Calastone, the independent cross-border transaction network for the mutual fund industry, is pleased to announce that JHC , the authors of the FIGARO product has connected to the Network for order-routing and reconciliations. Both of these services are fully integrated into FIGARO, which means that JHC’s clients will be able to trade funds and reconcile their positions on a daily basis.
Calastone is the only venue where the global fund industry can meet to send and receive fund order messages, irrespective of their size, geographic location, preferred messaging protocol or technology. Whatever the preferred communication method of each participant, Calastone’s transaction network standardises all messages to the Calastone ISO 20022 format, enabling the industry to become fully automated throughout the trading lifecycle.
FIGARO is JHC’s market-leading product solution for the stockbroking, wealth management and platform provider communities. FIGARO provides a cost-effective, flexible and fully integrated core system solution providing operational efficiency through integration, and scalability for businesses as they grow.
By connecting with Calastone, JHC continues to develop FIGARO to provide new and improved functionality and performance for clients. FIGARO enables fully automated straight through processing (STP) to Cofunds, the leading funds custodian.
Joining the Calastone network is simple and does not require additional costly technology. Single point of entry to the market via Calastone is seamless and industry developments, such as the movement away from ISO 15022 messaging to the ISO 20022 standard, are easily accommodated by the network, regardless of incumbent infrastructures.
Peter Murphy, Head of FIGARO Product Development at JHC, said: “FIGARO is a truly market-leading solution, which allows our clients to remain competitive in their market and protect their investment in technology. FIGARO is a fully integrated STP solution and is unrivalled in its depth and richness of functionality and process automation. Leading stock broking and wealth management firms deploy FIGARO as their core integrated front to back solution for equity and funds trading. By joining the Calastone network, we are enabling full automation which reduces risk and cost for our clients, as well as speeding up the transaction process.”
Commenting on the announcement, Dan Llewellyn, Managing Director of European Business Development at Calastone, said: “We are delighted to complete our project with JHC so easily and in such a short space of time. Calastone is a demand-driven organisation and we have been asked by numerous clients to connect to JHC. We look forward to welcoming all FIGARO users onto Calastone over the next few months. In particular, we anticipate significant demand for the daily reconciliations service which can provide group 1 and group 2 splits as well as daily transaction reporting.”