UK Funds Facilitator to Roll Out Blockchain Settlements in 2019
Calastone, a London-based investment fund trading network, wants to move the entire billing system into a block chain by May 2019.
According to the Financial Times, Calastone, which serves more than 1,700 companies, including JP Morgan Asset Management, predicted that the plan could save £ 3.4 billion (or $ 4.3 billion) in fund distribution costs excluding the US . market.
Calastone's current settlement process is still underway, and includes more than 9 million messages and transactions between buyers, sellers, and retailers worth about $ 21.7 million each month, the company's Web site said. Now, block chaining can be automated and inexpensive and efficient because the associated parity no longer needs to repeatedly submit the same information.
In June 2017, Calastone argued that he had successfully completed the first phase of the concept of block-chain concept proofing for "distributed market infrastructure", moving the system to a "private and authorized" block-chain network in 2019 I will.
Tregidgo, vice chairman of Calastone, said at the time that "a block-chain-enabled marketplace would alleviate operational inefficiencies, improve performance, and bring win-win to everyone."
In early February, Calastone predicted that the global mutual fund market could save more than $ 2.5 billion annually by using the Deloitte study in 2016 when moving to a block-chain.
Other companies in the asset management industry also want to bring mutual fund transactions into the block chain. In early 2016, five key UK mutual fund operators, including Aberdeen Asset Management and Aviva Investors, reduced costs by navigating the block chain in the trading system.
In December last year, US mutual fund manager Vanguard said it would start using smart contracts soon for some business operations. Nasdaq and SEB Bank in Sweden also tested the block chain for a mutual fund transaction in September 2017.
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