Asia watches as US returns to STP debate

But the move to shorten settlement times is a dead letter; the new emphasis at the SEC is on same-day affirmation.

The US Securities Exchange Commission has renewed the debate in America over straight-through processing, but it is now clear that any move towards shortening the T3 settlement cycle is moribund, says Lee Cutrone, New York-based managing director at vendor Omgeo. But the industry agrees in principle on encouraging same-day affirmation of trades a process referred to as SDA.

The prevailing mood is that SDA and central matching can lay the groundwork, or obviate the...

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