Thursday May 8 2014
News Source: Global Exchanges
Focus: Listing Rules
Type: General
Country: Australia
Link: http://www.asx.com.au/documents/asx-news/ASX_mFund_Launch_8_May_2014.pdf
The Australian Securities Exchange has officially launched its new managed funds settlement service – mFund. The first transaction through mFund took place on Tuesday 6 May 2014 between APN Funds Management and Bell Direct.
mFund is an electronic processing service that allows investors to use an ASX broker to buy and sell units in unlisted managed funds. It has been developed for investors, brokers and fund managers to improve the timeliness and efficiency associated with investing in managed funds. The service will replace the traditional paper-based processes and use the same electronic system (CHESS) familiar to investors and brokers for settling – or finalising – ASX share transactions.
mFund will broaden fund managers’ distribution networks, offer brokers a greater choice of products, reduce costs for industry and make processes more efficient for transacting in managed funds.
Click on the above link for further details.