Redmayne-Bentley, a UK-based independent stockbroking and investment management firm, has connected to Calastone’s independent cross-border transaction network.
Calastone offers electronic order routing between fund buyers and fund managers in their preferred format and provides automated net settlement services through trade order matching.
Signing up to Calastone’s order routing and settlement service will enable Redmayne-Bentley to benefit from Calastone’s straight-through-processing approach. The connection will not only provide access to the Cofunds platform, but will also provide access to fund managers not available on the Cofunds platform all through the Calastone Execution Management System (EMS).
This approach removes any need for manual order entry processing and reduces risk by automating business flow processing, in addition to providing real-time visibility of order acceptances and/or rejections and pricing information.
The Execution Management System (EMS) provides a consolidated view of all order flow at any stage of the lifecycle, from order through to settlement as well as the facility to receive reconciliation data in any format a participant prefers.
Tim Archer, head of operations at Redmayne-Bentley and co-chair of the APCIMS operations committee, said: “For the first time, Calastone has enabled fund providers, transfer agents and distributors to not only trade but now settle mutual funds electronically on both a domestic and international basis removing the need for manual processing. We fully support all efforts to create efficiencies in this arena, in order to achieve straight-through-processing thus reducing risk and costs for the entire industry.”