Business transactions

Investment funds

The investment funds business has four main spaces in which activity is focused:

• Orders and confirmations - covers the placing of new orders to subscribe (buy) or redeem (sell) units of an investment fund or switch orders as well as orders status and confirmation.
• Transfers - covers the issuance of instructions to transfer investment fund holdings, as well as transfer status and confirmation.
• Reporting and custody - covers the issuance of NAV (net asset value) price reports, statement of holdings and transactions, fund cash flow and static data.
• Account management - covers the opening of new and amendment of existing, customer accounts as well as account status and confirmation.

The transaction flow provides a high level overview of how the investment funds messages relate to one another and identifies the main parties involved in sending and receiving the messages.

 All four spaces are covered by MX messages, which will be maintained for Standards Release 2007. They will meet the Markets in Financial Instruments Directive (MiFID) requirements for which compliance must be ensured by November 2007. Commission reporting and static data MX messages will be addressed in future developments.

• Inventory of MT and MX messages