Life Cycle of a Trade in 40 Characters

Life Cycle of a Trade

Training Academy

Introduction
 Facilitator
 Self
 Course Outline
 Break Timings
 15 mins – Forenoon
 45 mins – Lunch
 15 mins – Afternoon
 Expectations

Page 2

Expectations
Static data
How trade is booked
Settlement and before settlement
Trade booking and settlement
Impact of incorrect settlement
Pre-matching before a settlement
Entire life of a trade
Front office & middle office
How trade is entered and how it is booked

Page 3

What is your Idea of

Life Cycle of a trade ??

Page 4

Section One
The Market Participants

The Market Participants - Facilitators
 Brokers
 Dealers
 Investment Banks
 Stock Exchanges
 Agents
 Securities Trading Organisations
 Custodians
 Clearing Banks
 Regulators

Page 6

The Market Participants - Investors
 Institutional Investors
 Mutual Funds (Unit Trusts)
 Pension Funds
 Insurance Companies
 Hedge Funds
 Charities
 Individual Investors

Page 7

Markets & Stock Exchanges
A Market is an environment in which securities are
bought and sold. Central to some market places is the
Stock Exchange.
 Trades executed over an Exchange are executed “On-
Exchange” or “Exchange Traded”
 Other trades executed over the telephone are “OTC” (Over
the Counter) or Non-Exchange Traded
 Each securities market has an associated and
recognisable place to effect settlement
 E.g. French Government Bonds traded on the Paris Bourse settle in
Euroclear

Page 9

Stock Exchanges
Region Country Financial Stock Exchange
Centre
Europe UK London London Stock Exchange (LSE)
London Metal Exchange
London International Financial Futures & Options
Exchange (LIFFE)
Germany Frankfurt Deutsche Bourse
Spain Madrid Bolsa de Madrid
Asia China Hong Kong Stock Exchange of Hong Kong
Pacific Hong Kong Futures Exchange
China Shenzhen Shenzhen Stock Exchange
Shanghai Shanghai Stock Exchange
Japan Tokyo Tokyo Stock Exchange
Tokyo International Financial Futures Exchange (TIFFE)
Singapore Singapore Stock Exchange of Singapore
Singapore International Monetary Exchange (SIMEX)
Australia Sydney Australian Stock Exchange (ASX)
America USA New York New York Stock Exchange (NYSE)
Chicago Chicago Stock Exchange

Page 10

Other Market Participants
 Salespeople
 Data Providers
 Registrars
 Coupon Paying Agents
 Trade Matching Services
 Settlement Instruction Communication Mechanisms

Page 11

Market Participants - Issuers
Organisations occasionally need to raise cash/capital to expand
their businesses by:
 Selling part ownership issuing shares or equity
 Borrowing cash from investors issuing debt in the form of bonds

Type of Issuer Example
Corporations Vodafone (UK)
Sovereign Entities Kingdom of Denmark
Local Governments City of London
Government Agencies Federal National Mortgage Association
Supranational Organisations International Bank for Reconstruction &
Development (World Bank – IBRD)

Page 12

Where does Deutsche Bank fit?
Deutsche covers multiple functions:
 Broker
 Dealer
 Fund/Asset Manager
 Investment Bank
 Issuer
 Global Custodian
 Retail Bank

Page 13

So far Covered
I. Market Participants

Page 14

What is Static Data?
Static Data is the common term to describe the store of
information used to determine the appropriate actions
required for successful processing of each trade.
For Example:
 Trading Entities
 Trading Books within each entity
 Counterparties
 Instruments
 Currencies
 Prices

Page 16

Sources of Static Data
 Where possible, financial institutions try and create a core
of “Golden Source” static data to avoid data conflicts in
inter-dependent systems
 Companies specialise in gathering and distributing
financial data to institutions via:
 Electronic File Feeds
 Internet
 Through on site terminals.

Page 17

Security Data Providers or Data Vendors
 Reuters
 Bloomberg
 Telekurs
 Rolfe & Nolan
 SWIFT
 DTCC
 Alert Direct/OMGEO
 Standard and Poors
 Euroclear
 Wallstreet
 SIAC
 NSCC

Page 18

Counterparty Static Data
 Name, Address & Contact Details
 Authorized Credit Limits
 Related Companies
 Standard Settlement Instructions
 Date of account set up
 Type of Institution
 Documentation signed
 Tax Status
 Registered Representative
 Confirmation Details
 Fax, Telex, Electronic Trade Confirmation, SWIFT, Email

Page 19

Instrument Static Data
 Type of instrument
 Equity, Bond, Warrant, Derivative, Commodity
 Issue
 Short Name, Long Name, Size, Denomination, Issuer
 Coupon Dates
 Coupon Rate, Payment Characteristics - 30/360, A/360 etc
 Alternative/External References,
 ISIN, Common Code, RIC, Quick Code, Cusip etc
 Exchange
 Currency
 Maturity Date
 Factors

Page 20

Maintaining Static Data
Incorrect static data causes many processing errors:
 Delayed Confirmations
 Unmatched Transactions
 Settlement Failure
 Incorrect Fee calculations
 Incorrect Profit & Loss Calculation
 Poor Reporting (Regulatory & risk impact)
 Increased cost per transaction due to reduced STP
Incorrect static data leads to reduced service and
dissatisfied customers.
Page 21

Static Data Summary
 Bad Static Data results in reduced service levels to clients
due to processing hold-ups and possible trade failure
 Bad Static Data impacts operational risk and increases the
cost per trade processed
 Bad Static Data contributes to poor internal & external
reporting impacting risk & reputation
 Static Data will continue to be an important dependency
on the efficient processing of trades especially as the trade
lifecycle window becomes smaller
 STATIC DATA
 Must be populated correctly within all of the relevant systems.
 Must be obtained from a credible source as timely as possible.

Page 22

So far Covered
II. Static Data

Page 23

Section Three
Trade Execution & Trades Processing

Straight Through Processing

Page 25

What is a Trade?
 A legal contract between two ‘counterparties’. A seller and
a buyer.
 The SELLER must deliver the commodity he has sold to
the buyer.
 The BUYER must pay the agreed purchase price on the
agreed value date.

Page 26

The Front Office
 Trading
 Sales
 Broking
 Corporate Finance
 Repo Desk

Page 27

Why Trade?
 Speculate
 Profit from price move or increase in value of the asset.
 Accumulate
 Benefit from dividend on shares and interest on bonds.
 Hedging:
 To speculate and accumulate.
 To reduce risk.

Page 28

Trade Execution
Trade execution tends to operate in one of three ways
where sellers and buyers execute trades:
 Trading Floor
 Traditional method of trading – face to face on the trading floor of a
Stock Exchange.
 Computerised Exchanges
 Established in the UK as part of the Big Bang in 1986. This term
applied to the liberalization of the London Stock Exchange (LSE)
when Trading was automated.
 Telephone

Page 29

Trade Execution
Furthermore Trades can be:
 Quote Driven
 Market Makers quote prices via computerised screens showing the
level at which they are prepared to buy and sell with the intention of
attracting business.
 NASDAQ (US) SEAQ (UK)
 Order Driven
 Orders from sellers are matched with buyers’ orders electronically.
 Xetra (Germany) SETS (UK) SEATS (Australia)
 Electronic Communications Networks (ECN)
 ECN’s operate on an electronic basis only.
 Euro-MTS Brokertec Archipelago

Page 30

Trade Capture
Regardless of the trade execution/origin, all trades must be
recorded formally by the market participant.
 To update a trading position for a specific security within a trading
book
 To update average price of the current trading position to enable the
trader to calculate trading profit or loss
 To allow trade detail to be sent through to the Back Office for trade
processing and settlement
 As part of Market & Regulatory Reporting requirements
 To facilitate risk management
Traders use complex trading systems to facilitate trading & position
management, trade processing is usually done via Back Office
processing systems.

Page 31

Front Office Trade Detail
 Trading Book
 Trade Date
 Deal Time
 Value Date
 Operation (e.g. Buy/Sell, Lend/Borrow, In/Out)
 Quantity
 Instrument/Security
 Price
 Counterparty

Page 32

Trade Validation
 Trade validation occurs to check if the trade information received in
the Back office systems corresponds with the Front Office record.
 Trade validation includes the checking of constituent static data
information:
 Examples include:
 Is the security recognised on the system?
 Is the Counterparty account recognised?
 Is the Trader allowed to trade on the trading book?
 Is the trading book valid to trade security x?
 Is the value date a valid settlement date in the location of settlement?
 Are the securities restricted?
All detected errors must be investigated and corrected.

Page 33

Trade Enrichment
 Trade enrichment exists to add specific trade data to the
basic trade detail to allow downstream processing.
 This data is not usually held in Front Office Trading
systems.
 This data can be added manually however in the STP
environment the aim is to derive this automatically.
 Calculation of cash values.
 Regulatory Reporting required.
 Trade Confirmation requirements.
 Selection of custodian details.
 Selection of Settlement Instructions and communication method.
Page 34

So far Covered
II. Static Data
III. Trade Execution & Trades Processing

Page 35

Section Four
Trade Confirmation

Trade Confirmation/Agreement
 Trade Confirmation/Affirmation is an important process
required to reduce the risk of the traders P&L.
 Until the counterparty acknowledges the trade detail the
effect on the price or quantity of the trade is subject to
change, impacting the traders book.
 Trade agreement can be achieved through:
 Sending trade confirmations to the counterparty.
 Receiving trade confirmations from the counterparty.
 Trade or Contract Matching.
 Trade Affirmation.

Page 37

Trade Matching
Trade Matching generally applies to mandatory
electronic matching of trade details.
 Both parties are required to input details to a central
matching facility.
 Matching results (i.e. matched, unmatched) are provided
by the trade matching facility to both parties.
 Omgeo Central Trade Manager (CTM).
 TRAX (Internationally traded debt & securities).
 Depository Trust & Clearing Corporation (DTCC)
 National Securities Clearing Corporation’s Trade Matching Service.
(NSCC)

Page 38

Trade Affirmation
Trade Affirmation relates to the electronic matching of trade details
typically between securities institutions and Institutional clients.
 Trade details are input by the securities house and sent to a trade
affirmation facility.
 The Trade affirmation central hub sends on the message.
 The institutional client agrees (affirms) or disagrees and the response
is sent back to the securities house.
 Both parties must subscribe to the service.
 Omgeo’s Oasys Global system.
 FIX – (Global)
 Oasys Domestic - (US)
 DTC ID (Institutional Delivery) – (US)

Page 39

Summary
Basic Principles
 The longer a trade’s detail remains unchecked after trade
date, the greater the risk of price movement and P&L
impact.
 Trade confirmation/matching messages should be issued
as soon as possible after trade validation.
 Timely and accurate confirmation generation is a major
client service consideration.
 Prompt actioning of all confirmation discrepancies reduces
trade risk.

Page 40

So far Covered
II. Static Data
III. Trade Execution & Processing
IV. Trade Confirmation

Page 41

Section Five
Trade Instruction

Settlement Instructions
Settlement Instructions are used to communicate the
movement of securities and cash to the custodian.
 Trade Agreement confirms the commercial details of the
trade.
 Settlement Instructions indicate the commercial details of
the trade AND the location and account details for the
cash and security movements. (Settlement Details).

Page 43

Instruction Content
Settlement Instructions tell the custodian/Agent to carry
out precise commands such as:
 The quantity of securities to be received or delivered.
 The net settlement value to be paid or received.
 From whom securities will be received.
 To whom payment must be made.
 From whom payment will be received.
 To whom securities must be delivered.
 On which date to carry out these instructions.

Page 44

Instruction Communication Methods
S.W.I.F.T. Proprietary Messaging
 CREST  CREST
 DTC  DTC
 Euroclear  Euclid (for Euroclear)
 Clearstream  Cedcom (for Clearstream)
 Agent Banks
 Custodians

Page 45

So far Covered
II. Static Data
V. Trade Instruction

Page 46

Section Six
Instruction/Agent Matching

Why do we match instructions?
To reduce settlement risk by:
 Increasing the chances of trade settlement on value date
 Resolving differences between trades and counterparties
 Enabling accurate funding of cash in nostro accounts
 Managing stock inventory in depositories

Page 48

Matching at The Settlement Agent
Once Instructions have been received at the Custodian,
the next lifecycle steps include:
 Instruction Matching
 Custodian attempt to match the instruction to the counterparty
instruction.
 Status Update
 Attachment of the current status of the instruction.
(matched/unmatched/unknown).
 Unmatched Resolution
 Investigation and resolution of non-matching instructions.
 Trade Settlement
 Updating the current status within the securities trading
organisation’s books and records.

Page 49

Instructions Matching: Example

1 Instructions sent in by Securities House and Counterparty.
2 Instruction matching occurs.
3 Status is recorded.
4 Instruction Status (Matched/Unmatched) is sent back to both parties.

Page 50

So far Covered
II. Static Data
VI. Instruction / Agent Matching

Page 51

Section Seven
Trade Settlement

Settlement Terminology
Trade settlement is the act of exchanging securities and
cash between buyer and seller.
 Value Date / Contractual Settlement Date.
 Actual Settlement
 Value Date and Settlement Date will be the same in the
majority of trade settlement cases.
 A percentage of trades fail to settle on value date and will
settle on another date referred to as the actual settlement
date.

Page 53

Settlement Considerations
How to ensure trade settlement
 Ensure the seller holds the required level of securities at
the correct custodian.
 Some securities can settle at more than one location.
 Ensure the purchaser has sufficient cash to make the
payment.
 The purchaser may aggregate balances over a number of accounts,
the total amount must cover the amount required. (Funding).
 The purchaser may have a credit agreement with the custodian who
will cover the cash shortfall. (Secured credit line/Overdraft).
 The purchaser may have a collateral agreement whereby collateral
is held in the account to offset any non return of funds. (Margin)

Page 54

Types of Settlement
 Full Settlement
 Partial Settlement
 Securities Only
 Cash Only
 Cross Currency Settlement
 Net Settlement

Page 55

Summary
Timely settlement of trades is an important part of the
Trade Lifecycle with implications across the following
areas:
 Inventory Management
 Cash Management
 Settlement Risk
 Cost Management
 Firm Reputation

Page 56

So far Covered
II. Static Data
VII. Trade Settlement

Page 57

Section Eight
Position/Inventory Management

Inventory Management
Management of the stock holding is an integral part of
trade settlement:
 Inventory Management ensures:
 The correct amount of securities (nominal) are available
 At the correct location (depot).
 At the correct time (on value date).

Page 59

Methods of Inventory Management
If securities are unavailable we can consider the following:
 Internal Book Transfer.
 Borrow securities from another firm account same depot.
 Realignment.
 Borrow securities from another firm account different depot.
 Stock Borrow Loan Trade.
 Borrow the securities from the market.
 Autoborrow.
 Borrow the securities from the custodian/central depository.
 Execute a Repurchase Agreement (Repo)
 Do nothing and let the trade fail.

Page 60

Inventory & Funding Management

Page 61

Automated Lending & Borrowing
Service provided by large Custodians and Central
Security Depositories:
 Borrowers
 Borrow required securities automatically.
 Borrow certain types of security automatically i.e. Spanish Bonds.
 Borrow upon request.
 Sometimes used as a last resort due to the cost.
 Lenders
 Lend all securities automatically.
 Lend certain types of security automatically.
 Lend upon request.

Page 62

How do Trades & Positions get updated?
 Automated Updates
 Instruction statuses are sent in by the custodian (fully settled,
partially settled, failed etc).
 The Securities Trading House automatically loads this information
into the settlements systems.
 The system attempts to locate the relevant trade in its internal books
and records.
 Once found it records the status update against the transaction.
 It will also automatically update the relevant security positions and
balances reflecting the delivery or receipts.
 Manual Updates
 In some cases it may be necessary to settle trade manually and a
settlements specialist may manually record the update against the
trade record.

Page 63

So far Covered
II. Static Data
VIII. Position / Inventory Management

Page 64

Section Nine
Fails & Fail Management

Failing Trades and their Impact
 A failed trade is any securities transaction that does not
settle on value date.
 The buyer and seller are impacted by settlement failure:
 Unable to use the cash to fund other security purchases.
 Unable to lend on money markets and earn credit interest on cash.
 Unable to pay off existing overdraft/debt.
 Unable to use securities required for an onward delivery causing a
break in the chain.
 Risk impact due to movement in the market causing a change in the
value of securities. (mark to market)

Page 66

Why Trades Fail
 Instructions not received by custodian
 Instructions remain unmatched on value date
 Insufficient cash, collateral, credit line
 Insufficient securities

Page 67

The Importance of Managing Fails
 Fails will have cash implications
 Interest claims on fails to receive.
 Interest expense on fails to deliver.
 Fails make the reconciliation of corporate actions difficult
which can lead to material losses
 Regulatory Impact - In some markets fines are imposed
for late trade settlement
 Australia – Fines are imposed daily from value date to settlement
date for trades executed on the Australian Stock Exchange.
 UK - Fines are imposed by CREST from a member’s failure to
achieve pre-defined settlement targets.

Page 68

Interest Claims
 An interest claim is compensation from the failing party to
for the loss of cash interest or use of securities.
 Failed trades are monitored to determine the reason for failure and
enable the interest claim to be executed against the counterparty.
 Some marketplaces (e.g. ISMA) have minimum claimable interest
recommendations and deadlines by which claims must be issued.
 Back Office Settlements add immense value by actively monitoring
instruction statuses and helping to accurately fund cash shortfalls or
short positions.
 In some Securities Trading Houses, if the Firm Trader is at fault then
the cost of the fail can be directly attributed to their book, impacting
their P&L.

Page 69

So far Covered
II. Static Data
IX. Fails & Fail Management

Page 70

What are Reconciliations
 Reconciliations exist to check the accuracy of the firms
books and records:
 Internally between systems and departments
 Externally where securities and cash are held.
 A Reconciliation Break is a discrepancy between one
record and another
 All breaks should be investigated, accounted for and
corrected to ensure continued integrity
 Automation of reconciliation reporting facilitates timely
investigation and resolution of breaks on a daily basis

Page 72

Why do we monitor reconciliations?
 Regulatory
 Managing Risk
 Corporate Actions

Types of Reconciliations
 Position Reconciliations
 Trade Reconciliations
 System Reconciliations

Page 73

So far Covered
II. Static Data
X. Reconciliations

Page 74

Section Eleven
Clearing and Custody

Types of Custodian 1
Term Description Example
Custodian An organisation that holds securities Deutsche Bank
and cash on its clients’ behalf and Domestic Custody
may effect trade settlement on its Services
clients’ behalf.
Global Custodian As per custodian, but has a network State Street
of local (or sub-custodians) that hold Citigroup
securities and cash and effect trade
settlement on behalf of the global BoNY
custodian. Paribas
Local Custodian A custodian that operates within a Credit Lyonnais Paris
specific financial centre. Banco Espirito Santo
Lisboa
Sub-Custodian A custodian within a Global Citibank Milan
Custodian’s network of custodians. Citibank Madrid

Page 76

Types of Custodian 2
Term Description Examples
Central Securities An organisation that hold securities, DTC (USA)
Depository (CSD). normally in book entry form; usually CREST (UK & Eire)
the place of settlement, effected
through book transfer. JASDEC (JPY)
A CSD that handles domestic CCASS (HK)
securities of the country in which it is
located.

National Central
Securities
Depository (NCSD)

International A CSD that handles domestic and Euroclear
Central Securities international securities. (Brussels)
Depository (ICSD) Only two organisations are Clearstream
recognised as ICDS’s. (Luxembourg)
Settlement Agent An organisation that effects the Citibank Milan
Page 77 exchange of securities and cash on Citibank Madrid

So far Covered
II. Static Data
X. Reconciliations
XI. Clearing & Custody

Page 78

What is a Corporate Action?
Any action by an Issuer which may affect the investor:
 The distribution of benefits to existing shareholders or
bondholders
 Coupon Payments
 Cash Dividends
 Stock Dividends
 A change in the structure of an existing security
 Stock Split
 Bonus Shares
 A notification that may or may not require a response from
the securities owner
 Annual Meeting
 Voting Rights
Page 79

Section Twelve
Trade & Position Accounting

Controlling
The accounting group within the bank is responsible for
correctly recording and monitoring all of the financial
transactions occurring within the Securities Trading
House:
Deutsche Bank Controllers include:
 Legal Entity Controller (LEC)
 Responsible for DB Companies.
 Business Area Controller (BAC)
 Responsible for product lines and the Business.
 Central Functions – Risk Controlling
 Responsible for Managing Risk across the all divisions centrally.
Page 81

Controlling Responsibilities
 Monitor Stock/Security Positions
 Monitor Cash Balances
 Track Firm Books and Records
 Create Good Processes
 Create Controls
 Reconcile Trade Data
 Reconcile Cash Flow
 Reconcile all Journal activity

Page 82

Example Control Reports
 Reconciliations
 Profit and Loss Statement (P&L)
 Balance Sheet Reporting (BS)
 Buy and Hold Reporting (B&H)
 Management Information Reporting (MIS)
 Credit Risk Reporting (CRES)

Page 83

So far Covered
II. Static Data
III. Trade Execution & Processing XI. Clearing & Custody
IV. Trade Confirmation XII. Trade & Position
Accounting
X. Reconciliations

Page 84

Section Thirteen
Regulatory & Compliance
Responsibilities

Regulators
Regulatory authorities exist within the securities
industry to ensure:
 All business undertaken within the marketplace is done in
the proper manner
 To protect investors who are participants within the
marketplace
 Guard the reputation and integrity of the marketplace
 Monitor activity which fails outside of normal business
trading practice

Page 86

Regulator Responsibilities
 Assessing suitability of securities trading houses to
participate within the market place.
 Monitor the business undertaken by securities trading
houses, investment advisors & fund managers.
 Enforcement of laws and possible prosecution of security
law violators.

Page 87

Financial Regulatory Authorities
Country Regulatory Authority
Australia Australian Securities & Investments Commission
Prudential Regulatory Authority
Bahamas Bahamas Central Bank
France Commission des Operations de Bourse
Banque de France
Hong Kong Securities & Futures Commission
Monetary Authority
Japan Financial Supervisory Agency
Financial Reconstruction Commission
Singapore Monetary Authority of Singapore
UK Financial Services Authority (FSA)
USA Securities & Exchange Commission (SEC)
US Commodity Futures Trading Commission
National Futures Association

Page 88

Reporting Methods
A number of methods exist dependent on how the local
Regulator requires reporting to be effected
 Automatic forwarding of trade details by a computerised
exchange requiring no additional reporting
 Automated message transmission by the member for
confirmation/matching/instruction purposes part of which is
used to satisfy transaction reporting requirements
 File feeds produced from Front Office/Back
Office/Controlling systems and sent direct to Regulator

Page 89

Compliance
Compliance is the Bank’s internal regulator.
Responsibilities include:
 Ensuring compliance to rules of appropriate financial
regulatory body
 Handling confidential information
 Ensure that personnel are adequately and properly
licensed to operate in the marketplace
 Managing anti-money laundering regulations
 Monitoring Employee Personal Trading

Page 90

So far Covered
II. Static Data
III. Trade Execution & Processing XI. Clearing & Custody
IV. Trade Confirmation XII. Trade & Position
Accounting
XIII. Regulatory &
VI. Instruction / Agent Matching Compliance
X. Reconciliations

Page 91

Conclusions
 Reduce Settlement Cycles
 Increase Straight Through Processing for trades
 Increase use of central Counterparties
 Increase use of “Golden Source” static data
 Active management of collateral
 Minimise Risk
 Minimise Operational Cost
 Offer increased service to clients
 Manage increasing volumes
 Maximise internal efficiency

Page 93

Recommended Reading
 Michael Simmons
 Securities Operations – A Guide to Trade & Position Management
 Stephen Valdez
 An Introduction to Western Financial Markets
 David Dasey
 An Introduction to Equity Markets
 Moorad Choudhry
 An Introduction to Repo Markets
 Robert Hudsen
 Treasury Management
 Financial Engineering
 The Handbook of Equity Derivatives
 Oxford paperbacks
 Dictionary of Finance & Banking
Page 95

Industry Websites
 http://www.crestco.co.uk/ CREST
 http://www.dtcc.com/ Depository Trust & Clearing Corporation
 http://www.euroclear.com/ Euroclear
 http://www.jasdaq.co.jp/index_en.jsp Japanese Securities Depository Centre
 http://www.isma.org/home.html International Securities Market Associations
 http://www.bankofengland.co.uk/Links/setframe.html Bank of England
 http://www.fsa.gov.uk/ Financial Services Authority
 http://www.sec.gov/ Securities Exchange Commission
 http://www.nasdaq.com/ National Association of Securities Dealers
Automated Quotations.
 http://www.amex.com/ American Stock Exchange
 http://www.londonstockexchange.com/London Stock Exchange
 http://www.lchclearnet.com/ London Clearing House
 http://www.liffe.com/ International Financial Futures & Options
Exchange

Page 96

Industry Websites
 http://www.iosco.org/iosco.html International Organ Securities Commission
 http://www.ipma.org.uk/ International Primary Market Association
 http://www.isda.org/index.html International Swaps & Derivatives Association
 http://www.isla.co.uk/ International Securities Lending Association
 http://www.isma.com/home.html International Securities Market Association
 http://www.liba.org.uk/ London Investment Bank Association
 http://www.lsta.org/ Loan Syndic Trading Association
 http://www.sia.com/ Securities Industry Association
 http://www.securities-institute.org.uk Securities Institute
 http://dspace.dial.pipex.com/jhalsey/ Compliance Exchange
 http://www.world-exchanges.org/ Federation of Exchanges
 http://www.trioptima.com/tri/ OTC Derivatives termination service
 http://www.finanz-adressen.de/WE-fin-regulatory.html
Financial Regulatory Authorities

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Industry Websites
 http://www.exchange-handbook.co.uk/Exchange Handbook
 http://www.investorwords.com/ Glossary
 http://www.stpforum.com/ STP Forum
 http://www.stpinfo.com/ STP Info
 http://www.afponline.org/ Association for Financial Professionals
 http://www.calpers.ca.gov/index.jsp?bc=/investments/straightthrough.xml
Virtual Matching Utilities (VMUs);
 http://www.omgeo.com/ OMGEO
 http://www.sungard.com/ Sungard Systems

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