Toronto Stock Exchange (TSX) has provided an update on the progress of TSXNAVex®, its unique centralised mutual fund solution.
Across the mutual fund industry, interest continues to grow as Canadian dealers and fund providers converge on the platform in preparation for trading. TSX NAVex recently welcomed National Bank of Canada and the National Bank Correspondent Network (NBCN) along with Desjardins Securities as approved dealers.On the fund side, the first 19 symbols have been reserved and are set to go live later this year.
“As we approach the launch of active trading on the platform, we are excited to announce the addition of some of Canada’s leading dealers and fund providers to TSX NAVex as well as the introduction of our innovative information portal,” said Kevin Sampson, Managing Director, Equity Trading, TMX Group. “The culmination of two years of collaborative work with a wide range of industry stakeholders, TSX NAVex is set to deliver meaningful improvements in the quality and value of the marketplace experience for an important segment of our clients.”
To coincide with the start of trading, TSX NAVex is announcing the launch of a new reporting capability that will provide fund manufacturers transparency into the advisors driving the sale of their products. The first of its kind in Canada, the TSX NAVex Information Portal was developed in collaboration with Broadridge Financial Solutions, Inc. to provide valuable intelligence about the distribution of products, while enabling essential functions such as commission processing.
“We’re pleased to support asset managers and brokerage firms in the provision of data required to facilitate successful reporting of the TSX NAVex funds, and to leverage our unique position as a financial services information hub to facilitate new industry initiatives,” said Donna Bristow, Managing Director, North American Wealth, Broadridge.