There are three steps: placement, acknowledgement, and confirmation and settlement.
- Distributors and intermediaries send transactions to Fundserv using one of three methods:
- Interactively – Real time one-to-one
- Batch order file – Grouped together, sent all at once
- Web screens – for low-volume business or as a back-up connection
- Orders are time-stamped and passed through high-level business and technical edits by our Transaction Forwarding System (TFS)
- TFS calculates trade and settlement dates based on the fund characteristics predetermined by the manufacturer.
- Acknowledge the orders
- Return individual transactions for correction
- Manufacturers process acknowledged orders overnight, assigning settlement details and Fund Account IDs in the case of new accounts.
- Speed guaranteed: The time between order placement and manufacturer acknowledgement is usually just seconds.
Confirmation & Settlement:
We make transactions, acknowledgements and contract details available on our web services screens for three months to facilitate administration and reconciliation. Settlement and commission values are electronically exchanged for everyone’s convenience.
- Purchase to existing or new account
- External transfer
- Internal transfer to existing or new account
- Commission rebate purchase to existing or new account
- LSIF rollover
- Segregated fund reset
- In-cash transfer
- Segregated fund maturity redemption
- Trade cancellations
- Trade corrections