Luxembourg Exchange, Altus to Develop Fund Market Infrastructure
While the initial focus will be on transaction management and reporting, the two hope to expand into cross-border fund services and settlement apparatus at a later date. The infrastructure is envisaged as being user-owned, and will go live tentatively in the third quarter of 2013.
"Industry players are supporting the initiative as they recognised the need for such an infrastructure in the current economic and regulatory context that is putting a real cost pressure," says Dominique Valschaerts, member of the executive committe at the LSX. "The fund management infrastructure will propose, for the first time in Europe, an innovative utility model with costs shared by participants bringing value added services facilitating cross border distribution and low transaction costs."
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