Global transaction network Calastone saw significant participant growth in Australia in 2016, reflecting the increased adoption of platforms.
The number of messages sent through Calastone’s network by Australian platforms, fund managers and custodial participants rose 62 per cent in 2016, compared with 44 per cent growth throughout Asia and 53 per cent globally.
The company said the significant uptake in use in Australia was likely due to the country reaching “critical mass” with regard to platform usage, as well as “increasing managed funds coverage”.
“95 per cent of Australia’s platform market is now using Calastone to transact with almost all the major fund managers in the local market, benefiting from improved efficiency, reduced risk and lower cost,” said Calastone managing director Sarah Hayward.
“Our extensive coverage and rising order volumes bring Australia in line with other major markets where shifts toward automation continue to reshape and fortify funds management.”
In addition to this growth, Calastone announced it had reached a “milestone” of 200 million messages processed by the network.
“The 200 million messages sent across the Calastone transaction network marks an important moment for our business and the efficiency of the global funds industry,” said Ms Hayward.
“The growth in messages across APAC further demonstrates the industry’s readiness for increased automation and Calastone’s expanding global reach.”