Abstract
The trading industry has largely overlooked the issue of fragmentation in the post-trade environment—how to streamline the many steps that must be carried out between execution and settlement. Custodial and broker notification, DTCC confirmation and affirmation, and back-office processing tend to be viewed as “housekeeping,” with little sense of urgency. Yet they are all critical to the overall operational efficiency of an investment firm. Whatever efficiency is gained in execution is compromised once the transaction enters the post-trade side of the cycle, where automation lags and operational risks are potentially costly.
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