Interoperability Role Passes to Concentrators
OPERATIONS AND STP
NEW YORK--The burden of interoperability seems to have shifted to "concentrators"--large institutions and vendors that use their economies of scale to manage connections to the virtual matching utilities (VMUs) for their clients, according to discussions at last week’s SIA STP/T+1 conference. In addition, the Securities Industry Association (SIA)’s Institutional Transaction Processing Committee (ITPC) model for trade settlement (last revised April 25) now supports ‘just-in-time enrichment’, or
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