Calastone has implemented its Proquote connection, providing real-time market data coverage of the global markets with integrated trading supporting a number of exchange venues.
The connection with Proquote, which is owned by the London Stock Exchange, has already seen Investec Wealth & Investment (IW&I), which is part of the Investec Group, send through over 75 per cent of their order routing volumes via automation.
In 2013, Calastone connected with Proquote enabling their clients who trade in mutual funds to send trades to the market via straight-through-processing (STP). Calastone built the initial FIX connection in partnership with Investec WI, who were keen to trade using STP, ultimately minimising risk and maximising efficiency by reducing the manual overhead of placing trades.
By enabling an STP connection with Calastone, Proquote and IW&I will benefit from Calastone’s electronic solution, whether they are located onshore or offshore, or communicate domestically or internationally with counterparties. This solution automates the process throughout the dealing lifecycle.
Dan Llewellyn, managing director of UK sales for Calastone, says: “We are delighted that the STP connection between Calastone, Proquote and IW&I has produced such great results for all parties involved. By automating their dealing, IW&I have achieved significant savings as well as increased efficiency. We are confident that Calastone’s offering will continue to add value to their business, and provide a robust model for other clients within the mutual fund industry."
Gareth Davies, senior manager of market settlements at Investec Wealth & Investment, says: “Calastone has revolutionised the way in which IW&I gets its trades to market. The STP connection between Calastone and Proquote has transformed the dealing team, as we look to streamline our processes, reduce risk and reduce our costs. Calastone’s automated service has provided a more efficient standardised process.”
David Tibbetts, head of Proquote, says: “We very much welcome the connection to the Calastone global transaction network. By completing the STP connection with Calastone we have given our client base the opportunity to trade funds both on-shore and off-shore on the Calastone network, which is a wholly STP process thus reducing risk and increasing efficiency. We look forward to more of our clients using this new link in the future.”
