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Impact Investing

IPE special report May 2018


STP moves one step closer

The industry initiative to create a central technology platform for processing cross-border securities transactions is moving closer to reality. Officials from the Global Straight-Through Association (GSTPA), the industry body set up two years ago to design and produce the platform, showed detailed plans of its proposed systems and gave an update on the process for selecting the technology providers at Sibos.
The GSTPA’s proposed Transaction Flow Monitor (TFM) will handle transactions from post-trade to pre-settlement, linking investment firms, broker-dealers and custodian banks in a straight-through processing environment. By automating the processing of transactions and distributing information to all parties as soon as possible, the TFM should reduce costs and risks and improve efficiency, claims the GSTPA.
Steve Crosby, partner at KPMG, which is assisting the GSTPA in its design and technology provider selection, revealed that 17 technology providers – including IBM, Andersen Consulting and Reuters – are bidding for the contract to build the TFM, which is expected to cost between $100m – $200m. Thomson Financial ESG, which operates the Oasys Glo-bal securities transaction processing service recently pulled out of the bidding. Its claim that the GSTPA’s plan would be unfair on it was the subject of much debate, as many, including Thomson, believe it already has much of the technology to build the TFM.

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