Four Firms Complete TFM Pilot Trades Successfully

STRAIGHT THROUGH PROCESSING

CHICAGO--On August 7, Northern Trust acted as a global custodian in a test trade using the Transaction Flow Manager from the Global Straight Through Processing Association and axion4gstp. Fidelity acted as investment manager and Morgan Stanley acted as broker/dealer in the single, basic equity trade.

In another test, TD Asset Management acted as investment manager and Morgan Stanley acted as broker/dealer. The two companies matched a basic equity trade with one allocation and no cancels, repl

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