SG Securities in London has gone live on the second phase of its implementation of the Gloss securities processing system from Wilco International.
SG Securities London is the hub for pan-European settlement within the SG brokerage network. The implementation of the Wilco system entails the consolidation of back office equity processing from three existing platforms.
The initial phase of the Gloss implementation, completed earlier in Q3 2001, saw SG Securities start live running on Gloss for its Scandinavian equities trade processing. The second phase completed the migration of all remaining non-UK equity trades onto the Gloss system. This includes both own account principal trades and agency trades executed on behalf of SG Securities clients.
The next phase will see the migration of UK agency and principal equity trades onto Gloss in Q2 2002.