Tom Buschman Development Managerat the Shell Treasury Centre
Tom Buschman Development Managerat the Shell Treasury Centre

TWIST – Major progress in achieving STP

On 11th of December 2002, a major conference was held at the offices of Shell in London on the TWIST initiative. Tom Buschman tells us about the meeting.

TWIST published a major set of open XML-based message specifications for broad market use in October 2002. These message specifications encompass the complete trade lifecycle of foreign exchange and cash market transactions, through confirmation, settlement, reconciliation and reporting. In doing this, TWIST has laid the groundwork for standardised and automated communication between all participants in the FX market and for loans and deposits. The message specifications cover all processes from relationship set-up and trade origination, to reconciliation and reporting, as well as covering the recently-launched settlement services of the CLS Bank.To allow for a secure implementation of straight through processing, TWIST has recently defined and published on its website a set of requirements for message reliability and security. It has also created a message validator to enable users to check the compliance of the messages they, their vendors and counterparties create to ensure that they are...continued

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