Toronto Stock Exchange (TSX) has introduced a new centralised mutual fund platform, which is designed to introduce operational and cost efficiencies in the processing of mutual fund transactions.
The newly solution, dubbed TSX NAVex, will bring together the full range of TSX Group’s integrated equity services, including trading, clearing and settlement services.
TSX said it will enable its existing 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 (ETFs).
The platform has been designed in consultation with the TSX NAVex Working Group, which includes 30 representatives from Canadian mutual fund manufacturers, TSX participating organizations and industry service providers.
The solution will post actively managed investment funds and facilitate purchases and redemptions through TSX’s proven equities infrastructure, it added.
TMX Group president and CEO of global equity capital markets Nick Thadaney said: "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."