In the next few months, we can start expecting a completely new centralized communications service for the mutual fund industry. The culprit of this news is the Depository Trust & Clearing Corporations (DTCC). The company specializes in providing post-market infrastructure and now it has announced that it is bringing a completely new service that will be tailored to the demand and will be real-time. MF Info Xchange which is the division of the DTCC’s WMS(Wealth Management Services) division will spearhead the operation.
Every single news that requires an immediate connection with intermediary partners, like any corporate news or actions, service issues and other major factors in the world of mutual funds, will be delivered by MF Info Xchange. The company is undertaking quite a large amount of responsibility and is looking forward to giving its best to ensure the fastest and most efficient way of news delivery.
The way MF Info Xchange is going to do it is to automate most of the communication processes, so as to eliminate any type of rookie mistake that a human employee might make. They will also feature a web interface that will be self-sufficient and will provide an audit trail and immediate signals. One of the best features that the platform is offering to the users is a calendar system, through which everybody will be able to access all the past information about a subject. The platform will not require any type of outsourcing for this data, because it will feature all of the files and information on its very own domain.
However, this wasn’t entirely DTCC’s idea. No matter what there must have been other key players in the decision and our digging found out that the ICI (Investment Company Institute), had quite a big interest to have such a portal with the exact same features.
The development of this service is the product of collaboration with an industry working group, including DTCC clients and the Investment Company Institute (ICI), the leading association representing regulated funds globally. The DTCC is not hiding their excitement for the project, stating that they have the utmost gratitude towards their division of MF Info Xchange, who will undertake such a vital role in the financial dealings of the world.