18 November 2017
visit www.atos.net

Calastone connects with Shenzhen Securities Communications Co

29 September 2016  |  2486 views  |  0 Source: Calastone

Calastone, the global fund transaction network, today announced the establishment of direct connectivity with Shenzhen Securities Communications Co. (SSCC) a fully-owned subsidiary of the Shenzhen Stock Exchange.

This represents another step forward in connecting China and Hong Kong investment markets to facilitate north- and southbound cross-border fund transactions.

Calastone is the first financial technology firm that can offer direct SSCC connectivity to financial institutions in Hong Kong participating in the China-Hong Kong Mutual Recognition of Funds (MRF) program, including fund managers, distributors, custodians and fund administrators.

Commenting on the partnership, Sebastien Chaker, Head of Asia for Calastone, said, “We have been supporting fund managers and distributors in processing trades since the launch of MRF but, like all market participants, were required to route these trades through multiple parties.

“The new, direct connectivity means that financial institutions in Hong Kong participating in the MRF program now have a wider set of order processing channel options, with the potential to lower costs. Clients will be able to use their existing network connection to Calastone to submit and receive fund orders to and from China under the MRF program. Calastone will take care of any formatting requirements and submit orders directly to the SSCC, reducing time, costs and complexity by eliminating the need to conform to different messaging and connectivity standards.”

YuanQun, the CEO for the SSCC said, “We are pleased to partner with Calastone and to introduce an additional cross-border trade processing connection to the SSCC. As interest in international fund investment continues to increase, we see the availability of electronic trade channel options will only help to support the rise of trade volume between China and Hong Kong. With their impressive coverage of global funds managers and distributors, Calastone is an essential actor in global fund messaging and a strong partner for the further expansion of the MRF program.”

Chaker added, “The ongoing trend of China’s financial markets liberalisation highlights the importance of ensuring consistent and cost-efficient fund order processing. Calastone’s goal is to simplify domestic and cross-border distribution of funds between fund managers and distributors conducting trades, regardless of geography and fund domicile.” 

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.ncr.comvisit https://www.niceactimize.com

Top topics

Most viewed Most shared
Ripple boss predicts central bank adoption of blockchainRipple boss predicts central bank adoption...
11735 views comments | 20 tweets | 19 linkedin
Singapore central bank open sources blockchain prototypesSingapore central bank open sources blockc...
11685 views comments | 15 tweets | 28 linkedin
Digital receipt startup Flux scores game-changing deal with BarclaysDigital receipt startup Flux scores game-c...
9846 views comments | 20 tweets | 36 linkedin
AmEx partners Ripple and Santander for blockchain-enabled cross-border paymentsAmEx partners Ripple and Santander for blo...
9163 views comments | 13 tweets | 38 linkedin
UK cryptocurrency exchange startup launches debit card for spending bitcoinUK cryptocurrency exchange startup launche...
7792 views comments | 26 tweets | 37 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job