World’s Largest Financial Services Community on Blockchain
London-based global funds network Calastone is switching its entire system for fund trade clearing services to blockchain this May, Reuters UK reports today, Dec. 3. Calastone processes mutual fund trades for over 1,700 financial companies, including JPMorgan Asset Management, Schroders, and Invesco, according to Reuters. The move will transform current services by using a shared ledger to automate the nine million messages that are sent between counterparties every month, reportedly worth over £170 billion ($217 billion).
Long term vision:
Calastone cites data from “Big Four” audit firm Deloitte, which estimates that adopting blockchain technology could save the global fund industry — excluding the U.S. market — £3.4 billion pounds ($4.3 billion) every year by optimizing trading and settlement processes.
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