Toronto Stock Exchange (TSX) has 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.
TMX Group Global Equity Capital Markets president and CEO Nick Thadaney said: "Today, we celebrate an important milestone for TMX Group and for the Canadian mutual fund industry with the successful launch of TSX NAVex.
"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."
National Bank Financial Wealth Management president Martin Lavigne 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."
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.