Treasury Workstation Integration Standards Team (TWIST) Is Formed
TWIST is a working group of several companies formed and led by the treasury operations department of the Royal Dutch/Shell Group that is focused on creating standards to facilitate an open dealing marketplace for foreign exchange. The companies involved will drive initiatives to achieve interoperability and standards between corporate treasury operations and their banks, enabling the efficient and controlled integration of treasury solutions with financial marketplaces. TWIST is an open taskforce that meets regularly. In promoting open standards for all market participants, the TWIST team, although competitors in some cases, have agreed to a set of well-defined processes within a defined timeframe. Elements TWIST has reviewed include: trade requests, incorporation of multiple trade participants, non-bank counterparty identification and settlement information. TWIST members include Alterna Technologies Group Inc., Barclays Capital, Currenex, Inc., Integrity Treasury Solutions, PricewaterhouseCoopers, Richmond Software Limited, SAP, Selkirk Financial Technologies Inc., Shell, SimCorp, Trema, XRT and Wall Street Systems.