# Press Releases

Monday, 2nd November 2020

MFEX joins board of TURN, a new industry blockchain solution

MFEX is very pleased to announce that it has signed a participation agreement with TURN (TISA Universal Reporting Network), as well as joining its board along with other industry leaders, such as banks and asset managers.

MFEX joins board of TURN, a new industry blockchain solution

TURN is an Industry blockchain solution for the collection & dissemination of EMT regulatory data. The overall aim of this solution is to increase market compliance, reduce regulatory costs and provide a better service to investors. TURN is the result of TISA’s MIFID II Project under the oversight of a Governance Steering Committee.

This new digital utility business for the asset management industry is set to cut data analytics costs by between 80-90% per annum from year one. Its ambition is to ease regulatory reporting requirements of MiFID II and will be available across Europe based on blockchain technology. All relevant parties will have access to the EMTs (European MiFID II Template) on a real time basis and this will be of a high and consistent quality. Currently, this exchange of information is inconsistent and sometimes firms struggle to obtain all the data they need from other firms to enable disclosure of all costs.

Matthew Newnham, Managing Director, MFEX UK & Ireland commented: “After working with TISA on this project since inception, MFEX, Europe's leading independent B2B global Fund platform, are pleased to now have signed the Participant Agreement with TURN and joining the board. We look forward to contributing to build a fully transparent, immutable and efficient exchange of regulatory and fund data, through a DLT data utility for the asset management and fund distribution industry.”

Gary Bond, CEO of TURN, said: “TURN is an extremely exciting initiative which will not only provide a solution for the collection and dissemination of Fund Related operational and regulatory data, but it will also save participating firms notable sums of money which could then passed on to the customer. It is fantastic that industry leaders, such as MFEX, are joining the network to help build TURN before the testing phase has even begun, which will be later this month. This is an industry-led and run, not-for-profit initiative that will ultimately ensure that consumers are offered the best and most suitable products while lowering costs and time spent on admin for asset managers.”

For more information, please contact Matt Newnham

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