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Business update SIX Telekurs is one of the finalists in the Scottish Financial Enterprise awards «The Innovators 2009»

SIX Telekurs, Europe’s third largest provider of financial information, is proud to announce that the FundsFast module of our Intraday Pricing Service has been shortlisted as a finalist in the Scottish Financial Enterprise awards «The Innovators 2009».

Fund Prices can be produced by fund administrators at any point throughout the day. In the UK and Ireland, most funds are priced at one of four valuation times, which are 10:00, 12:00, 14:00 and 16:00. Traditionally, administrators send their fund prices to their own clients and publish them for public consumption soon after the administrator has arrived at and approved the prices.

Historically, data vendors have only processed fund prices for release as an end-of-day service which the recipient processes «overnight». This delay means that some client statements may be produced only the morning following the valuation of a fund. By this time the value of the holding may have changed already. Additionally, fund of funds administrators are unable to strike a NAV until the following day.

Working closely with our customers, SIX Telekurs has been able to make the most our existing infrastructure and to use our strength in data collection to improve the flow of fund pricing and other related data to our customers. We deliver data up to eight hours earlier than other data vendors. Outsourcing data collection to a professional data vendor such as SIX Telekurs can also lead to significant cost savings for an administrator, allowing staff to be redeployed to higher value tasks within the bank.

Martin Cole, Managing Director at SIX Telekurs UK & Ireland said, «We have been able to use FundsFast to provide Fund of Funds administrators with a tool to build up their NAV calculations throughout the day. This gives our customers not only the important benefit that they can have same day valuation of their fund of funds, but also in a market like Scotland which operates outsourced securities administration, it gives the administrator a commercial advantage over those administrators who do not have access to this service.»

The winner of the award will be announced at The Innovators 2009 dinner in Edinburgh on the 29th October 2009.