The Global Straight-Through Processing Association has initiated live trading through its Transaction Flow Manager (TFM) virtual matching utility.
The first live trades were passed through the system on Monday, 9 September following extensive testing with a small group of brokers, custodians and fund managers. The live launch coincided with the roll-out of the CLS Bank system for foreign exchange settlement.
The two industry consortia are using the SwiftNet InterAct messaging system from the Society for Worldwide Interbank Financial Telecommunication (Swift) as the carrier network. Swift says that both market infrastructures registered significant message volumes in their first day of live operations, between them generating in excess of 120,000 messages.
The commencement of live operations will be welcomed by GSTPA's industry backers. The company has exhausted its start-up funds and now needs to begin generating revenues if it is to take on rival utility Omgeo.