Mercator Software has become the first third party vendor to complete a full trade test scenario with the Global Straight Through Processing (GSTP) Transaction Flow Manager (TFM).
The GSTP is an industry association open to investment managers, broker/dealers and global custodians involved in the processing of cross-border trades. The group is aiming to accelerate the flow of cross-border trade information, reduce the number of failed cross-border trades, and reduce the risks and cost of cross-border trade settlements. The TFM platform has been developed by vendor consortium axion4 to track and route global trades.
Connectivity for the test was achieved using the Mercator Global Securities Solution (GSS) for GSTP, integrated with axion4's Access module. Communication with the TFM was achieved via the new SwiftNet IP-based interbank messaging platform. The test, completed at Mercator's GSS test lab in London, included all message flows required for the basic equity trade, including block messages, allocations, net proceeds and settlement details messages.
Heinrich Vettiger, member of the executive committee at axion4 says: "We have achieved an important milestone in completing the first end to end test with a vendor, and would like to congratulate Mercator on its success."