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Forget the Paper, the Paper

Institutional confirmations become more electronic

Traders Magazine, July 2008

Gregory Bresiger

Providing access to a URL on the Internet can now be as good as providing a paper confirmation for an institutional trade. That's the principle of a no-action letter recently granted by the Securities and Exchange Commission to vendor Omgeo, which sells the TradeSuite trade processing service to brokers and investment managers. "This is a sign of the times in the trading industry," says John Panchery, managing director for operations, technology and business continuity for the Securities Industry and Financial Markets Association. "Access now equals delivery."

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