The Nordea Banking group announced today that they have become a participant of GSTP, the global securities trade matching utility. Nordea Group is already a member of the Global Straight Through Processing Association (GSTPA), the industry body that defined the business and service requirements of GSTP AG.
The announcement was made by Sveinung Dyrdal, Head of Nordea Custody Services, after a meeting with Juergen Marziniak, CEO of GSTP AG at Sibos in Geneva on Wednesday, 2nd October, 2002. Dyrdal confirmed that Nordea intends to participate within GSTP not only as a custodian for Norway, Finland, Sweden and Denmark but also as a concentrator offering services to Investment Managers and Broker/Dealers throughout the region. A concentrator facilitates connectivity to the Transaction Flow Manager (TFM) for other GSTP AG participants with value added services to be provided by Nordea Group as a custodian.
Dyrdal commented that the intention to sign up with GSTP AG is to support its client needs for a global securities trade matching utility which will be aligned with Nordea Custody Services own future strategy.
“We are proud to welcome Nordea on board”, remarked Mr Marziniak. “As a global custodian, Nordea will see large benefits within the matching cycle which the TFM provides real-time with Investment Managers and Broker/Dealers.”
Marziniak continued: “Since the GSTP AG TFM went live, all trades which have gone through the system reached complete matched status within T+minutes/hours having no problems at all.”
GSTP AG started its TFM live operations in September 2002 after a successful pilot parallel testing phase during the summer of 2002. Interested organisations and prospective GSTP AG participants should visit GSTP AG’s stand H256 at Sibos where they meet the GSTP AG management team and see a live demonstration of the TFM, and how the real-time multi-lateral trade matching solution can help improve their overall transaction processing performance and increase STP values.