Raymond James, the investment services company, has signed an agreement to become a member of Calastones independent cross-border transaction network. The connectivity to the network, provided via Advents Moxy order management system (OMS), will offer Raymond James the opportunity to connect to an expanded number of fund providers.
Advent Software, a leading provider of software and services for the global investment management industry, has used the standard FIX messaging protocol to provide the connectivity via its Moxy OMS. By connecting to Calastones transaction network via Moxy OMS, Raymond James will benefit from electronic connectivity to fund providers through a single connection and orders will be sent electronically from Moxy OMS to Calastone, which provides a universal message communication and translation service.
Additionally, Raymond James can now send and receive messages via industry standard formats, including ISO 15022 and ISO 20022.
A connection to Calastone equips fund distributors with the opportunity to lower costs, reduce risk and benefit from increased visibility and greater control over order flows. Distributors can either connect directly from their existing Order Management Systems, such as Advents Moxy OMS, or use Calastones Execution Management System (EMS), which provides a consolidated view of all order flows. This enables them to react to exceptions quickly and efficiently and deliver better service to their clients.
Commenting on the agreement, Alexander Hofmann, Sales Director at Calastone said, We are delighted that Raymond James is now connected to our network, via Advent Software. We believe that Raymond James will immediately benefit from reduced costs, improved efficiency and the substantial removal of risk. Not only are participants finding that Calastone is highly cost competitive, but industry feedback has also highlighted that our greatest strength lies in helping participants address their business process, by providing a flexible approach and value added services.
Hofmann continued, We believe that competition ultimately drives down transaction costs and increases the rate of innovation. Raymond James will benefit from the ability to send orders electronically to a growing number of fund providers, many of whom are using SWIFT messaging via Calastone. It is our ultimate aim to offer the mutual funds industry complete front-to-back STP regardless of the incumbent technology or connectivity chosen by each participant.
(LB)