GSTP assets come under the hammer

GSTP assets come under the hammer

Lawyers acting on behalf of failed industry consortium GSTPA are to oversee an auction of the technology assets of the bankrupt post-trade processing utility in Switzerland on 10 September.

Interested parties are being invited to contact the Zurich office of law firm Buergi & Naegeli to register their interest in bidding for the GSTPA's Transaction Flow Manager central matching engine.

The industry-backed GSTPA was forced into administration in November 2002 when shareholders refused to stump up further funding for the venture which was competing to develop a post-trade processing hub for cross-border securities dealing.

Bankruptcy proceedings have since been hamstrung by wrangles over ownership of the intellectual property rights to the TFM and by the effort involved in collecting and collating the distributed software, which was housed at multiple sites.

An earlier deadline of April last year came and went as potential backers shied away from making a firm investment. Omgeo, SunGard and Canada's Financial Models Company have all been touted as potential bidders in the past.

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