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A-Team Insight Blogs

Calastone Advocates Market Wide Re-registration and Interoperability of Service

Calastone, the global messaging and settlement transaction network for the mutual fund industry, announces that it is on schedule to deliver the first solution for re-registration to market whilst at the same time offering to extend usage and connectivity to other re-registration service suppliers.

Connecting via the UK market practice group message standard, the agreed industry standard for data exchange of re-registration instructions, participant firms will benefit from access to Calastone’s full range of services without the significant investment of maintaining multiple point to point relationships.

Calastone will also offer interoperability to any other market re-registration vendors so that no matter which solution individual market participants choose, market participants will be able to connect to all their counterparties through the Calastone Service.

Dan Llewellyn, Managing Director at Calastone, added: “Calastone has a proven record in delivering post-trade market solutions for the global mutual funds industry. Our clients have and will continue to benefit from our unchanging position of client choice.  We are keen to play our role in reducing the cost to the end investor and that is why we are making our service available to market practitioners and competing re-registration vendors, a proliferation of service vendors will only bring extra complexity and cost to our market.”

Kevin Lee, Chief Executive Officer at Calastone, said: “We have a substantial community of mutual fund participants that are using Calastone’s services from order routing through to settlement, the addition of a re-registration service will help those participants close one more significant gap in the processing chain. Calastone’s light touch connectivity and message translation services allow clients to connect to the market once, without the need for additional middleware, and therefore avoid the cost associated with the maintenance of multiple counterparts and the expense that such outdated models incur. For market participants using middleware and other connectivity models we will make available our re-registration service to their suppliers so that they may improve their market connectivity and reduce their costs. After all, cost reduction should benefit the underlining investor.”

In March 2011, Calastone announced that it had been selected to provide the first re-registration solution in the UK with the Q2 2011 launch of a new service that should ultimately enable Isa and other portfolio transfers on the same day.

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