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<h1>Mandatory Use of STP System for Institutional Trades on Stock Exchanges Effective July 1, 2004.</h1> The circular mandates the use of the Straight Through Processing (STP) system for all institutional trades on stock exchanges effective July 1, 2004. STP automates the end-to-end processing of financial transactions, reducing manual entry and errors, and enhancing efficiency and cost-effectiveness. Initially introduced in November 2002, STP was voluntary, but will now be compulsory. To address interoperability issues among STP Service Providers, a centralized hub has been established by NSE, with plans for further development with BSE. This decision aims to protect investor interests and promote the securities market's development and regulation.