Taiwan set to automate fund processing

A newly formed industry group will meet in early March to address the automation of mutual fund orders and confirmations.

Members of the newly formed Taiwan Fund Operation Group will hold their first meeting in early March to establish best practices for automating cross border mutual fund orders and confirmations using SWIFT message protocols. Members of the group include some of the most active distributors in the country such as Chinatrust Commercial Bank, Taishin Bank and First Commercial Bank, as well as large fund houses such as Fidelity, Invesco, Schroders and Alliance Capital.

The SWIFT message system allows distributors to place orders and receive confirmations electronically, making it possible to confirm customer trades within 24 hours and without manual processing. At present, this process is conducted using faxes and can take between three...

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