Landing the STP Jet

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To paraphrase David Byrne: Everyone's talking a lot, but no one is saying anything. The same could be said about implementing straight through processing (STP) systems at major financial institutions. A great deal has been discussed and written about how STP should be implemented, but most of these discussions have been high-level meanderings. It's time to take these discussions down from 30,000 feet to an actual landing.

What is STP, exactly? Some say that in an STP system, once a trade is

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