Brewin Dolphin advocates fund settlement STP choice by connecting to Calastone

First Published 10th July 2009

Brewin Dolphin signs agreement to become a member of Calastone's transaction network.

Kevin Lee, Managing Director, Calastone: "We applaud Brewin Dolphin's open-minded view of the electronic marketplace and look forward to competing for their transactions and settlements by offering additional services designed to help their business processes."

Calastone Limited, the independent cross-border transaction network for the mutual funds industry, has announced that fund distributor Brewin Dolphin has signed an agreement to become a member of Calastone's transaction network.

This strategic decision by Brewin Dolphin advocates choice in mutual funds STP, recognizing that competition will bring innovation and lower pricing for the marketplace without needing to impose particular messaging standards, such as FIX.

Commenting on the agreement, Kevin Lee, Managing Director of Calastone said, "Core to our principles, we support client choice; choice in terms of standards and protocols and choice in terms of freedom to select value added services. We applaud Brewin Dolphin's open-minded view of the electronic marketplace and look forward to competing for their transactions and settlements by offering additional services designed to help their business processes."

Lee Allen, Head of Electronic Trading Services at Brewin Dolphin Limited, said, "Brewin Dolphin has been using electronic dealing for funds for some years now. There is little doubt about the advantages to us and the industry and we are now looking forward to working with Calastone to further extend this idea and to increase our reach. Calastone's ability to process transactions regardless of the messaging system used (i.e. SWIFT or FIX) combined with their easy-to-connect-to model is likely to attract more fund providers and transfer agents, which in turn will bring further efficiencies to the industry."

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