TSX's new mutual fund platform to celebrate with market open ceremony
TORONTO, June 20, 2016 /CNW/ - Toronto Stock Exchange (TSX) today announced the launch of its new centralized mutual fund solution, TSX NAVex, designed to introduce operational and cost efficiencies in the processing of mutual fund transactions.
TSX NAVex is a unique platform that brings together the full range of TMX Group's integrated equity services, including trading, clearing and settlement services, to address the evolving needs of the mutual fund industry. Developed in consultation with the TSX NAVex Working Group, which is made up of over 30 representatives from a broad set of leading and emerging Canadian mutual fund manufacturers, TSX participating organizations and industry service providers, TSX NAVex will post actively managed investment funds and facilitate purchases and redemptions through TSX's proven equities infrastructure.
"Today, we celebrate an important milestone for TMX Group and for the Canadian mutual fund industry with the successful launch of TSX NAVex," said Nick Thadaney, President and CEO, Global Equity Capital Markets, TMX Group. "Industry appetite for this stakeholder-driven TMX initiative continues to grow as dealers and mutual fund manufacturers prepare their teams, systems and strategies to participate. We are confident that TSX NAVex is set to revolutionize mutual fund processing in our country and provide optimal service to this vital segment of Canada's marketplace."
Martin Lavigne, President, National Bank Financial Wealth Management added: "As we work towards integrating with the TSX NAVex platform, National Bank Financial - Wealth Management and National Bank Correspondent Network is looking forward to being a market leader in offering our customers the wide range of Mutual Fund products that will be available on TSX NAVex."
Representatives from the TSX NAVex Working Group will join Mr. Thadaney to mark the event by opening trading at 9:30 a.m. ET on Tuesday, June 21, 2016.
TSX NAVex enables existing TSX participants to purchase and redeem eligible mutual funds directly from fund manufacturers in the same manner they access TSX-listed equities and Exchange Traded Funds. For more information, please visit http://www.tsx.com/tsx-navex.
For Market Openings: Media may pick up a feed from the TOC (television operations centre) for all market open ceremonies. The feed is named TSX Transmit 1 and is produced at the TMX Broadcast Centre and sent live to the TOC. The client moves into position for the market open ceremony at approximately 9:27 a.m. and the markets will open with the sound of a siren (the traditional market open on Toronto Stock Exchange) at 9:30 a.m.
About TMX Group (TSX:X)
TMX Group's key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, NGX, BOX Options Exchange, Shorcan, Shorcan Energy Brokers, AgriClear and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montréal, Calgary and Vancouver), in key U.S. markets (New York, Houston, Boston and Chicago) as well as in London, Beijing, Singapore and Sydney. For more information about TMX Group, visit our website at http://www.tmx.com. Follow TMX Group on Twitter: @TMXGroup.
SOURCE Toronto Stock Exchange
For further information: Shane Quinn, Senior Manager, Communications and Public Affairs, TMX Group, 416-947-4609, firstname.lastname@example.org