What real effect do you think all the hype about straight-through processing STP is actually having on the global securities industry today
There is intra-party and inter-party STP. The intra piece is getting a transaction going from front, to middle, to back office faster. And the inter piece is doing this between counterparties - GSTPA, Omgeo and all these other utilities that are being set up. A lot of these service providers are still pre-public domain. There are some in Hong Kong and Singapore where we know the design and commercial aspects are being discussed before they come to market.
For a lot of these smaller firms to get towards Tn, where...
