As well as BNY Mellon and Northern Trust, which are both now live with the service, IFDS will go live with its fully automated re-registration service later this month, with Capita set for live in December.
Legal & General Investments has been operating this service since the summer, as a provider that administers its own funds.
The service, which complements the TeX initiative brought to the industry by the Tax Incentivised Savings Association, is now fully interoperable, with 82 percent of the fund manager market and 91 percent of platforms covered.
Among the platforms that are connected to the Calastone Transaction Network (CTN) are Novia, Transact and Axa Elevate. The global fund transaction network first launched its re-registration process in 2011.
The system has been continually updated for asset re-registration regardless of the message system of either the ceding or acquiring party, “which negates the argument that either platform or fund manager is responsible for holding up industry-wide re-registration,” said a Calastone release.
LGI previously ran a manual system. But it said through using Calastone, its clients can now either send or receive messages through any of the existing operating systems, be they FIX, Swift-enabled or manual.
Calastone will translate these messages into a single format, significantly speeding up the process, and ensuring the re-registration of those assets is in line with FCA requirements, reducing the risk of the client being detrimentally impacted through a lengthy period out of the market.
Legal & General Investments will now be able to realise the transaction via STP in a matter of 48 hours.
Legal & General Investments head of investor dealing, Paul Wilkinson, said: “Since we agreed to use the Calastone service for automated re-registration it has allowed us to facilitate asset transfers instantly rather than our clients suffering time out of the market. In administering our own fund traffic, it is vital that we have tighter control and are using the most efficient, cost-effective system possible.”