK trade body, the Association of Private Client Investment Managers and Stockbrokers, has welcomed CREST settlement service operator Euroclear’s acquisition of automated funds processor EMXCo. APCIMS chairman John Hall said: “At present, firms wishing to use CREST and EMX automated settlement processing must maintain two separate electronic communications links, and must manage the information to and from the two sources. The acquisition of EMX will streamline this processing, as in future only one connection will be required when the systems are amalgamated.” The issue of manual funds reconciliation has been a real problem for APCIMS members for many years, according to the association. APCIMS estimates that its member firms hold as much as 20 per cent of funds under management in unit trusts and other collectives.