GLOBAL - RBC Global Services, Institutional & Investor Services - a subsidiary of Royal Trust - is to become a concentrator for the Global Straight-Through Processing (GSTP) utility.
According to Royal Trust, the move was prompted by the increase in cross-border investment, which highlighted the limitations in communication between various financial institutions.
“Cross-border settlement has become challenging because of factors such as fragmented systems and platforms between countries, the use of manual procedures such as faxing and data entry, high error rates, and a number of incongruous message protocols throughout the industry,” said the firm.
“It is estimated that between 15% and 20% of all cross-border trades currently fail.”
The GSTP utility, developed by the Global Straight-Through Processing Association (GSTPA), provides interconnectivity among all cross-border participants by aiming to improve information flows.
By Janet Du Chenne
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.