Schott OFT COM to Launch Free Confirmation Service

Top Quote Schott OFT COM has made the decision to offer a post execution straight-through processing (STP) confirmation service to its clients. End Quote
  • (1888PressRelease) September 03, 2013 - Straight-through processing (STP) enables the entire trade process for capital markets and payment transactions to be conducted electronically without the need for re-keying or manual intervention, subject to legal and regulatory restrictions. The concept has also been transferred into other sectors including energy (oil, gas) trading and banking, and financial planning.

    "As the volume of energy transactions continues to grow, the need for STP of trade confirmations is becoming more and more important." said Mr. Denny Chiang, Head of Trading at Schott OFT.

    Currently, the entire trade lifecycle, from initiation to settlement, is a complex labyrinth of manual processes, taking several days. Such processing for equities transactions is commonly referred to as T+3 processing, as it usually takes three business days from the "Trade" being executed to the trade being settled.

    "We take great pride in maintaining the confidentiality of our customer deal data. Providing this service to our customers in a secure manner is a vital step in the client-vendor relationship," said Peter Sullivan, President of Schott OFT.

    The prototype under development will allow Schott OFT's customers a single point of electronic contact to retrieve all information for transactions executed at any of the three companies. The information will be presented on the client's desktop in a consistent format and with uniform data naming conventions. Customers will also have the ability to connect to the service for integration with their internal systems through a standard Application Program Interface (API).

    "Schott OFT's customers have regularly asked us for a single product that would allow them to seamlessly receive trade confirmations from multiple sources. This is a 100% customer-demand driven product that is good for the entire industry," added Mr. Chiang.

    Schott OFT COM ( is a commodity broker for futures and commodity trading, which specialize in Broker Assisted trading at discounted commission rates. Schott OFT offers Discount Online futures trading account plans and Broker Assisted commodity account plans to meet the needs of serious commodity futures traders and commodity option traders. Our mission is to provide state of the art order entry capabilities; extremely competitive commission rates and the professional service that today's futures trader's demand. We strive to maintain our solid reputation by providing our clients with competitive rates and quality service second to none.

  • FB Icon Twitter Icon In-Icon
Contact Information