ADP Brokerage Services Group has inked a long term agreement to provide correspondent clearing services to New York brokerage firm Murphy & Durieu.
Murphy & Durieu is the first client signed by ADP Clearing and Outsourcing Services since the vendor acquired Bank of America's US Clearing and BrokerDealer Services units last month.
Under the agreement, ADP will provide Murphy & Durieu with a range of clearing and settlement services for equities and fixed income transactions for both its retail and institutional businesses.
The broker is already self-clearing some transactions on the vendor's service bureau, Brokerage Processing Services (BPS), and chose ADP Clearing for its correspondent business in order to consolidate transaction processing with a single outsourcing partner.