Capco Launches STP Solution; Eagle Offers Reference-Data-Management Tool; Nasdaq Fine Tunes Closing
Capco Launches STP Solution
Capco, a consulting firm and technology provider focusing on capital markets, private-client services, asset management and banking, has released a connectivity solution called STP Bridge. The solution will allow financial institutions to link to market-infrastructure organizations such as the NYSE, business partners including fund distributors, and business-process outsourcers, such as vendors. Connectivity will be provided using services and protocols including SwiftNet FIN, SwiftNet Services, Omgeo CTM, Oasys Direct and FIX.
STP Bridge provides connectivity by using an internal-data dictionary to transform multiple-message formats into a generic format. This generic format is then mapped to destination-supported formats and validated against their specific rules.
In addition, STP Bridge has a component that manages a trade's lifecycle. The product defines each message as an event within the trade-cycle model from the front-office-trade initiation to back-office clearing and settlement.
Finally, the messages appear on a Web-based operational dashboard in a real-time graphical display. The screen display includes exceptions monitoring, message repair, transactions monitoring, organization and user-profile management and reporting, as well as other notifications regarding trade status.
Capco has implemented the solution on Microsoft BizTalk, leveraging the .NET framework. In addition, STP Bridge supports XML and Web services and is available on Windows 2000 servers and all successive versions.
Capco says that Hewlett Packard will provide firms with consulting, integration and services capabilities in order to achieve specific customization and deploy STP Bridge quickly and efficiently.
Eagle Offers Reference-Data-Management Tool
Eagle Investment Systems recently launched a security-reference data-management and workflow product. Eagle Reference Manager was previously developed for customized use by an Eagle client firm, but once Eagle recognized the benefits it could bring to other firms, the vendor opted to release it as a stand-alone solution to the general public.
The solution is designed to help financial-services firms create a streamlined approach to data management, according to Eagle. The Reference Manager centralizes data feeds into one repository, where it scrubs and validates the data with user-defined rules. Once the data is approved, it is distributed to the appropriate downstream system in the corresponding line of business at the firm. In addition, the solution incorporates exception-management technology using an online facility with workflow-management tools to ensure that disseminated data is examined, then repaired and validated.
According to the vendor, the solution is easily integrated with existing technologies because it is platform independent and uses an industry-standard relational database. The Reference Manager supports an open architecture and works with both SQL server and Oracle.
Eagle says that the solution will provide straight-through processing for firms by eliminating the risk of potentially costly mistakes made during manual intervention. The Reference Manager also enables greater efficiency and cost savings by reducing the number of necessary data feeds into an organization, as well as replacing the multitude of databases used throughout an organization with one enterprise-wide database. Lastly, Eagle says that the solution will improve the overall quality of data at an organization, based on its thorough validation process.
Nasdaq Fine Tunes Closing Prices
Nasdaq has launched Nasdaq Official Closing Price (NOCP), a calculation that will provide market participants and investors with closing prices on Nasdaq National Market and SmallCap securities.
The product, which is subject to Nasdaq and National Association of Securities Dealers surveillance, is the first official-closing-price calculation offered by the electronic stock market. Previously, market participants used a de facto market-closing price for Nasdaq securities. However, with 90 seconds to report trades, the closing price was often set by slowly reported transactions, which may have differed from the inside market, Nasdaq says. If the trade that underlies the NOCP is cancelled or corrected after the NOCP is released at 4:01 p.m. EST, but before 5:15 p.m. EST, the NOCP is recalculated and redistributed.
NOCP only includes trade reports submitted within two seconds of Nasdaq's close, enabling any trade executed at market close to set the Nasdaq-specific closing price. In addition, Nasdaq ensures that the NOCP is within the best bid and ask quotations by applying reasonability standards.
The trades are then reported to Nasdaq's Automated Confirmation Transaction System for price-volume reporting, comparison, clearing of pre-negotiated trades completed in Nasdaq's system, and other post-execution services.
Nasdaq notes that this service is not the same as the consolidated last-sale price, which includes the last-sale report submitted by any market center to the Securities Information Processor.
Nasdaq says that the service will provide benefits to all market participants - including index providers, institutional and individual investors, broker/dealers, issuers and analysts - by providing more accurate pricing information and giving investors greater transparency into the marketplace.