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Calastone first to introduce structured products transaction service for fund industry
Calastone, the global funds transaction network, today announced that for the first time structured product providers, distributors and transfer agents can now execute structured products orders via automation over Calastone’s global transaction network.
Until today, the only way to transact structured products has been through manual processing. By introducing automation, not only will it be easier to place deals, but any risks associated with manual processing will be removed.
Nick Raine, Head of Operations of Novia Financial, said: “We transact our order flow over Calastone’s transaction network, and are already live with the automated re-registration service. We have been impressed with Calastone’s approach to collaborating with clients, the industry and how they are constantly innovating. We are confident that now we are able to transact our structured product orders over the transaction network this will help us reduce our processing costs and remove much of the manual processing risk.”
Mike Newman, Head of Business Infrastructure & Development at Investec Structured Products said: “As we already transact our mutual funds business over Calastone’s transaction network, Calastone were perfectly placed to provide an automated solution for structured products trading. As our sales continue to grow in structured products, it is imperative for us to reduce operational risk. By adopting this service, not only will we be helping our distribution clients increase efficiency, but will also ensure availability to a wider market audience.”
Commenting on the launch of the new service, Julien Hammerson, CEO and Chairman of Calastone, said: “As the funds world is becoming more automated, we are delighted to see our customers realise the growth and scale potential that automation offers. Nevertheless, operational inefficiencies still exist. We work closely with our customers to identify where further focus is required, and work hard to innovate and deliver the processes and products required to overcome them. Launching a structured products solution complements our existing product suite, which comprises of ‘order routing’, ‘net settlements’, ‘reconciliations’ and ‘re-registration’, amongst others. We could not have delivered this without our pilot customers, and we thank Novia Financial and Investec for launching with us and look forward to announcing more firms as they adopt the service.”