A groovin' network that holds the canadian mutual fund industry together, or at least makes it run a lot smoother by allowing mutual fund dealerships to place orders by wire. All the mutual fund companies have their own internal networks that receive orders, and they hook up to FundServ through a common interface, which allows dealers to dial up via modem to FundServ (or some larger dealers just have a permanent connection to FundServ like the fund co.s) and send orders for mutual fund transactions, (Three sorts can be placed by wire: purchases, redemptions, and switches between funds) which are then rejected or accepted by the fund company within a few seconds (or up to a minute during heavy trading), which beats the pants out of faxing in an order and maybe getting a rejection notice two days later. FundServ is a not-for-profit company that runs by charging monthly fees based on volume of transactions put through, and has board members appointed by the Canadian financial industry.

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