In July 2002, the securities industries in the United States and Canada announced that they would focus on straight-through processing or "STP" in 2003 and 2004, rather than move to a T+1 trade settlement period in 2005. STP has been defined by the Bank for International Settlements as the direct capture of trade details from front-end trading systems and complete automated processing of confirmations and settlement instructions without the need for the re-keying or re-formatting of data. The industries believe that shortening the settlement period from T+3 to T+1 should be evaluated again in 2004. According to the industry associations, many of the industry-wide initiatives promoted under the T+1 project continue to be relevant in the context of STP. For more information on this change of focus on the project, visit the web-site of the Canadian Capital Markets Association (CCMA's web site).