| With the global securities industry having passed the Y2K and euro conversion tests, TowerGroup expects firms to renew their pledge to achieve straight-through processing this year. Two major trends that have categorized the industry's STP efforts in past years—the inverse relationship between STP rates and asset sophistication, and the concentration of STP improvements in certain areas of the trade process—will change over the next few years.
This TowerGroup Research Note analyzes key STP trends in the industry and profiles the achievements and challenges of investment managers, broker/dealers, and custodian banks. It describes how investment managers will have to automate the order creation and routing process, broker/dealers will have to ensure they continue to use industry standards like FIX and SWIFT to communicate trade instructions, and custodian banks will need to standardize the method of sending settlement messages to investment managers.
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