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Bourse creates 30 jobs with new service
Economics

Bourse creates 30 jobs with new service

06.05.2013 From our online archive
The Luxembourg Stock Exchange is to create 30 new jobs by launching a new service for investors to purchase and redeem fund units.

The Luxembourg Stock Exchange (Bourse) is to create 30 new jobs by launching a new service for investors to purchase and redeem fund units.

The structure, dubbed Fund Market Infrastructure (FMI) will be developed by a subsidiary of the stock exchange called Fundsquare.

Its aim will be to “make the next step for fund investment activity in Luxembourg,” by giving investors an execution platform, which is “standardised and optimises the flow for greater efficiency at a lower cost”, Luxembourg Bourse Executive Committee President Robert Scharfe explained to the Luxemburger Wort.

It is hoped that the new project will open up Luxembourg investment funds to a more international clientèle. Currently, a third of the Bourse's funds are distributed in Asia. The FMI, however, is designed to offer a gateway to global networks so that “any actor anywhere in the world can connect to the platform based in Luxembourg.”

The decision to establish Fundsquare to manage the new service shows the confidence Bourse leaders have in it. “We must dare to take risks, albeit calculated ones, when we believe in the right direction for our initiatives,” Mr Scharfe said.

A longer version of the interview with Mr Scharfe will be published in the Luxemburger Wort in French on May 7.

Translated from an article by Léonard Bovy