Taiwanese distributor Yuanta Securities is now live on the Calastone network, making it the first securities firm in Taiwan to adopt automation.

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 via the Taiwan Depository & Clearing Corporation (TDCC) fund automation service.

The TDCC fund automation service has until now been used mainly by bank distributors. The addition of Yuanta Securities as the first securities broker provides further evidence of the universal application of the TDCC model, which allows firms from the spectrum of fund distribution channels in Taiwan to benefit from the automation of fund orders.

Yuanta Securties, said: "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. We have been impressed with both the speed of joining and the smooth implementation process. In just a matter of weeks we have been able to automate 50% of our transactions, and expect to reach over 70% in the next few weeks. The continuing high quality service from Calastone has made this an effortless process."

Sebastien Chaker, head of Asia at Calastone, said: "We are delighted to have been able to help Yuanta Securities in achieving their cost and risk reduction objectives and improve their clients dealing experience when investing in offshore funds. We will continue to work with Yuanta Securities to connect electronically with all their offshore fund managers. By offering electronic access to funds managed by over 350 offshore fund managers globally, Calastone has become the leading provider of offshore funds transaction services in Taiwan, and is ideally positioned to help any Taiwan fund distributors and offshore fund managers to benefit from greater fund distribution efficiencies."

Jonathan Somers, senior manager at Fidelity, said: "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."