El Segundo, Calif., Aug. 18 -- Computer Sciences Corporation (NYSE: CSC) has been chosen by The Global Straight Through Processing Association (GSTPA) to participate in the Request For Information (RFI) process, the second stage in a three-tiered approach to select a vendor to implement a global cross-border trade processing infrastructure.

The objective of the GSTPA-a global financial services organization with more than 50 members headquartered around the world-is to reduce costs, complexity and risk associated with international securities processing and to improve the flow of information to all parties involved.

"To make global straight through processing work, market players must look beyond streamlining and automating the trade. They must redesign critical processes, looking at the migration to GSTP as an enterprise-wide business change initiative," said Nancy McCarthy, a senior partner in CSC's Consulting Group.

"T+1, known as settlement one day after trade execution, is a market inevitability that domestic players must prepare for. Straight through processing is the first step in redesigning the securities trading process and acknowledging the inherent enterprise-wide implications of GSTP."

According to McCarthy, the current financial system cannot sustain trading activity at the projected volume; as trading volumes increase, risk to market participants grows exponentially.

"Support for the GSTPA initiative is essential to growth in cross-border trading," she added. The new cross-border processing model envisioned by the GSTPA will couple a Participant Access Module (PAM) and a dedicated network with a Transaction Flow Manager (TFM) to facilitate information distribution from post-trade to pre-settlement. According to GSTPA materials, key elements of the organization's solution include the establishment of communication among investment managers, broker/dealers, and global custodians very early in the trade processing cycle, and "just in time" enrichment of transaction data by each party as the trade progresses through its life cycle.

GSTPA selected CSC from among 140 firms that initially responded to the organization's Expression of Interest (EOI) questionnaire. Currently, 22 firms have made it to the second stage of the selection process, and the GSTPA expects to complete its vendor selection process by November, 1999. Details of the RFI selection announcement and other information regarding the GSTPA initiative are available on the Association's web site at www.gstpa.org.

CSC helps clients in industry and government use information technology to achieve strategic and operational objectives. With 52,000 employees in more than 700 offices worldwide, the company tailors solutions from a broad suite of integrated service and technology offerings, including e-business strategies and technologies; management and I/T consulting; systems consulting and integration; application software, and I/T and business process outsourcing.

Since its formation in 1959, CSC has been known for its flexibility in its relationships with clients. Through numerous agreements with hardware and software technology firms, the company is able to identify and manage solutions specifically tailored to each client's needs. CSC had revenues of $8 billion for the twelve months ended July 2, 1999. Its headquarters are in El Segundo, California. For more information, visit the company's web site at www.csc.com.