Auckland
16 May 2016
Reporter: Stephanie Palmer

Calastone builds on Australasia network


The fund transaction network Calastone has expanded to New Zealand in a bid to improve transaction flows across Australasia.

According to Calastone, the expansion was driven by demand from Australian clients for cross-border opportunities and by clients in New Zealand increasingly adopting automation. The network now allows for transaction between platforms, fund managers and counterparties in the two regions, and the first transactions have already been completed.

The Calastone technology offers improved interoperability, meaning asset managers and custodians do not have to standardise their own legacy technologies for straight-through processing.

It connects to existing systems and facilitates smoother processing and confirmation of fund orders between sending and receiving parties. This means improved efficiency, allowing for higher volumes of transactions at a lower cost.

Sarah Hayward, Calastone’s managing director for Australia, said: “New Zealand firms can now benefit from the efficiency of streamlined processing that we provide around the globe, where momentum, size and governance have out-dated manual processing.”

She added: “The New Zealand funds management industry is an international-facing market in which transaction volumes are increasing significantly.”

According to Tom Reiher, co-founder of fund administration business MMC, an increasing number of New Zealanders are starting to invest, and manual processes will become unsustainable.

He said: “Calastone brings a scalable, manageable and controllable solution that relieves us from the intense information flow associated with the large volume of transactions we manage every year.”

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Harnessing data can keep securities secure
18 October 2017 | Toronto | Reporter: Stephanie Palmer
Securities transactions are just as susceptible to cybercrime as payments, and proper use, and protection, of data is key to managing that risk, Sibos attendees have heard
Banks cautiously optimistic about impact of tech
18 October 2017 | Toronto | Reporter: Theo Andrew
According to the BNY Mellon research, Rethinking the Client Payment Experience, security and reliability are viewed as instrumental in creating the ideal payment experience
BNY Mellon and HSBC sign up to Algomi’s Honeycomb
18 October 2018 | New York | Reporter: Jenna Lomax
The collaboration is expected to bolster fixed income market liquidity by giving both BNY Mellon and HSBC clients the ability to make select holdings information available anonymously through the new solution
Broadridge completes blockchain bilateral repo pilot
18 October 2016 | New York | Reporter: Theo Andrew
The pilot, conducted in partnership with Natixis and Societe Generale, utilises distributed ledger technology in order to make complex processes “more secure, transparent and efficient”
Industry torn on which city will replace London as post-Brexit financial hub
17 October 2017 | Toronto | Reporter: Stephanie Palmer
Frankfurt is set to displace London as a global financial centre after Brexit, according to an audience poll at Sibos 2017, however the session’s panellists were not convinced by the results
Quick response times key to managing reputational risk
17 October 2017 | Toronto | Reporter: Stephanie Palmer-Derrien
Reputational risk should be taken as seriously as any other type of risk, and measured, organisation-wide, and well-planned responses are key to minimising it, heard panel attendees at Sibos 2017
NEX partners with Baton Systems
17 October 2017 | London | Reporter: Jenna Lomax
The agreement means Baton Systems will be the first third party to provide its clients with services through NEX’s Infinity solution
More news