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Reset Your Expectations

START is the industry-leading solution to facilitate all aspects of short-term trading. Many of the largest trading desks rely on START for trading, pricing, billing, position management, analytics, reporting, compliance, and communication with regulatory and distribution systems.


It's simple to migrate to our best-in-class platform. We're here for you, whether you're using a technology vendor too large to focus on your needs or a home-grown and outdated system taking up valuable IT resources to manage and support.

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Hassle-free migration

No need to allocate IT or project management resources. Napa manages your entire transition, including migrating your data and training your users.

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Your place or ours?

Focus on your business and let Napa handle the complexity of hosting and support. An on-prem option is always available.

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Competitive pricing

Napa's fee is based on the size of your START portfolio, allowing large and small desks access to the same premium platform.





All Back Office

Trade Platforms

Supported Products

Variable Rate Securities


Tender Option Bonds

Auction Rate Securities

Asset-Backed Securities

Fixed Rate

"START is the most comprehensive trading system I’ve ever used. It has simplified our job allowing us to focus on what really matters...our clients."

Rick White

Wells Fargo

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Variable Rate Securities

Empower your desk to efficiently manage your variable rate portfolio, simplifying your pricing, trading, and billing processes.


  • Automated algorithm keeps your rate reset, interest, fee payment calendars current and accurate, saving you valuable time and minimizing errors.

  • Efficient pricing feature automatically groups securities to let you easily set rates for the day. Price based on formulas, index offsets, or manual overrides.

  • Automated rate release sends pricing information to key destinations including MSRB, Bloomberg BOOM, MMD, and issuers.


  • Intuitive yet powerful trade entry includes real-time inventory and position updates, accrued interest calculations, and commission calculations.

  • Trades can originate from START, your own OMS, or Bloomberg BOOM and our approval monitor sends alerts if trades require approval.

  • Customizable rules including cut-off times for daily and weekly puts, eligibility restrictions, and position balance checks.

  • Support for parent trades, sub-trade allocation, cross-trades, redemptions, ACATs, mass trade entry and advanced trade history reporting. 


  • Generate invoices with one-click for any billing period, efficiently combining securities for an issuer into a consolidated invoice.

  • Customize invoice appearance and deliver them via email or print them for mailing.

  • Flexible remittance streamlines your receivables process allowing easy application of payments to one or more invoices while accommodating credits, balances, and write-offs.

  • Gain valuable insights with our comprehensive reports package includes aging, fee accruals, fee projections, and billing income reports.

The powerful CP module offers complete support for the unique features of Tax-Exempt and Taxable Discount Commercial Paper.


  • Empower your institutional and retail sales teams to proactively identify and execute CP roll opportunities, including the ability to handle pro-rated rolls when calls occur.

  • Option to automatically mark paper in inventory as free to trade and send alerts to the desk when an action is required on a roll.

  • Automatic trade CUSIP management handles the special characteristics of both tax-exempt and taxable discount CP.


  • Intuitive pricing component to easily manage pricing scales and tranches.


  • Trade calendar gives a comprehensive view of your active CP trade going with insightful analytics like average days since issue, average days until maturity, and weighted average coupon.

  • Make strategic decisions based on portfolio analytics, diving deeper into statistics about your total outstanding, new issuance, security maturities, and trade maturities.

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Tender Option Bonds

While START's VRDB module handles floaters, the TOB module dives deeper, providing specialized management for every facet of your Tender Option Bond portfolio.

Trust Management

  • Efficiently manage a wide range of trust structures, including plain vanilla, premium, term floater, and zero coupon.

  • Support creative program structures for proprietary and third party trusts, including linking floaters and residuals with a multitude of underlying bonds.

  • Seamless handling of corporate actions and other market events that impact your trusts and automating accretion and redemption schedules, saving you valuable time and minimizing the risk of errors.

Payments and Calculations

  • Eliminate manual calculations and streamline your workflow with automated processing for LOC, Liquidity, Remarketing, Trustee, and Custody fees. Additionally, START automatically calculates accrued interest and interest commitment amounts, ensuring data accuracy across your portfolio.

  • Gain instant insight into trust fee payments across your entire portfolio via an intuitive interface that empowers you to make corrections or recalculations as needed, guaranteeing the accuracy of your records.


  • Unlock a 360 degree view of your portfolio via extensive reporting options including Cash Flow Summary, Cash Flow Details, Trust Accrual, Market Events By Trust, and Backup Factor.

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