The European fund industry is moving away from inefficient manual fund transactions and towards efficient automated systems, according to a report by the European Fund and Asset Management Association (Efama).
Efama says 74.5% of orders were automated in the second quarter this year, compared with 73.7% in the second quarter of 2009.
However, the adoption of Iso messaging standards, which ease automated interactions between counterparties, rose to 35.8% from 29.9%. (article continues below)
The industry has been trying to move the buying and selling of funds from manual systems, which can cause costly and disorderly paperwork, to automated equivalents.
Euroclear and Calastone have both launched automated transaction processing services to ease the transition.