Transact, an Australia-based telecommunications company, has selected London-based fund transaction network, Calastone, as the provider of its electronic, interoperable re-registration solution.
Transact, along with a number of other organisations, took part in the original working group to develop the Calastone re-registration service, and has now chosen the solution to automate its own re-registration process.
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Under FSA regulations it is compulsory for platforms to offer re-registration of assets. The Calastone system will also allow clients to re-register assets to other platforms, distributors or fund managers that are not on the Calastone network.
The service, based on the requirements of a wide range of market participants as identified in the working group, enables the transfer of legal title in fund units between nominees.
It enables STP for "in specie" transfers of assets and provides full visibility to all parties during the lifecycle of the transfer.
Calastone managing director for product, Dan Llewellyn, said: "Electronic re-registration has been proven and we are keen to expand the service to other customers in the UK and other domiciles.
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By GlobalData"Phase two of the Calastone re-registration service is to enable our clients the ability to transfer other asset classes including equities, pensions, bonds and SIPPS."
