This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Banks To Define Global Standard For Client Enablement On Electronic Markets

LONDON, March 26, 2013 /PRNewswire/ --

New open protocol to allow the automated exchange of dealer to client trading relationships amongst market participants

Today, a new Working Group of leading sell side banks has been established to engage with execution venues and other stakeholders to create an open industry standard protocol for client and trader enablement on electronic trading platforms.

The members of the working group known as the Trading Enablement Standardization Initiative (TESI) include: BNP Paribas, Commerzbank, Credit Suisse, Goldman Sachs, J.P. Morgan, RBS, Société Générale and UBS as well as others and are supported by Etrading Software Limited ("Etrading Software").

The first goal of the Working Group is to ensure the smooth migration of swaps trading onto Swap Execution Facilities by streamlining the enablement of clients onto the new platforms. The scope will also extend to other OTC cash and derivative markets in later phases.

The adoption of the new standards will realize the following benefits to the industry:

  • Faster client enablement
  • Increased operational efficiency
  • Reduction in STP failures
  • Help meet more stringent operational regulatory requirements

" BNP Paribas fully supports the aim of creating a global standard for client enablement o n electronic trading platforms.  This initiative demonstrates BNP Paribas '  commitment to providing the best possible customer experience on our electronic trading offerings ," Jack Utley , Global Head of Electronic Client Solutions, BNP Paribas.

" While the trading flows in electronic markets have been automated for some time now, the processes for enabling clie nts have remained highly manual.  The adoption of automation standards by the industry will allow for the improvement of client service, controls and  efficiency. This development is particularly timely given the increased regulatory demands on electronic trading infrastructure ,"  Simon Maisey , Global Head of Rates eCommerce, J.P. Morgan.

" This initiative will dramatically change the way banks and execution venues enable clients for electronic trading ," says Sassan Danesh , Managing Partner at Etrading Software. " The new protocol will allow dealers and electronic execution venues to provide their buy-side clients with a faster, higher quality enablement process. The initiative is perfectly timed to meet the requirements of swaps trading on SEFs, as mandated by Dodd-Frank ."

Over the coming days the Working Group will engage with leading SEFs and execution venues to participate in a collaborative process to create the standard as well as liaising with standards organisations in order to migrate the governance for the new specifications to the appropriate standards bodies as quickly as possible.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs