An international consortium has been set up to define common and open standards for the electronic trading of mutual funds across Europe. Members of the consortium include Interactive Investor International, DBS Management’s AssureWeb internet initiative, Cap Gemini, Mellon Trust, European Fund Administration, FETA and Microsoft.
DBS Management said the standards set down will pave the way for e-business to be established rapidly between internet portals and independent financial advisers for the European fund management industry. This will enable mutual funds to be traded between internet portals serving IFAs and consumers on the buy side and the fund providers and third party administators on the sell side, the financial services support firm said.