Since about 1995, banks and financial technology vendors have been
throwing various platforms, portals and systems at their buy-side
clients. Along the way, one phrase has been repeated over and over
again: straight through processing (STP). The elimination of manual
intervention from the entire trade process is a vision of paradise.
The banks wanted it, and they promised that they would give it to
their clients too.
Seven years on, everyone is still talking about it - an
industry-wide initiative has even emerged to campaign for it. But
evidence that it exists is thin on the ground.
It seems that the banks have gone as far as they can with their
promises of new efficiencies and seamless transaction processing.
The harsh reality now is that without the cooperation of the buy
side their efforts and investment will prove fruitless.
The good news is that the buy side is interested in...
