Cofunds signs up to Calastone and Barclays joint offering
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Cofunds signs up to Calastone and Barclays joint offering 18 December 2012London Reporter: Jenna Jones
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Cofunds has adopted the Calastone and Barclays management fund settlement service, which is the final stage of the automated net settlement service that is offered by the two firms.
Calastone previously launched a settlement service to standardise and improve settlement automation in response to industry demand.
In addition to reducing cash flow exposure, the fund settlement service will also reduce counterparty and liquidity risk across the market, enabling the fund industry to take advantage of full automation from point of trade to settlement finality.
Stephen Mohan, managing director of operational services at Cofunds, said: “We already use and benefit from a number of Calastone services. The integration of this product is the ideal step forward in helping us streamline and improve automation within our cash management sector.”
“We are always looking at ways in which we can improve efficiencies and reduce risk and these benefits, along with the reduced cash flow exposure, are the main drivers for us signing up.”
Phil Goffin, executive director at Calastone, said: “Cofunds signing up to our complete managed net settlement service marks a significant milestone. This further emphasises the early success of the service, and is a market moving step in standardising settlement across the market.”
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