Allfunds Bank has become the first provider to operationally facilitate omnibus trading between Spanish fund houses and distributors.
The operation enables Allfunds to provide a technology that facilitates the distribution of mutual funds operating under an omnibus structure.
Industry stakeholders can now benefit from this infrastructure that boosts access to Spanish fund houses, Allfunds says.
The offering of omnibus bolsters Allfunds’ commitment with the development of new technology, now expanding the boundaries of open architecture, the company adds.
The move, combined with Finametrix digital services, enables any Spanish financial institution to have a holistic front to back solution, accelerating its fund distribution capabilities.
Allfunds Bank CEO Juan Alcaraz said: “Allfunds is proud to be the first fund platform to offer omnibus trading of Spanish funds and this is an important milestone for the market. We are honored to be the pioneers offering this service. We expect this initiative to create momentum in the market, encouraging further consolidation of open architecture, and also using Spanish funds as a key product across the value chain. Now the industry can benefit from a simpler, more transparent and highly cost-efficient way to access funds.”
Omnibus accounts are used by futures commission merchants. Transactions within the account are carried out in the name of the broker, protecting the identities of the two or more people invested in the omnibus account. The broker managing the omnibus account typically has the ability to execute trades on behalf of investors with funds inside the omnibus account.