Calastone is a privately-owned company based in London and Luxembourg that specialises in the order-routing, settlement and reconciliation of mutual fund transactions.
Calastone facilitated the first electronic settlement of a mutual fund trade in the UK on 22nd March 2010. The initial trades were betweeen Cofunds, FNZ, Old Mutual and Schroders who used a trade-order matching process to enable net payment between participants.
Calastone is the largest independent electronic transaction network in the UK.
History (2007-)
editMar 2007 Calastone is founded by Philip Goffin, Kevin Lee, Managing Director and Ian Taylor,Chief Operating Officer. Campbell Brierley is Chief Technology Officer and hired as part of the founding team.
May 2008 The first message is sent over the Calastone Transaction Network between Barings and Cofunds
Nov 2008 Calastone applies to Euroclear to become a CREST central sponsor with industry support
Nov 2009 GLG becomes first hedge fund to join Calastone
Nov 2009 Calastone commits to delivering a settlement solution for mutual funds in consultation with the industry
Mar 2010 The first mutual fund trade in the UK is settled electronically between Cofunds and Old Mutual
Mar 2010 Luxembourg office founded; over 100 clients on network
Mar 2014 Calastone has over 550 Global Customers, 4,200 trading links, 99% UK fund manager coverage, live in 17 countries, with over 2,000,000 message transactions routed each month in 180+ different messaging formats, and clearing over £20billion in transactions each month.