This agreement signifies another important milestone in the drive towards bringing real straight-through-processing (STP) improvements to the mutual funds market. By embarking on STP, the number of complexities and links in the mutual funds processing chain is reduced, leading to greater operational efficiency, reduced costs, reduced risks and greater control.
Calastone is the only venue where the global fund industry can meet to transact fund orders, irrespective of their size, geographic location, preferred messaging protocol, standard or technology. Whatever the preferred format of a participant, Calastone’s transaction network standardizes all messages to Calastone ISO 20022, enabling the industry to become fully automated throughout the trade lifecycle.
DSP also hopes to add their Luxembourg SICAV funds to Calastone’s network in 2012. Calastone was quick to recognise that the cross-border markets can also benefit from STP improvements. The transaction network is ideally placed to automate this market and DSP’s Luxembourg fund range.
Richard Jones, Partner at DSP, said: “We are pleased to be connecting to Calastone’s transaction network, and are happy to support initiatives which enhance automation within the funds industry, particularly if such initiatives help reduce risk for both ourselves and our clients.”
Commenting on the announcement, Alexander Hofmann, Sales Director of Calastone, said: “We are delighted to welcome DSP, a leading global investment management firm, to our growling list of cross-border fund managers enrolled for electronic dealing via Calastone, as part of our ongoing drive for global reach market. We are committed to encouraging greater levels of operational efficiency throughout the UK domestic and cross-border mutual funds markets, so that clients can realise a number of substantial benefits.”