Dovetail Systems Powers Merrill Lynch Connection to Straight-Through Processing Utilities.Business & Technology Editors NEW YORK--(BUSINESS WIRE)--Oct. 22, 2001 Dovetail dovetail (dov´tāl), n a widened or fanned-out portion of a prepared cavity, usually established deliberately to increase the retention and resistance form. Systems, a leading provider of business process automation software to the securities industry, today announced a partnership with Merrill Lynch to implement a straight-through processing straight-through processing The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. (STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. ) technology co-developed by the firms to power the electronic communication of trade data to securities industry utilities. The new application, which is based on Dovetail's proprietary software, will significantly advance Merrill Lynch's industry-leading efforts to provide straight-through processing to the firm's institutional clients, including asset managers, as well as to other broker-dealers. Initially, the technology co-developed by the firms will enable the communication of trade data to the Transaction Flow Manager (TFM TFM Traffic Flow Management TFM TeX Font Metrics TFM Transportacion Ferroviaria Mexicana TFM Trusted Facility Manual TFM Testicular Feminization TFM Total Facility Management TFM Tentative Final Monograph TFM Transaction Flow Manager TFM Thermally Fused Melamine ), a straight-through processing application patented by the Global Straight-Through Processing Association (GSTPA GSTPA Global Straight Through Processing Association Ltd.) and managed by GSTP GSTP Global System of Trade Preferences GSTP Global Straight-Through Processing GSTP Generalised System of Tariff Preferences (United Kingdom) GSTP Generic Switching Test Plan GSTP General Support and Technology Programme AG, an operating company established by the GSTPA. Dovetail's software represents the next generation of trade management systems for the securities industry. Using open component technology, the company's system incorporates the complex business logic behind each trade into the communication of data on that trade, significantly improving speed, reliability and security. Efforts to bring straight-through processing to the securities industry focus on the need of all market participants to effectively manage risk and to reduce the time and expense of matching, clearing and settling trades. The GSTPA is an industry association composed of over ninety leading members of the worldwide financial community, including investment managers, broker-dealers and custodians, that are dedicated to making STP the standard in the financial markets. The GSTPA model enables counterparties globally to exchange, enrich and match trade details in real-time, ensuring that these trades are submitted for settlement in a timely manner. "This partnership between Dovetail and Merrill Lynch is further evidence of the importance of automating mission-critical transactions in the financial markets, and of Dovetail's strength as a leading provider of solutions in this space," said Peter Little, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Dovetail. "Straight-through processing is a critical objective for Merrill Lynch as well as for our clients," said Art Thomas, Senior Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. for Merrill Lynch's Securities Services Division, the firm's clearing, custody and financing arm. "With the implementation of the GSTPA Transaction Flow Manager, the industry is beginning to realize the benefits of STP. Dovetail's technology will enable Merrill Lynch to share these valuable benefits with our institutional clients and with other broker-dealers." About Dovetail Dovetail is the leader of a new generation of software companies that are challenging the existing order of middleware and EAI (Enterprise Application Integration) Refers to various techniques used to share data and business processes in large enterprises. When companies acquire another organization, disparate information systems have to be made to work together. vendors. Dovetail leverages the latest open component technology to address the rapidly emerging Business Process Automation opportunities to effectively automate business critical transactions. The first two business areas that Dovetail has chosen to address are Securities trade processes and Payments. Founded in 1999 the company has offices in London and New York and has significant partnerships with Sun Microsystems, BEA BEA - Basic programming Environment for interactive-graphical Applications, from Siemens-Nixdorf. and others. For more information on Dovetail, please visit www.dovetailsys.com. About Merrill Lynch Merrill Lynch is one of the world's leading financial management and advisory companies with offices in 43 countries and total client assets of more than $1.6 trillion. As an investment bank, it is the top global underwriter of debt and equity securities and a leading strategic advisor to corporations, governments, institutions, and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. For more information on Merrill Lynch, please visit www.ml.com. About GSTPA The GSTPA is the industry body charged with promoting efficient and effective cross-border trading through the implementation of electronic global straight through trade processing. GTSP GTSP Global Tracer Scientific Panel GTSP Granulated Triple Super Phosphate AG is the operating company established by the GSTPA to facilitate the development of the Transaction Flow Manager (TFM) as part of a total GSTP utility. axion ax·i·on n. A hypothetical boson having no charge or spin and small mass, proposed to explain the existence of certain symmetries of the strong nuclear force. [axi(al) + -on1.] 4gstp ltd is the provider of the GSTP solution, including development, marketing, implementation, product support and education. For more information, please visit www.gstpa.org. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion