Calastone began operations in New Zealand two-and-a-half years ago.
There are 75 New Zealand domiciled funds that currently trade over Calastone’s network, which includes New Zealand’s largest distributor platforms.
The migration, a world-first, connects one of the largest communities of global financial organisations using distributed ledger technology, marking a significant step for the digitalising of the funds sector.
It will create a global funds marketplace, in which buyers and sellers can connect and transact, and an ecosystem within which the trading, settlement and servicing of funds is friction free, eliminating risk and costs for fund managers and investors.
At the same time, organisations can leverage the open technology, allowing them to innovate, stay competitive and offer new services and investment opportunities better suited to the changing, more sophisticated needs of modern investors.
Calastone believes that the overall global cost of fund distribution could be reduced by as much as £3.4 billion ($6.2b), achieved through the technological mutualisation of the trading and settlement processes.
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