Mutual fund industry supports Calastone to develop settlement alternative to Euroclear CREST
Calastone Limited, the independent cross-border transaction network for the mutual funds industry, announced today that Cofunds, FNZ , Nucleus, Henderson and Schroders have signed letters of commitment to support Calastone in developing a settlement alternative to Euroclear’s UK&I CREST system. In addition, Gartmore, and others have voiced support for this initiative. IFDS and Capita Financial Group have confirmed they will be supporting their client’s developments for this service. The service will be available to the entire funds market.
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