SG Securities in London has gone live on the third 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 two phases of implementation saw SG Securities start live processing on Gloss in Q2 2001 for its Scandinavian equity processing, and in Q3 2001 for all remaining non-UK equity trade processing within Europe.
This third phase of implementation includes the migration to Gloss of SG Securities' UK and Irish domestic equity operations and stock lending, and the consolidation of its pan-European settlement on the Gloss platform.
SG Securities is using Wilco's Crest adapter for real-time two-way settlement communications between Gloss and Crest for its UK and Irish trades. Wilco has also supplied feeds for stamp duty and depot reconciliation as part of the implementation.
Serge Pouhaer, head of Europe cash equity operations at SG Securities, comments: "This has been a well-managed implementation with a very smooth transition to live operational processing."