3. Page 3
Expectations
Static data
How trade is booked
Settlement and before settlement
Trade booking and settlement
Impact of incorrect settlement
Pre-matching before a settlement
Entire life of a trade
Front office & middle office
How trade is entered and how it is booked
9. Page 9
Markets & Stock Exchanges
A Market is an environment in which securities are
bought and sold. Central to some market places is the
Stock Exchange.
Trades executed over an Exchange are executed “On-
Exchange” or “Exchange Traded”
Other trades executed over the telephone are “OTC” (Over
the Counter) or Non-Exchange Traded
Each securities market has an associated and
recognisable place to effect settlement
E.g. French Government Bonds traded on the Paris Bourse settle in
Euroclear
10. Page 10
Stock Exchanges
Region Country Financial
Centre
Stock Exchange
Europe UK London London Stock Exchange (LSE)
London Metal Exchange
London International Financial Futures & Options
Exchange (LIFFE)
Germany Frankfurt Deutsche Bourse
Spain Madrid Bolsa de Madrid
Asia
Pacific
China Hong Kong Stock Exchange of Hong Kong
Hong Kong Futures Exchange
China Shenzhen
Shanghai
Shenzhen Stock Exchange
Shanghai Stock Exchange
Japan Tokyo Tokyo Stock Exchange
Tokyo International Financial Futures Exchange (TIFFE)
Singapore Singapore Stock Exchange of Singapore
Singapore International Monetary Exchange (SIMEX)
Australia Sydney Australian Stock Exchange (ASX)
America USA New York
Chicago
New York Stock Exchange (NYSE)
Chicago Stock Exchange
11. Page 11
Other Market Participants
Salespeople
Data Providers
Registrars
Coupon Paying Agents
Trade Matching Services
Settlement Instruction Communication Mechanisms
12. Page 12
Market Participants - Issuers
Organisations occasionally need to raise cash/capital to expand
their businesses by:
Selling part ownership issuing shares or equity
Borrowing cash from investors issuing debt in the form of bonds
Type of Issuer Example
Corporations Vodafone (UK)
Sovereign Entities Kingdom of Denmark
Local Governments City of London
Government Agencies Federal National Mortgage Association
Supranational Organisations International Bank for Reconstruction &
Development (World Bank – IBRD)
13. Page 13
Where does Deutsche Bank fit?
Deutsche covers multiple functions:
Broker
Dealer
Fund/Asset Manager
Investment Bank
Issuer
Global Custodian
Retail Bank
16. Page 16
What is Static Data?
Static Data is the common term to describe the store of
information used to determine the appropriate actions
required for successful processing of each trade.
For Example:
Trading Entities
Trading Books within each entity
Counterparties
Instruments
Currencies
Prices
17. Page 17
Sources of Static Data
Where possible, financial institutions try and create a core
of “Golden Source” static data to avoid data conflicts in
inter-dependent systems
Companies specialise in gathering and distributing
financial data to institutions via:
Electronic File Feeds
Internet
Through on site terminals.
18. Page 18
Security Data Providers or Data Vendors
Reuters
Bloomberg
Telekurs
Rolfe & Nolan
SWIFT
DTCC
Alert Direct/OMGEO
Standard and Poors
Euroclear
Wallstreet
SIAC
NSCC
19. Page 19
Counterparty Static Data
Name, Address & Contact Details
Authorized Credit Limits
Related Companies
Standard Settlement Instructions
Date of account set up
Type of Institution
Documentation signed
Tax Status
Registered Representative
Confirmation Details
Fax, Telex, Electronic Trade Confirmation, SWIFT, Email
20. Page 20
Instrument Static Data
Type of instrument
Equity, Bond, Warrant, Derivative, Commodity
Issue
Short Name, Long Name, Size, Denomination, Issuer
Coupon Dates
Coupon Rate, Payment Characteristics - 30/360, A/360 etc
Alternative/External References,
ISIN, Common Code, RIC, Quick Code, Cusip etc
Exchange
Currency
Maturity Date
Factors
21. Page 21
Maintaining Static Data
Incorrect static data causes many processing errors:
Delayed Confirmations
Unmatched Transactions
Settlement Failure
Incorrect Fee calculations
Incorrect Profit & Loss Calculation
Poor Reporting (Regulatory & risk impact)
Increased cost per transaction due to reduced STP
Incorrect static data leads to reduced service and
dissatisfied customers.
22. Page 22
Static Data Summary
Bad Static Data results in reduced service levels to clients
due to processing hold-ups and possible trade failure
Bad Static Data impacts operational risk and increases the
cost per trade processed
Bad Static Data contributes to poor internal & external
reporting impacting risk & reputation
Static Data will continue to be an important dependency
on the efficient processing of trades especially as the trade
lifecycle window becomes smaller
STATIC DATA
Must be populated correctly within all of the relevant systems.
Must be obtained from a credible source as timely as possible.
23. Page 23
So far Covered
I. Market Participants
II. Static Data
26. Page 26
What is a Trade?
A legal contract between two ‘counterparties’. A seller and
a buyer.
The SELLER must deliver the commodity he has sold to
the buyer.
The BUYER must pay the agreed purchase price on the
agreed value date.
27. Page 27
The Front Office
Trading
Sales
Broking
Corporate Finance
Repo Desk
28. Page 28
Why Trade?
Speculate
Profit from price move or increase in value of the asset.
Accumulate
Benefit from dividend on shares and interest on bonds.
Hedging:
To speculate and accumulate.
To reduce risk.
29. Page 29
Trade Execution
Trade execution tends to operate in one of three ways
where sellers and buyers execute trades:
Trading Floor
Traditional method of trading – face to face on the trading floor of a
Stock Exchange.
Computerised Exchanges
Established in the UK as part of the Big Bang in 1986. This term
applied to the liberalization of the London Stock Exchange (LSE)
when Trading was automated.
Telephone
30. Page 30
Trade Execution
Furthermore Trades can be:
Quote Driven
Market Makers quote prices via computerised screens showing the
level at which they are prepared to buy and sell with the intention of
attracting business.
NASDAQ (US) SEAQ (UK)
Order Driven
Orders from sellers are matched with buyers’ orders electronically.
Xetra (Germany) SETS (UK) SEATS (Australia)
Electronic Communications Networks (ECN)
ECN’s operate on an electronic basis only.
Euro-MTS Brokertec Archipelago
31. Page 31
Trade Capture
Regardless of the trade execution/origin, all trades must be
recorded formally by the market participant.
To update a trading position for a specific security within a trading
book
To update average price of the current trading position to enable the
trader to calculate trading profit or loss
To allow trade detail to be sent through to the Back Office for trade
processing and settlement
As part of Market & Regulatory Reporting requirements
To facilitate risk management
Traders use complex trading systems to facilitate trading & position
management, trade processing is usually done via Back Office
processing systems.
32. Page 32
Front Office Trade Detail
Trading Book
Trade Date
Deal Time
Value Date
Operation (e.g. Buy/Sell, Lend/Borrow, In/Out)
Quantity
Instrument/Security
Price
Counterparty
33. Page 33
Trade Validation
Trade validation occurs to check if the trade information received in
the Back office systems corresponds with the Front Office record.
Trade validation includes the checking of constituent static data
information:
Examples include:
Is the security recognised on the system?
Is the Counterparty account recognised?
Is the Trader allowed to trade on the trading book?
Is the trading book valid to trade security x?
Is the value date a valid settlement date in the location of settlement?
Are the securities restricted?
All detected errors must be investigated and corrected.
34. Page 34
Trade Enrichment
Trade enrichment exists to add specific trade data to the
basic trade detail to allow downstream processing.
This data is not usually held in Front Office Trading
systems.
This data can be added manually however in the STP
environment the aim is to derive this automatically.
Examples include:
Calculation of cash values.
Regulatory Reporting required.
Trade Confirmation requirements.
Selection of custodian details.
Selection of Settlement Instructions and communication method.
35. Page 35
So far Covered
I. Market Participants
II. Static Data
III. Trade Execution & Trades Processing
37. Page 37
Trade Confirmation/Agreement
Trade Confirmation/Affirmation is an important process
required to reduce the risk of the traders P&L.
Until the counterparty acknowledges the trade detail the
effect on the price or quantity of the trade is subject to
change, impacting the traders book.
Trade agreement can be achieved through:
Sending trade confirmations to the counterparty.
Receiving trade confirmations from the counterparty.
Trade or Contract Matching.
Trade Affirmation.
38. Page 38
Trade Matching
Trade Matching generally applies to mandatory
electronic matching of trade details.
Both parties are required to input details to a central
matching facility.
Matching results (i.e. matched, unmatched) are provided
by the trade matching facility to both parties.
Examples include:
Omgeo Central Trade Manager (CTM).
TRAX (Internationally traded debt & securities).
Depository Trust & Clearing Corporation (DTCC)
National Securities Clearing Corporation’s Trade Matching Service.
(NSCC)
39. Page 39
Trade Affirmation
Trade Affirmation relates to the electronic matching of trade details
typically between securities institutions and Institutional clients.
Trade details are input by the securities house and sent to a trade
affirmation facility.
The Trade affirmation central hub sends on the message.
The institutional client agrees (affirms) or disagrees and the response
is sent back to the securities house.
Both parties must subscribe to the service.
Examples include:
Omgeo’s Oasys Global system.
FIX – (Global)
Oasys Domestic - (US)
DTC ID (Institutional Delivery) – (US)
40. Page 40
Summary
Basic Principles
The longer a trade’s detail remains unchecked after trade
date, the greater the risk of price movement and P&L
impact.
Trade confirmation/matching messages should be issued
as soon as possible after trade validation.
Timely and accurate confirmation generation is a major
client service consideration.
Prompt actioning of all confirmation discrepancies reduces
trade risk.
41. Page 41
So far Covered
I. Market Participants
II. Static Data
III. Trade Execution & Processing
IV. Trade Confirmation
43. Page 43
Settlement Instructions
Settlement Instructions are used to communicate the
movement of securities and cash to the custodian.
Trade Agreement confirms the commercial details of the
trade.
Settlement Instructions indicate the commercial details of
the trade AND the location and account details for the
cash and security movements. (Settlement Details).
44. Page 44
Instruction Content
Settlement Instructions tell the custodian/Agent to carry
out precise commands such as:
The quantity of securities to be received or delivered.
The net settlement value to be paid or received.
From whom securities will be received.
To whom payment must be made.
From whom payment will be received.
To whom securities must be delivered.
On which date to carry out these instructions.
48. Page 48
Why do we match instructions?
To reduce settlement risk by:
Increasing the chances of trade settlement on value date
Resolving differences between trades and counterparties
Enabling accurate funding of cash in nostro accounts
Managing stock inventory in depositories
49. Page 49
Matching at The Settlement Agent
Once Instructions have been received at the Custodian,
the next lifecycle steps include:
Instruction Matching
Custodian attempt to match the instruction to the counterparty
instruction.
Status Update
Attachment of the current status of the instruction.
(matched/unmatched/unknown).
Unmatched Resolution
Investigation and resolution of non-matching instructions.
Trade Settlement
Updating the current status within the securities trading
organisation’s books and records.
50. Page 50
Instructions Matching: Example
1 Instructions sent in by Securities House and Counterparty.
2 Instruction matching occurs.
3 Status is recorded.
4 Instruction Status (Matched/Unmatched) is sent back to both parties.
51. Page 51
So far Covered
I. Market Participants
II. Static Data
III. Trade Execution & Processing
IV. Trade Confirmation
V. Trade Instruction
VI. Instruction / Agent Matching
53. Page 53
Settlement Terminology
Trade settlement is the act of exchanging securities and
cash between buyer and seller.
Value Date / Contractual Settlement Date.
Actual Settlement
Value Date and Settlement Date will be the same in the
majority of trade settlement cases.
A percentage of trades fail to settle on value date and will
settle on another date referred to as the actual settlement
date.
54. Page 54
Settlement Considerations
How to ensure trade settlement
Ensure the seller holds the required level of securities at
the correct custodian.
Some securities can settle at more than one location.
Ensure the purchaser has sufficient cash to make the
payment.
The purchaser may aggregate balances over a number of accounts,
the total amount must cover the amount required. (Funding).
The purchaser may have a credit agreement with the custodian who
will cover the cash shortfall. (Secured credit line/Overdraft).
The purchaser may have a collateral agreement whereby collateral
is held in the account to offset any non return of funds. (Margin)
55. Page 55
Types of Settlement
Full Settlement
Partial Settlement
Securities Only
Cash Only
Cross Currency Settlement
Net Settlement
56. Page 56
Summary
Timely settlement of trades is an important part of the
Trade Lifecycle with implications across the following
areas:
Inventory Management
Cash Management
Settlement Risk
Cost Management
Firm Reputation
57. Page 57
So far Covered
I. Market Participants
II. Static Data
III. Trade Execution & Processing
IV. Trade Confirmation
V. Trade Instruction
VI. Instruction / Agent Matching
VII. Trade Settlement
59. Page 59
Inventory Management
Management of the stock holding is an integral part of
trade settlement:
Inventory Management ensures:
The correct amount of securities (nominal) are available
At the correct location (depot).
At the correct time (on value date).
60. Page 60
Methods of Inventory Management
If securities are unavailable we can consider the following:
Internal Book Transfer.
Borrow securities from another firm account same depot.
Realignment.
Borrow securities from another firm account different depot.
Stock Borrow Loan Trade.
Borrow the securities from the market.
Autoborrow.
Borrow the securities from the custodian/central depository.
Execute a Repurchase Agreement (Repo)
Do nothing and let the trade fail.
62. Page 62
Automated Lending & Borrowing
Service provided by large Custodians and Central
Security Depositories:
Borrowers
Borrow required securities automatically.
Borrow certain types of security automatically i.e. Spanish Bonds.
Borrow upon request.
Sometimes used as a last resort due to the cost.
Lenders
Lend all securities automatically.
Lend certain types of security automatically.
Lend upon request.
63. Page 63
How do Trades & Positions get updated?
Automated Updates
Instruction statuses are sent in by the custodian (fully settled,
partially settled, failed etc).
The Securities Trading House automatically loads this information
into the settlements systems.
The system attempts to locate the relevant trade in its internal books
and records.
Once found it records the status update against the transaction.
It will also automatically update the relevant security positions and
balances reflecting the delivery or receipts.
Manual Updates
In some cases it may be necessary to settle trade manually and a
settlements specialist may manually record the update against the
trade record.
64. Page 64
So far Covered
I. Market Participants
II. Static Data
III. Trade Execution & Processing
IV. Trade Confirmation
V. Trade Instruction
VI. Instruction / Agent Matching
VII. Trade Settlement
VIII. Position / Inventory Management
66. Page 66
Failing Trades and their Impact
A failed trade is any securities transaction that does not
settle on value date.
The buyer and seller are impacted by settlement failure:
Unable to use the cash to fund other security purchases.
Unable to lend on money markets and earn credit interest on cash.
Unable to pay off existing overdraft/debt.
Unable to use securities required for an onward delivery causing a
break in the chain.
Risk impact due to movement in the market causing a change in the
value of securities. (mark to market)
67. Page 67
Why Trades Fail
Instructions not received by custodian
Instructions remain unmatched on value date
Insufficient cash, collateral, credit line
Insufficient securities
68. Page 68
The Importance of Managing Fails
Fails will have cash implications
Interest claims on fails to receive.
Interest expense on fails to deliver.
Fails make the reconciliation of corporate actions difficult
which can lead to material losses
Regulatory Impact - In some markets fines are imposed
for late trade settlement
Australia – Fines are imposed daily from value date to settlement
date for trades executed on the Australian Stock Exchange.
UK - Fines are imposed by CREST from a member’s failure to
achieve pre-defined settlement targets.
69. Page 69
Interest Claims
An interest claim is compensation from the failing party to
for the loss of cash interest or use of securities.
Failed trades are monitored to determine the reason for failure and
enable the interest claim to be executed against the counterparty.
Some marketplaces (e.g. ISMA) have minimum claimable interest
recommendations and deadlines by which claims must be issued.
Back Office Settlements add immense value by actively monitoring
instruction statuses and helping to accurately fund cash shortfalls or
short positions.
In some Securities Trading Houses, if the Firm Trader is at fault then
the cost of the fail can be directly attributed to their book, impacting
their P&L.
70. Page 70
So far Covered
I. Market Participants
II. Static Data
III. Trade Execution & Processing
IV. Trade Confirmation
V. Trade Instruction
VI. Instruction / Agent Matching
VII. Trade Settlement
VIII. Position / Inventory Management
IX. Fails & Fail Management
72. Page 72
What are Reconciliations
Reconciliations exist to check the accuracy of the firms
books and records:
Internally between systems and departments
Externally where securities and cash are held.
A Reconciliation Break is a discrepancy between one
record and another
All breaks should be investigated, accounted for and
corrected to ensure continued integrity
Automation of reconciliation reporting facilitates timely
investigation and resolution of breaks on a daily basis
73. Page 73
Why do we monitor reconciliations?
Regulatory
Managing Risk
Corporate Actions
Types of Reconciliations
Position Reconciliations
Trade Reconciliations
System Reconciliations
74. Page 74
So far Covered
I. Market Participants
II. Static Data
III. Trade Execution & Processing
IV. Trade Confirmation
V. Trade Instruction
VI. Instruction / Agent Matching
VII. Trade Settlement
VIII. Position / Inventory Management
IX. Fails & Fail Management
X. Reconciliations
76. Page 76
Types of Custodian 1
Term Description Example
Custodian An organisation that holds securities
and cash on its clients’ behalf and
may effect trade settlement on its
clients’ behalf.
Deutsche Bank
Domestic Custody
Services
Global Custodian As per custodian, but has a network
of local (or sub-custodians) that hold
securities and cash and effect trade
settlement on behalf of the global
custodian.
State Street
Citigroup
BoNY
Paribas
Local Custodian A custodian that operates within a
specific financial centre.
Credit Lyonnais Paris
Banco Espirito Santo
Lisboa
Sub-Custodian A custodian within a Global
Custodian’s network of custodians.
Citibank Milan
Citibank Madrid
77. Page 77
Types of Custodian 2
Term Description Examples
Central Securities
Depository (CSD).
National Central
Securities
Depository (NCSD)
An organisation that hold securities,
normally in book entry form; usually
the place of settlement, effected
through book transfer.
A CSD that handles domestic
securities of the country in which it is
located.
DTC (USA)
CREST (UK & Eire)
JASDEC (JPY)
CCASS (HK)
International
Central Securities
Depository (ICSD)
A CSD that handles domestic and
international securities.
Only two organisations are
recognised as ICDS’s.
Euroclear
(Brussels)
Clearstream
(Luxembourg)
Settlement Agent An organisation that effects the
exchange of securities and cash on
Citibank Milan
Citibank Madrid
78. Page 78
So far Covered
I. Market Participants
II. Static Data
III. Trade Execution & Processing
IV. Trade Confirmation
V. Trade Instruction
VI. Instruction / Agent Matching
VII. Trade Settlement
VIII. Position / Inventory Management
IX. Fails & Fail Management
X. Reconciliations
XI. Clearing & Custody
79. Page 79
What is a Corporate Action?
Any action by an Issuer which may affect the investor:
The distribution of benefits to existing shareholders or
bondholders
Coupon Payments
Cash Dividends
Stock Dividends
A change in the structure of an existing security
Stock Split
Bonus Shares
A notification that may or may not require a response from
the securities owner
Annual Meeting
Voting Rights
81. Page 81
Controlling
The accounting group within the bank is responsible for
correctly recording and monitoring all of the financial
transactions occurring within the Securities Trading
House:
Deutsche Bank Controllers include:
Legal Entity Controller (LEC)
Responsible for DB Companies.
Business Area Controller (BAC)
Responsible for product lines and the Business.
Central Functions – Risk Controlling
Responsible for Managing Risk across the all divisions centrally.
82. Page 82
Controlling Responsibilities
Monitor Stock/Security Positions
Monitor Cash Balances
Track Firm Books and Records
Create Good Processes
Create Controls
Reconcile Trade Data
Reconcile Cash Flow
Reconcile all Journal activity
83. Page 83
Example Control Reports
Reconciliations
Profit and Loss Statement (P&L)
Balance Sheet Reporting (BS)
Buy and Hold Reporting (B&H)
Management Information Reporting (MIS)
Credit Risk Reporting (CRES)
84. Page 84
So far Covered
I. Market Participants
II. Static Data
III. Trade Execution & Processing
IV. Trade Confirmation
V. Trade Instruction
VI. Instruction / Agent Matching
VII. Trade Settlement
VIII. Position / Inventory Management
IX. Fails & Fail Management
X. Reconciliations
XI. Clearing & Custody
XII. Trade & Position
Accounting
86. Page 86
Regulators
Regulatory authorities exist within the securities
industry to ensure:
All business undertaken within the marketplace is done in
the proper manner
To protect investors who are participants within the
marketplace
Guard the reputation and integrity of the marketplace
Monitor activity which fails outside of normal business
trading practice
87. Page 87
Regulator Responsibilities
Assessing suitability of securities trading houses to
participate within the market place.
Monitor the business undertaken by securities trading
houses, investment advisors & fund managers.
Enforcement of laws and possible prosecution of security
law violators.
88. Page 88
Financial Regulatory Authorities
Country Regulatory Authority
Australia Australian Securities & Investments Commission
Prudential Regulatory Authority
Bahamas Bahamas Central Bank
France Commission des Operations de Bourse
Banque de France
Hong Kong Securities & Futures Commission
Monetary Authority
Japan Financial Supervisory Agency
Financial Reconstruction Commission
Singapore Monetary Authority of Singapore
UK Financial Services Authority (FSA)
USA Securities & Exchange Commission (SEC)
US Commodity Futures Trading Commission
National Futures Association
89. Page 89
Reporting Methods
A number of methods exist dependent on how the local
Regulator requires reporting to be effected
Automatic forwarding of trade details by a computerised
exchange requiring no additional reporting
Automated message transmission by the member for
confirmation/matching/instruction purposes part of which is
used to satisfy transaction reporting requirements
File feeds produced from Front Office/Back
Office/Controlling systems and sent direct to Regulator
90. Page 90
Compliance
Compliance is the Bank’s internal regulator.
Responsibilities include:
Ensuring compliance to rules of appropriate financial
regulatory body
Handling confidential information
Ensure that personnel are adequately and properly
licensed to operate in the marketplace
Managing anti-money laundering regulations
Monitoring Employee Personal Trading
91. Page 91
So far Covered
I. Market Participants
II. Static Data
III. Trade Execution & Processing
IV. Trade Confirmation
V. Trade Instruction
VI. Instruction / Agent Matching
VII. Trade Settlement
VIII. Position / Inventory Management
IX. Fails & Fail Management
X. Reconciliations
XI. Clearing & Custody
XII. Trade & Position
Accounting
XIII. Regulatory &
Compliance
93. Page 93
Conclusions
Reduce Settlement Cycles
Increase Straight Through Processing for trades
Increase use of central Counterparties
Increase use of “Golden Source” static data
Active management of collateral
Minimise Risk
Minimise Operational Cost
Offer increased service to clients
Manage increasing volumes
Maximise internal efficiency
95. Page 95
Recommended Reading
Michael Simmons
Securities Operations – A Guide to Trade & Position Management
Stephen Valdez
An Introduction to Western Financial Markets
David Dasey
An Introduction to Equity Markets
Moorad Choudhry
An Introduction to Repo Markets
Robert Hudsen
Treasury Management
Financial Engineering
The Handbook of Equity Derivatives
Oxford paperbacks
Dictionary of Finance & Banking
96. Page 96
Industry Websites
http://www.crestco.co.uk/ CREST
http://www.dtcc.com/ Depository Trust & Clearing Corporation
http://www.euroclear.com/ Euroclear
http://www.jasdaq.co.jp/index_en.jsp Japanese Securities Depository Centre
http://www.isma.org/home.html International Securities Market Associations
http://www.bankofengland.co.uk/Links/setframe.html Bank of England
http://www.fsa.gov.uk/ Financial Services Authority
http://www.sec.gov/ Securities Exchange Commission
http://www.nasdaq.com/ National Association of Securities Dealers
Automated Quotations.
http://www.amex.com/ American Stock Exchange
http://www.londonstockexchange.com/London Stock Exchange
http://www.lchclearnet.com/ London Clearing House
http://www.liffe.com/ International Financial Futures & Options
Exchange
97. Page 97
Industry Websites
http://www.iosco.org/iosco.html International Organ Securities Commission
http://www.ipma.org.uk/ International Primary Market Association
http://www.isda.org/index.html International Swaps & Derivatives Association
http://www.isla.co.uk/ International Securities Lending Association
http://www.isma.com/home.html International Securities Market Association
http://www.liba.org.uk/ London Investment Bank Association
http://www.lsta.org/ Loan Syndic Trading Association
http://www.sia.com/ Securities Industry Association
http://www.securities-institute.org.uk Securities Institute
http://dspace.dial.pipex.com/jhalsey/ Compliance Exchange
http://www.world-exchanges.org/ Federation of Exchanges
http://www.trioptima.com/tri/ OTC Derivatives termination service
http://www.finanz-adressen.de/WE-fin-regulatory.html
Financial Regulatory Authorities
98. Page 98
Industry Websites
http://www.exchange-handbook.co.uk/Exchange Handbook
http://www.investorwords.com/ Glossary
http://www.stpforum.com/ STP Forum
http://www.stpinfo.com/ STP Info
http://www.afponline.org/ Association for Financial Professionals
http://www.calpers.ca.gov/index.jsp?bc=/investments/straightthrough.xml
Virtual Matching Utilities (VMUs);
http://www.omgeo.com/ OMGEO
http://www.sungard.com/ Sungard Systems