Pioneer Near 100 Percent Settlement

STRAIGHT THROUGH PROCESSING

MEDFORD, MASS.--Pioneer Investments settles nearly 100 percent of its trades electronically, says Daniel Consigli, head of IT at Pioneer Investments.

Pioneer’s STP rate in 1999, when Brown Brothers Harriman was its near-exclusive custodian, was 89 percent. Pioneer has since added Prudential Securities and Chase. It reports nearly 100 percent settlement after some recent tweaking to the matching and settlement software, including the implementation of Mercator’s Gemini position reconciliation

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