NAS Joins Calastone's Australian Network

Calastone says that its electronic network has reduced the average time for confirmation from three days to five minutes, citing that just 12 months ago, all transactions in the country were conducted by fax. Ausbil Dexia and UBS were the first funds to go live through NAS.

"Going live on the Calastone Global Fund Transaction Network has already moved some client orders from a fax-based communication process into the 21st century, says Mark Reilly, COO at Ausbil Dexia. "We anticipate a significant client transition to this instruction format in the very near future and look forward to them receiving almost contemporaneous confirmation of their transactions having been accepted and processed by our custodian. In our opinion, this development will provide greater certainty for every participant in, as well as stripping operational risk out of, the trade process."