SEC seeks to revive STP initiative
Washington DC -- The US Securities and Exchange Commission (SEC), seeking to improve the safety and operational efficiency of the securities markets, has introduced a concept release that seeks to kick-start the financial services industry’s straight-through processing (STP)initiative. The programme lost the momentum it had achieved at the turn of the millennium as a result of the terrorist attacks of September 11, 2001 in New York City and the prolonged economic slump in the financial services industry in the US.
In a concept release published in mid-March, the SEC is seeking public comment on whether it should adopt a new rule or whether the self-regulatory organisations should be required to amend their existing rules to require the completion of the confirmation and affirmation process on trade date (T+0) when a broker provides delivery-versus-payment or receive-versus-payment privileges to a customer
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