New York-based correspondent clearing firm, Investec Ernst & Company, has commenced live operational processing on the Gloss STP Bureau outsourcing solution from ADP subsidiary, Wilco International.
The Gloss STP Bureau has been introduced to handle the generation of settlement instructions which are automatically sent via the Swift network to Investec Ernst & Company’s clearing agents. The processing of incoming Swift reply messages is also fully automated to deliver high levels of STP.
The clearing company will use Wilco’s existing interface to ADP’s BPS bureau system to transfer positions and accounts data for consolidated books and records. Investec Ernst & Company already uses BPS for processing its US domestic equity and other businesses.
John Murabito chief operating officer at Investec Ernst & Company says: "We required a fast-track solution to deliver real-time processing for our international operations...In addition, this enhanced service will enable Investec Ernst to further expand its international clearing capability as well as attract hedge funds and prime brokers."