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In today's volatile markets, where speed and timely settlement information is critical, failed settlements are not only costly, but can negatively damage a firm's reputation and its counterparty relationships. As a result, some banks are now starting to look to transaction processing as a point of competitive differentiation. While industry adoption of standards is vastly improving straight-through processing rates, the industry remains alarmingly reliant on fax-based transactions at a time when regulators are insisting on more detailed, real-time information. In a cash-strapped industry where the true cost of a trade remains opaque, addressing the issue of cost and justifying IT expenditure remains a challenge.