In the white paper entitled, Straight-Through Processing (STP) for Institutional Settlement, FICC offers a new settlement model that looks to maximize netting for dealers and promote efficient STP settlement for institutional customers, thereby reducing associated costs and risks. Specifically, the new settling model would include only the dealer side of the trade in its net settlement process. In this model, institutional customers would not be required to become FICC members. The institutional side of the trade would not be netted, but rather settled with the institutional customers on a trade-for-trade basis by FICC on behalf of the dealer.
CheckFree Financial and Compliance Solutions, a business unit of CheckFree Corporation, announced that Loomis Sayles & Company, L.P. is utilizing CheckFree RECON Securities to automate, reconcile and report its securities and cash positions. Loomis Sayles manages more than $53 billion in equity and fixed income assets worldwide as of March 31, 2003.
Eurex, a derivatives exchange and derivatives-clearing organization, and the Board of Trade Clearing Corporation, an independent futures-clearing organization, announced that they intend to enter into a long-term clearing partnership to create a global-clearing solution. This solution aims to be a progression in the global-derivatives industry, creating benefits for customers worldwide. The two partners have signed a letter of intent and will now negotiate a definitive agreement.