By joining Calastone’s global fund transaction network, clients of Novia will be able to send and receive fund order messages, irrespective of their size, geographic location, preferred messaging protocol or technology, in any format over any communication network.

Commenting on the move, Richard Denning, Novia’s chief operating officer, said: "Novia are delighted to join the Calastone transaction network for both order routing and net settlement. We have been impressed how quickly Calastone has built market wide connectivity to the global funds market and joining the network gives our clients access to an ever growing range of fund managers both domestically and cross border."

Ian Taylor, vice chairman of Calastone, added: "We are pleased that Novia has chosen our order routing and net settlement service. More than 300 clients are already live and processing orders using Calastone’s transaction network across 16 domiciles.

"Every month, more and more fund managers, distributors and transfer agents around the world are signing up to transact their orders. Since launch, Calastone has processed more than two million net settlement matches for the mutual fund industry and now with Barclays net settlement service clients have the benefit of full market settlement confirmation and full status reporting throughout the transaction and settlement lifecycle," Taylor added.