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| About PETS | ||||
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Financial instruments today are traded and settled through a variety of electronic platforms. Traditional systems are very disjointed, with the chain of events from the meeting of the market players through to actual delivery of the traded financial instruments being carried out on different systems operated by different organizations. Choice of platform often depends upon the type of instrument being traded or the type of market, with little overlap across markets. Different degrees of regulation in different jurisdictions and for different types of markets have led to even more disparate systems.
The overall market continues to grow, with over 7,000,000 individual securities available for electronic trading worldwide. New classes of securities emerge every year, one example being the rise in esoteric asset-backed securities over the last few years. New services, such as Arca Ex® or Instinet®, cover different parts of the trading lifecycle. We believe, however, that no one service that currently is available offers all the necessary components of the trading lifecycle in a seamless, integrated fashion.
Depending on the nature of the subject security and exchange, the total time taken from inception to completion of a trade can vary anywhere from a few hours to several days. Settlement time generally is measured in T+x notation, whereĆ x is the number of days from commencement of the trade until the trade is settled. Current trading systems commonly settle in T+1, T+3, or even T+7. This time to settle distorts the market, often prevents investors trading at a time of their choosing, and provides considerable opportunities for unfair market manipulation.
The financial markets have seen considerable change in recent years arising from technological development, principally in electronic trading. This has enabled markets to operate at a much faster rate than was previously feasible and has led to an expectation of continued improvement in the speed of transactions. PETS was designed to meet these expectations and our design criteria allowed no compromise. In speed of settlement we opted for the fastest possible, i.e. instantly. In availability we opted for as much as possible, i.e. 24 hours/day, 365 days per year. For breadth of coverage we decided to leave no security out, our system will be able to trade anything that can be handled electronically (and for paper based securities we have dematerialisation processes and agreements in place). In currency terms we will be able to handle any recognised currency in the world.
In short we believe that our system and processes provide a significant move forward in the operation of trading systems for financial instruments and that, while a number of participants in the financial markets operate trading systems, none offers an advanced integrated solution such as the solution we have developed. We therefore believe that in the fullness of time our system will become the premier trading system in the world.
Click here for a summary of the PETS system in word format Click here for a summary of the PETS system in PDF format
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