The growth has been driven by both a record number of new joiners and existing participants increasing their usage. During 2008 message volumes through the EMX Message System increased by over 17% compared with 2007.
Tony Wood, Deputy CEO of EMXCo said: âWe have had a fantastic year thanks to the continued support of our clients and a record number of new joiners to the system.â
In 2008, 14 fund providers and 160 distributors joined the EMX Message System, giving EMXCo 89 fund providers and 342 distributors to begin 2009.
âWe all know what a tough year this has been and we see this as another massive vote of confidence from the funds industry which consolidates our position as the messaging system of choice. Undoubtedly the progress we have made in delivering the Cash phase of the Settlement solution with Euroclear has been a significant factor.
With a healthy pipeline of prospective new clients, virtually all of the major funds players using the EMX Message System and the Stock phase of Settlement on track for delivery, 2009 looks like being another great year.â
In 2008 the EMX Message System routed over 22 million messages through the system, equating to â¬67 billion in funds flow.