Slam Dunk pulls out of Crest network bidding

Slam Dunk pulls out of Crest network bidding

Slam Dunk Networks has pulled out of the race to deliver network services to users of the UK's Crest book-entry depository system.

The California-based company had been bidding to provide network services to Crest under an initiative to stimulate competition by breaking up the long-standing Swift/Syntegra duopoly on provision. It coincides with a migration to generic browser-based interface standards at Crest, enabling institutions to plug in a different network to their proprietary sockets and split traffic between suppliers.

In a letter to shareholders, CrestCo says Slam Dunk was forced to withdraw from the accreditation process because of "a change in the strategic direction within their company". The firm has yet to issue any formal statement.

Slam Dunk's departure opens the market to a four-way contest between the London Stock Exchange, Swift, Syntegra and Radianz. Of these four, the Exchange has finished technical testing and is close to completion of its accreditation process. The LSE's service is due to be operational this month.

Swift and Syntegra are said to be on course for the inauguration of an ISO 15022 option in the last quarter of this year, and Radianz reckons on being ready by year-end.

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