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Hot on the heels of automated order routing and settlement, the funds community seems equally keen on Calastone's reconciliations service that brings benefits to both providers and distributors. With reconciliations usually a monthly FSA requirement at the very least, providers are currently burdened with the costs of producing this information that ultimately benefits distributors. Similarly, distributors more often than not have to re-key this information into their own systems, having received different formats from different counterparties.
Calastone has been at the forefront of talks with the industry to improve the reconciliations process and more detail will be provided in future blogs. Needless to say, the above shortcomings have been addressed by Calastone's reconciliations offering and every participant, provider or distributor, will benefit.
When we talk with fund distributors, one of their main gripes is dealing into boutique fund managers. Similarly, these managers need a light-touch, low-cost way of making it easier for clients to deal into their funds.
At the Tipping Point event, Calastone unveiled what is dubbed "The Catcher's Mitt". Boutique fund managers and administrators now have a quick, easy way to communicate with distributors, with real-time visibility over the whole life-cycle of the trade. Feedback has so far been enormously positive and 100% STP for the funds industry is one step closer.
We were delighted to win a couple of awards at the Systems in the City event the other night. So we now have a couple of pointy bits of glass sitting in the Boardroom for best newcomer and best new development. Hopefully the first of many!