Firms seen spending $300 million each on STP

NEWS

BOSTON, MASSACHUSSETTS -- Large US financial broker/dealers will have to spend in excess of $300 million each over the coming years to prepare for straight-through processing (STP), or same-day settlement of trades.

That's the estimate of business consultants Celent in a study of STP released in September. Same-day settlement would contrast with today's practices, where security trading can take up to three days to settle.

The report looks at how market participants, custodians and exchanges

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