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Phase 1 was successfully concluded with the support of an Industry Working Group (IWG) comprising representatives from a cross-section of the industry, including brokers, custodians, investment managers, insurers and the Monetary Authority of Singapore. The members represent industry interests and assisted in obtaining information and verifying the design architecture.
SGX is now embarking on Phase 2, which is the development and implementation of the STP infrastructure. It entails the building of a Central Pre-Matching utility (CPM) to match settlement instructions from participants, and a Participant Access Module (PAM) to enable communication among participants via the CPM. Common messaging standards based on ISO 15022 will be adopted to facilitate automated trade processing. This will eliminate the current manual matching of institutional trade settlement details. At the same time, the CPM will act as a communication hub for trade settlement between local and overseas participants through connections to global matching utilities for settlement, eg. GSTPA and Omgeo.
SGX is inviting software vendors who meet its pre-requisites to submit their indication of interest to build the CPM and PAM. Interested software vendors are requested to refer to http://www.cdp.com.sg for details on SGX's development plan for its STP infrastructure. Vendors are to submit their response on a prescribed format found on the above website by 5.00 pm on 3 October 2002. SGX will evaluate these submissions and pre-qualify vendors for the Request for Information (RFI) process. Only pre-qualified vendors will be issued the technical specifications. SGX will review the proposals from shortlisted vendors, and upon the approval of the SGX Board, embark on Phase 2 which is expected to take about 18 to 24 months. The exchange will be in consultation with the IWG for the implementation of Phase 2.
