When Thomson Financial and The Depository Trust & Clearing Corporation (DTCC) announced their plan to create a joint venture in April, it sent a strong message to the securities industry: GSTPA (the Global Straight-Through Processing Association) is not the only game in town.

According to the official statement issued by the two entities, the new company 'will be a commercial enterprise that fills key gaps in the current institutional trade-processing model by offering streamlined trade management.