Wall Street Systems (Wallstreet) has launched the Electronic Settlement Network (ESN), a pay as you go post trade processing utility for the capital markets. The cost of trade processing continues to widen between the top tier-1 banks and the rest of the players. This is reaffirmed by recent surveys by the thought leader in this area, Z/Yen Limited (part of McLagan). ESN was created to provide collective processing capacity for its members with associated economies of scale, introducing a transaction based model for processing FX, cash and OTC derivatives. The utility provides capacity, functionality and operations on demand and sets the benchmark for the lowest trade processing costs in the industry. Launched in conjunction with industry partners Currenex, Bloomberg, ICAP and Logicscope, ESN provides an outsourced, on-demand processing hub for financial institutions, eliminating the need for large investments in IT infrastructure, upfront software license fees and ongoing operating costs.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
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