Both retail and institutional investors can use STARTex to see their own data. If the investor has multiple accounts at one dealer or accounts at multiple dealers, they only have to login once to see everything. The dealers control which accounts can access the system and what data they can see.

Dealers can show out inventory offerings and accept in trades either as auto-execute or requiring approval. Investors can even enter auction orders directly on the system. They can also see their long positions, trade and rate history, as well as the security master.

Issuers, trustees and obligors (ITO) can use STARTex to see their own data. Similar to buy-side investors, ITO users can view their data across multiple dealers without having to use multiple systems or logins.

These users can view security master information, interest payment reports, and the complete rate history.

STARTex is a secure website that gathers data from short-term trading desks and allows those trading desks' customers, including buy-side investors, issuers, trustees, and obligors, to access a "one-stop shop" for all their reporting and trading needs.

NapaHub acts as the data gatekeeper, making sure the data going into and coming out of STARTex is securely routed to the proper place.

NapaHub greatly reduces the configuration and setup for dealers to get up and running on STARTex. It is transparent to STARTex users.

SAPI is the communication center for START, providing the means for data to flow from START to NapaHub and then on to STARTex. It securely opens and accepts connections and ensures that data is routed properly.

START serves as the industry's data repository. Each dealer runs a copy of START which stores security, investor, trade and position data. Dealers decide which data they want securely communicated to STARTex and then put the system on auto-pilot. SAPI takes care of the rest.

If a dealer is not yet using START, they can still securely tap into NapaHub, allowing them to take advantage of the benefits of STARTex.