Yuanta Securities has become the first Taiwanese securities broker to go live on Calastone, a global transaction network for the funds industry, in a move signalling the growth of automation of funds in the country.
Yuanta Securities is the largest securities firm in terms of market share in Taiwan, and the 13th fund distributor to select Calastone for their offshore funds transmission.
With the addition of the company to the Taiwan Depository & Clearing Corporation (TDCC) fund automation service, it broadens the TDCC model which has, up to this pint, been used mainly by bank distributors.
“Automating fund transactions was a key priority for us as we wanted our clients to get the same dealing experience which they have already been enjoying when trading into traditional stocks,” the firm says in a statement.
Yuanta Securities adds it has been able to automate 50% of its transactions, and expects to reach over 70% in the coming weeks.
“It is great to see the first securities broker joining the TDCC fund service. We have been working very closely with Yuanta Securities and Calastone for a smooth implementation and we have been impressed by the efficiency and the speed at which Yuanta Securities was able to go-live with our funds over the Calastone network,” says Jonathan Somers, senior manager, Fidelity.
Taiwan Securities Firm Goes Live on Calastone Network
Yuanta Securities has become the first Taiwanese securities broker to go live on Calastone, a global transaction network for the funds industry, in a move signalling the growth of automation of funds in the country.