Red faces all round at post-modern consultancy Capital Markets Company. Yesterday a company newsletter – the portentously titled Institute Briefing on Operations and Technology Solutions – let slip what everybody knows but nobody dares to say: the GSTPA is no longer a white elephant but a dead mammoth. By yesterday aghast Capco executives – surveying not only an embarrassing refutation of its stated “mission to solve the financial services industry’s most pressing challenges, including T+1 and straight through processing (STP)” but also a rapidly dehydrating pool of GSTPA-related consultancy earnings – had ordered a comprehensive retreat from this unexpected outburst of truth-telling.
“The Editorial Board of the Capco Institute Briefing on Operations and Technology Solutions would like to apologize unreservedly for the misleading and incorrect information concerning the GSTPA that was included in this afternoon’s e-mail issue of the Bulletin,” read the retraction. “We would like to state that this article was wholly incorrect and that, in fact, we have no reason to believe that the GSTPA’s commitment to STP and to increasing the efficient operations of the global financial markets has in any way changed. We would again like to apologize for any confusion or misunderstanding that may have resulted from this incorrect report.”