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Calastone gets FSA approval

04 August 2009  |  3143 views  |  0 Source: Calastone

Calastone Limited, the independent cross-border transaction network for the mutual funds industry, announced today that it has been granted regulatory approval by the Financial Services Authority (FSA).

In requesting approval, Calastone the only independent cross-border transaction network for the mutual funds industry seeks to illustrate its commitment to building a fully scaleable platform for mutual fund transactions. Authorisation by the FSA will ensure full transparency and regulatory scrutiny in Calastone's efforts to deliver further efficiencies for the mutual fund industry.

Whatever their preferred messaging protocol, participants send transactions and orders electronically via Calastone, which provides a universal message communication and 'translation' service. Calastone automates the entire mutual fund transaction lifecycle, including settlement and business flow process automation resulting in lower costs, reduced risk, increased visibility and greater order flow control. Participants benefit from access to Calastone's rapidly expanding list of global fund providers, fund distributors and aggregators through a single connection, reaping immediate benefits in domestic and cross-border trading.

Commenting on the approval, Jolyon Griffiths, CFO and Compliance Officer at Calastone said, "We are delighted to have become authorised by the FSA. We believe that the mutual funds sector has the potential to emulate the considerable advances made in straight through processing in the equities and fixed income markets and we are planning to lead industry efforts as we extend our platform's offering into settlement. We believe that regulatory approval by the FSA will give our current and future participants further confidence in Calastone and our platform."

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