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  5. GSTPA vs. DTCC: The STP Race Escalates

GSTPA vs. DTCC: The STP Race Escalates

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22 July 2001

Abstract

Boston, MA, USA July 18, 2001

In a new report entitled , Celent Communications examines the two new utilities developed to tackle the problem of post-trade, pre-settlement automation, or Straight Through Processing (STP).

STP has quickly become a buzzword for the securities industry. "Much like the Y2K problem, tremendous amounts of hype are sensationalizing the issue and creating a lucrative market for technology vendors trying to get a piece of the pie. Also, like the Y2K issue, it appears that straight through processing will require a massive mobilization of personnel, and of their time and effort," says Fritz McCormick, author of the report. That effort will pay off in the amount the industry stands to save as a result of increased efficiency and risk mitigation through STP initiatives.

Most firms now use batch-type processes for mostly all of the post-trade, pre-settlement operations, such as notices of executions (NOEs), block order notifications, allocations, net proceeds and settlement information. This creates a hectic environment, especially in cross-border transactions. Without operations in real time it is impossible for STP to happen; batch processes simply cannot handle the necessary operations in a suitable amount of time.

The financial services industry has finally awakened to this issue. As a result, several new initiatives have sprung up, most significantly the Global Straight Through Processing Association (GSTPA) and DTCC. "These initiatives, designed to enable US and cross-border STP, will be keystones in the process of facilitating post-trade data movement," says Mr. McCormick. This report reviews these two new utilities.

A Table of Contents is available online.

of Celent Communication's Institutional Securities & Investments research service can download the report electronically by clicking on the icon to the left.

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