What is TeX?
TeX is a not-for-profit organisation which works with the industry to ensure that the maximum benefit is provided to all members.
One of the biggest benefits is that having one single contract means substantial savings are made by eliminating the need for multiple contracts between every pair of companies.
It also means that:
- Everyone has the same rules, liability and commitment
- There is a logical and fair apportionment of risk
- It provides a simple system which is comprehensible
- It decreases disputes and uncertainty as to liability
Members have access to the TeX register, a secure database which provides company information for electronic transfers and contact details in the event of any query or issue.
In addition to the above benefits, all members sign up to conforming with the TeX Service Level Agreement thereby ensuring both cash and in-specie transfers will be completed in a timely manner.
Does TeX provide transfer services?
No. TeX provides the open transfers framework and legal contracts necessary between firms to complete electronic transfers in there, it does not provide a transfer service or solution.
Do all TeX members have to transfer electronically?
No. It has been considered whether TeX should be restricted to those who use electronic messages, but it was concluded that TeX should be open to those who will continue to communicate manually. This position may change in the future.
How will I know who the other members are?
This information is set out in the TeX register of members, a secure database which is accessible online.
Will we have to keep checking the register of members to see who new members are or to see if someone has left TeX?
No. TeX will notify members when new members are admitted to TeX, when a member has its membership suspended, and when a member leaves TeX (whether it resigns or has its membership suspended). Notices will be sent by email to each member who elects to receive TeX register notifications, which is why it is important that members provide a contact email address (or email addresses) that will be monitored.
Who or what is UKFMPG / UKETRG?
The UK Funds Market Practice Group (UKFMPG) is the UK constituent of a global initiative to standardise financial market practices using ISO 20022 XML messages.
Any interested party is welcome to participate, and standards are openly published and free to use.
The UKFMPG transfers working group is (rather confusingly) referred to as the UK Electronic Transfers and Re-registration Group (UKETRG).
This working group agrees and publishes a market practice detailing process steps, message flows, and data content which is utilised by TeX members.
