Still trying to pursue STP

In his role as Omgeo's managing director of industry relations, Lee Cutrone, sits on the STP steering committee of the Securities Industry Association (SIA) in the US. Up until a few months ago the group was known as the T+1 steering committee and Cutrone helped design and write the Institutional Processing Model proposed by the SIA and served on the business case RFP sub-committee for shaving two days off the settlement cycle. Now that the T+1 deadline has been postponed the SIA is rethinking its assumptions on the cost benefits of STP. FinanceAsia spoke to Cutrone about this new line of thinking and what it means for Asia. He was joined by James E Drumm, managing director of Omgeo Asia.