Calastone: placing the funds market on a blockchain

Calastone: placing the funds market on a blockchain

Global funds transaction network Calastone says it has “successfully” completed the first phase of its blockchain distributed market infrastructure proof-of-concept (PoC).

The PoC aims “to test the feasibility of using blockchain to develop a common global marketplace for the trading and settlement of mutual funds”, Calastone says.

“Phase one proved it can be done.

“The tested distributed infrastructure model proved capable of processing transactions equivalent to a full day’s trading sourced from across Calastone’s global transaction network, which spans over 1,200 fund distribution and fund manager clients across 34 markets.”

The project is now moving to phase two, which will engage “design partners”.

According to Campbell Brierley, CIO of Calastone, the PoC has provided the vendor with “a powerful understanding of how to optimise the distributed ledger technology (DLT) to reduce the frictional cost of trading across the industry on a global scale”.