Data provider Telekurs Financial
will offer a portion of NewRiver's
SEC-sourced market timing policies for mutual funds to its global client base. Officials at Telekurs said they chose NewRiver's FundPOINT
data to help financial intermediaries and their customers understand mutual fund trading rules.
ANDOVER, Mass., Oct. 29 /PRNewswire/ -- NewRiver, the industry leader for electronic compliance and intelligent document services for the securities brokerage and retirement industries -- and Telekurs Financial, a division of the Telekurs Group and one of the leading international providers in the area of acquisition, refinement and distribution of international financial information -- today announced a partnership whereby Telekurs will offer a sub-set of NewRiver's Securities and Exchange Commission (SEC)-sourced market timing policies for all open-end U.S. mutual funds to its global customer base. Telekurs Financial selected NewRiver's FundPOINT(R) Data to help financial intermediaries and their clients understand mutual fund frequent trading rules and policies, which ultimately protects shareholders from market timing violations.
In March 2006, the U.S. SEC approved Rule 22c-2 under the Investment Company Act of 1940 that changed the landscape for U.S. mutual fund companies and those entities that sell and service U.S. mutual funds -- including brokers, dealers, and banks. The goal of the new rule is to prevent harm to long-term fund shareholders from the practices of excessive frequent trading and market timing. While the new rule is directed at mutual fund companies and directly impacts U.S. Broker/Dealers, there are ramifications for institutions worldwide who deal in U.S. mutual funds.
"Telekurs Financial understands that mutual fund companies have a responsibility to protect their shareholders from market timing and they must also convince regulators that they have the proper controls in place," said Barry Raskin, Managing Director of Telekurs Financial's U.S. subsidiary. "With more than 3.6 million financial instruments in our worldwide database of structured and encoded securities, we needed to be sure we partnered with the right company that could deliver the most accurate financial data available. NewRiver's FundPOINT Data is an important addition to the Valordata Feed, our comprehensive global securities reference and corporate actions service, and we are pleased to be able to offer these market critical market timing policies to our worldwide client base."
NewRiver FundPOINT Data includes the industry's first solution with key market timing rules, enabling clients to easily manage the multitude of new frequent trading policies for every fund they offer. FundPOINT Data, which covers all 23,500 U.S. open-end funds, receives daily EDGAR updates to ensure data is Compliance Grade and feeds directly into back-office transaction processing and compliance-related application. As a result, NewRiver FundPOINT Data is consistent with the most current data in the most current filings stored on EDGAR.
"As a leading international distributor of financial information for financial services organizations, our partnership with Telekurs Financial really underscores our ongoing effort to extend information about U.S. mutual funds -- from information filed with the SEC -- worldwide," said Jeff Levering, Vice President, Corporate Development at NewRiver. "It's critical for global financial organizations to ensure that market timing policies are well understood. Through our relationship with Telekurs, their customers can better understand key market timing polices related to frequent trading rules."
About NewRiver, Inc.
NewRiver develops innovative technology solutions that help Financial leaders simplify investor disclosure -- providing transparency and cost savings to the delivery of fund data and investor communications. Since 1995, the company has helped some of the world's leading financial organizations move from paper to electronic disclosure via an easy to use, cost-effective, managed service offering. NewRiver pioneered the first electronic prospectus, and is the only company to guarantee its data to be "compliance grade" which allows customers to reduce risk, lower compliance costs and increase revenues. Through a patent-pending, automated process NewRiver efficiently monitors 6.5 million data points from over 23,500 fund CUSIPs. Further, the company's unique "paperless" approach improves the investor experience while offering a real alternative to the environmental impact of paper-only delivery. Relied on daily by over 100 leading financial services firms, and millions of investors, NewRiver is a trusted and growing solution provider facilitating the transition from paper-based mutual fund information, to electronic. To learn more, please visit our website http://www.newriver.com/ or call +01 978-247-7200.
About Telekurs Financial
Telekurs Financial is one of the leading providers in the area of acquisition, refinement and distribution of international financial information. A global network of local financial market specialists procures real-time stock-exchange information directly from source in all major financial centers. With 20 offices in 16 countries, Telekurs Financial maintains a database of structured, encoded securities information that is unparalleled throughout the world in terms of both depth of information and data coverage. For more information, please visit http://www.telekurs-financial.com/.
Prospectus Express is a registered trademark of NewRiver, Inc. The names of actual companies or products mentioned herein may be the trademarks of their respective owners.
Armie Margaret Lee
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