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
More needs to be done to speed up DB to DC transfers but, as Jonathan Stapleton says, more also needs to be done to protect members.
The Pensions Ombudsman (TPO) took on 2,566 early resolution cases in 2018/19 after onboarding a team from The Pensions Advisory Service (TPAS), according to its annual report and accounts.
The lifeboat fund is in a good position despite reserves taking a £0.6bn hit. But the ramifications of the EU judgment on member compensation is an area of concern for CEO Oliver Morley, writes Stephanie Baxter