Four Firms Complete TFM Pilot Trades Successfully


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, replaces

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Waterstechnology? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a WatersTechnology account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here