Global Straight Through Processing Association (GSTP) has set September 2002 as the launch date for its Transaction Flow Manager trade matching solution. GSTP has also announced plans to restructure its operations.
GSTP says development and testing of the utility have been completed successfully due to efforts by itself, vendor coalition partner axion4gstp, and axion4 shareholders SIS SegaInterSettle, TKS-Teknosoft SA/TATA Consultancy Services and Swift.
Under restructuring plans, effective immediately, GSTP will assume direct responsibility for the operation of the utility, migrating from axion4. GSTP will enter into direct relationships with existing and new service providers, ensuring continuity of the services and investments made.
Juergen Marziniak, CEO of GSTP, states: "axion4 has fulfilled its task of developing the GSTP solution. The restructuring provides an outstanding opportunity for a powerful launch of GSTP by linking concentrators and participants' communities and we believe this is in the best interest of the industry and our shareholders."
Swift will continue to be the exclusive provider of messaging services to GSTP and its users. Concentrator service providers, who will play a significant role in expanding the reach of the utility beyond large industry players, will start live production at the same time as the 33 firms currently involved in the pilot program.