HKEx and Wilco in outsourcing joint venture

HKEx and Wilco in outsourcing joint venture

Hong Kong Exchanges & Clearing Limited (HKEx) and Wilco International have entered an agreement to form a joint venture providing transaction processing services to the securities markets.

The joint venture will provide Brokers' Electronic Support Services (Bess) to HKEx's stock exchange participants. Using Wilco's Gloss trade processing and settlement solution the new venture will allow brokers to outsource their back-office IT processing to a centralised service bureau, say the companies.

The firms will initially provide Gloss functionality for the real-time processing of both equity and fixed income securities for the Asian and international markets.

Kwong Ki-chi, chief executive of HKEx, says: "Bess will bring greater operational efficiency to market participants through its superior processing capabilities. Furthermore, the cross-border capability of Bess will also help our participants to provide better and more streamlined service to their domestic and overseas clients."

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