STP: Still the Prize
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The need for straight-through processing (STP) has only increased over the last seven years as electronic trading took hold, settlement cycles compressed, program trading expanded, trade size shrank, decimalization reduced spreads and the brokerage business contended with ever-shrinking commissions. Brokers also faced client demands to offer block trading, direct market access (DMA) and algorithmic trading tools—all at decreasing commission rates per share.
Now, brokers offering this array of
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