Wall Street & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.


11:23 AM
Connect Directly

Integration: The Wheel That Makes STP Spin

Before firms can hope to achieve straight-through processing or one-day settlement of trades, they have to get their systems and data to speak to each other.

Tullett Tackles STP

"A lot of STP is aimed at equities," says Geoff Chapman, group CIO of global technology at Tullett Liberty, an inter-dealer broker with offices located throughout the world. But Tullett specializes in fixed income, and its clients needed help on that front, so the firm developed Post:marker, an STP application designed to enhance post-trade notifications for fixed-income trades.

Post:marker allows trade details to be transferred onto a client's system automatically and eliminates the need for manual data entry. After executing a deal, traders receive electronic notifications from Tullett. They can accept or reject them with a mouse click, allowing trading errors to be identified faster and corrected more quickly. After affirmation, trade details can be transmitted automatically into a counterparties' internal, middle- and back-office systems so that positions can be immediately updated. The system uses XML documents based upon the FpML standard, which allows for complex deals, such as spread trades and asset swaps, in a single trade notification, and it facilities integration with third-party systems.

Chapman, who is based in London, says, "STP is very, very important to our customers. Providing a comprehensive STP capability allows us to offer our clients the complete service - best execution coupled with efficient settlement and support, backed up by the understanding and relationships that only voice can provide." Building Post:marker, however, meant "streamlining and integrating the whole front through middle to back offices of our own organization and driving that out to customers," Chapman says. It was a mammoth, two-year integration project, he explains.

2 of 4
Register for Wall Street & Technology Newsletters
Exclusive: Inside the GETCO Execution Services Trading Floor
Exclusive: Inside the GETCO Execution Services Trading Floor
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.