Straight Through Processing

STP enables the entire trade process for capital markets and payments to be conducted electronically without the need for re-keying or manual intervention.

This is a flexible way of representing complex data structures and has wide OTC product coverage and is an "industry open" standard.

It is clear that the FIX Protocol is the de facto standard for pre-trade and trading,
that FpML is the de facto standard for OTC Derivatives and that
ISO is the de facto standard for settlement.

• FpML (Financial products Markup Language) is the freely licensed business information exchange standard for electronic dealing and processing of privately negotiated derivatives and structured products.

• FIX (Financial Information eXchange) is a globally-recognized messaging standard enabling the electronic communication of pre-trade, trade, and post-trade/pre-settlement messages between financial institutions, primarily investment managers, broker-dealers, ECNs and exchanges.

• SWIFT (Society for Worldwide Interbank Financial Telecommunication) is the industry-owned co-operative supplying secure, standardized messaging services and interface software to banks, broker/dealers and investment managers, as well as their market infrastructures in payments, securities, treasury and trade.

• ISITC (International Securities Association for Institutional Trade Communication) is an industry association that collaborates to develop and promote market practice and shared standards in the global securities industry in order to reduce inefficiencies, lower risk, and build shareholder value. ISITC was extremely helpful in giving a neutral perspective throughout this entire process.

ICAP - are an Interdealer broker

NYSE Euronext ??