Online FX – STeP this way (TT May03 p26-27)

Much has been written about eFX and the associated benefits of straight-through processing (STP). While awareness of this trading channel has increased dramatically in the past two years, so has the confusion among readers surrounding what is actually meant by it. The simple answer is that STP means different things to different people. There is, however, general agreement in a high level definition: STP is the automation of certain elements within your trading cycle.