Instinet Europe implements Broadridge back office ASP

Instinet Europe implements Broadridge back office ASP

Instinet Europe has signed for outsourcing provider Broadridge Financial Solutions' international securities processing system, Gloss.

The system will be used on an ASP basis for Instinet's pan-European equity operations.

Gloss will receive executed transactions from Instinet's proprietary middle office system and handle confirmations, central counterparty netting, position management, profit and loss, settlement and trade accounting, with market interfaces for settlement and reporting.

As part of the package, Instinet will also use Gloss' new browser enabled, proactive exception management facility.

In addition, the broker's institutional clients will have access to Gloss for trade and settlement reporting and MIS.

"Gloss will provide us with a highly functional, scalable and robust platform across our European business. It provides us with a low-risk and proven solution for our pan-European securities operations," says Clive Triance, COO, Instinet Europe.

Instinet has already rolled out Gloss at its Asia Pacific business for books and records processing in Hong Kong and uses Broadridge's processing technology in North America.

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