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PhillipCapital joins Calastone automated funds order routing service

13 November 2012  |  1160 views  |  1 Source: Calastone

Calastone, the global fund transaction network, is pleased to announce today that PhillipCapital have gone live with our automated funds order routing service.

Calastone's innovative electronic network enables clients to send and receive fund order messages, irrespective of their size, geographic location, preferred messaging protocol or technology, in any format over any communication network, making both domestic and cross-border trading much more efficient and transparent. Real-time order routing is highly automated and provides visible order flow control for higher productivity at reduced risk and lower cost. Calastone's Electronic Messaging Service (EMS) enables clients to monitor and control transactions live in process.

PhillipCapital's business model has always been aligned with the information technology and distribution as core competencies in the provision of financial services. Through this partnership, PhillipCapital foresee increased efficiency, reliability and speed, which could benefit the distribution process and their customers.

"At PhillipCapital, we encourage innovation and have always invested in technology to improve the delivery of our product and services. We are delighted to adopt Calastone's transaction network to bring tremendous benefits to the business", said Mr Loh Hoon Sun, Managing Director of Phillip Securities Pte Ltd, member of the PhillipCapital group.

Also going live with their Singapore domestic funds on the network is Schroders. Esther Ki, Head of Fund services Asia at Schroders said, "Schroders has been promoting fund automation in the region for many years as we strongly believe that electronic fund order routing is the future for the fund industry. The Calastone funds transaction network allows us to automate orders using our preferred communication standard (ISO 20022), while at same time making it possible for our investors and distributors to connect electronically using their chosen communication standard. Since making our Singapore funds available on Calastone in September, we have been able to improve our automation rate in Singapore."

Sebastien Chaker, Managing Director, Head of Asia at Calastone said, "Since we've gone live in June in Singapore, we have connected electronically some of the largest and leading domestic players active in Singapore fund distribution. The addition of PhillipCapital and Schroders to our fast growing network is a significant step forward in our objective to bring automation to the Singapore fund market, which is renowned to be highly reliant on manual processing. The appetite for the use of Calastone's service has grown rapidly due to a number of beneficial factors, including minimal IT resources to connect, time-to-market and access to a large number of domestic and cross-border fund houses distributing in Singapore." 

Comments: (1)

A Finextra member
A Finextra member | 13 November, 2012, 11:20

Calastone has shown the way for OTC to copy this technology.I can imagin huge costs and risk savings. Pity they are only in the Funds business

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