The supervisory board of GSTP, the commercial arm of the Global Straight Through Processing Association, has confirmed that its shareholders have decided to suspend business operations and commence dissolution proceedings.
The news comes only two months after the company's Transaction Flow Manager TFM solution went live. The software was accepted by the industry last year after extensive testing had advanced through a pilot programme with the support and active participation of some of the world's leading investment managers, broker dealers and global custodians.
But GSTP - which was competing with the ThomsonDTCC joint venture Omgeo to build critical mass for its virtual matching utility - had been struggling to grow volumes since September....
