Fund transaction network Calastone has announced that it will migrate its network to distributed ledger technology blockchain via its new Distributed Market Infrastructure (DMI).
The transfer will see more than 1700 financial organisations (across 40 global markets) connected to the new service.
Calastone says the DMI will creat an ecosystem within which the trading, settlement and servicing of funds is friction free, and in which will reduce risks and costs.
"By bringing all trading relationships together, within our shared blockchain-enabled infrastructure, all participants benefit through the real-time view of each record and powerfully, from a data perspective, a single version of the truth. Instantly this alleviates common friction points that exist today, including areas such as reconciliation and settlement, which are resolved automatically with all transactions being performed in the same environment," Campbell Brierley, Calastone's chief innovation officer, said.
"By making friction-free trading accessible to all parties in the value chain, we are creating an environment that marks an inflection point for the future of the funds sector, optimised to meet the needs of customers and investors now and in the long-term," he added.