In war, truth is so important that it must always be surrounded by a bodyguard of lies, opined Winston Churchill. While no one would dispute the necessity for a little disingenuousness during periods of conflict, few would be willing to sanction fibbing as a genetic trait in executives, especially when they are charged with spending other people's money. Yet disinformation appeared to be a cornerstone of the strategy adopted by some senior players associated with the disastrous Global Straight Through Processing Association initiative (GSTPA), which is being given the last rites in Switzerland.

Some people will say that the ultimate failure of GSTPA and its ill-starred matching engine, the transaction flow manager (TFM), was all about money. There is no doubt that cash – or rather, the lack of it – played a significant part in the downfall of the project. Having burned its way through well over €100m ($100m) provided by a sceptical but pliant group of custodians and broker/dealers, GSTPA went back for more and found that the well was finally dry. Even the German and Swiss banks, which had continued to support the project long after the vital life signs had disappeared, could not save it.