The audience at a recent industry conference hosted by bond trading platform Tradeweb, heard that the adoption of a standard settlement instructions (SSI) database represented that “last big challenge” facing those seeking to realize straight-through-processing. Tradeweb has an interest in SSI through its AccountNet service, which helps firms using its electronic bond trading system to automate settlement of transactions. Industry practitioners from Tradeweb, J.P. Morgan Investor Services, Smartstream and Morgan Stanley acknowledged that the FIX 4.4 protocol had created opportunities to establish an SSI database facility. But they warned that competing players trying to solve the problem would lead to institutions treading carefully – and slowly – before significant decisions were made.
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