The Global Straight Through Processing Association (GSTPA) has concluded a strategic relationship with SunGard, via its GSTP operating company, to provide facilities management for the Transaction Flow Manager matching utility.
As a result of the deal SunGard will host and operate the Transaction Flow Manager (TFM) for GSTP. Additionally, SunGard will also become a shareholder in GSTP. GSTP is the operating company established by members of the GSTPA to facilitate the development and operation of an industry directed utility to perform matching in the post trade/pre-settlement space. GSTP is the operator of the Transaction Flow Manager (TFM), which serves as the central component of the GSTP utility.
Within the announcement SunGard confirmed GSTP's intent to meet the September 2002 target deadline for live production.
Amongst its broad range of service and products for the finance sector, SunGard provides information availability services via some 2.5 million square feet of 'hardened' data center facilities. SunGard has been working with GSTP for some time and was one of the first concentrator service providers to sign up with the GSTP utility.
"This is precisely the goal of our internalisation drive", says Jürgen Marziniak, CEO of GSTP. "By assuming direct control over the provision of service, we are able to bring the best and brightest talent to GSTP as the industry's utility.