They signed up for order routing.
Accordng to a release, Landbank of Taiwan, Mega International Commercial Bank and Bank of Taipei have appointed Calastone for the execution of their offshore fund transactions via the Taiwan Depository Clearing Corporation (TDCC) fund order routing service.
They selected Calastone for their experience in fund order execution globally and for their offshore fund coverage in Taiwan.
Higher fund coverage allows distributors selecting Calastone to immediately maximise their offshore fund automation rate, allowing them to drastically reduce their operational costs and risks while improving their service levels.
Gary O’Brien, Head of Client Services at Old Mutual Global Investors said about Calastone in Asia: "We are delighted to be working with Calastone as in just a few months we have now already been able to automate over 50% of orders originating from Taiwan.
With these new distributors joining and many more to come we expect to see further productivity gains in the coming months. STP allows us to reduce our operating costs and risks while providing the best service levels to our distributors."
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