The full form of GSTPA is Global Straight Through Processing Association

The Global Straight Through Processing Association, an industry utility conceived, funded, and developed during the boom times of the late 1990s, says its shareholders have voted to suspend operations and dissolve the business.

The GSTPA went live Sept. 9, but weak commitment from investment mangers, combined with an unwillingness on the part of shareholders to kick in more funding, left the utility with little chance of survival, CEO Jurgen Marziniak says. “There was a floor in terms of the number of allocations that were necessary, and that floor wasn’t reached.”

The GSTPA was focused on providing central matching of trade details between investment mangers, broker-dealers, and global custodians.

Marziniak says he advised the board to continue operations and is “disappointed and embarrassed” that the GSTPA will close its doors. “There is just no business,” he says. “We built a very beautiful machine, a nice car that nobody wants to buy.”

When asked about the reasons for the GSTPA’s demise, industry insiders mention things such as the removal of a T+1 mandate, the economy, and last year’s terrorist attacks, but never a problem with the actual software.