UK-Based Global Funds Network Calastone Switches Entire System to Blockchain
Calastone, a London-based global funds network announces that it made a massive switch of its entire fund trade clearing services system to blockchain Distributed Market Infrastructure (DMI) in a press release published on May 20.
As per the release a migration of this level i.e. over 1,800 customers from more than 41 markets “represents the largest community of global financial services organizations connecting and transacting via distributed ledger technology.” The institution further forecasted that the resulting savings for the mutual funds market will purportedly amount to over £3.4 billion per year ($4.33 billion). The release reads:
“Financial services organisations around the world — whichever size and scale — can, through the DMI, now access a fully mutualised global funds marketplace whereby the trading, settlement and servicing of funds is conducted in real-time.”
As per the bank, the system also incorporates a new service, dubbed as the Sub-Register, “which creates a shared, real-time view and history of the registers between trading partners at any point in the distribution chain.” Last year in December, Calastone announced its plan to launch the blockchain-based solution in May 2019.
Image source – Calastone Twitter