TD Waterhouse in Australia has commenced live operations of Wilco's Order STP validation and management system and Summit broker client accounting system.
The initial implementation provides TD Waterhouse with front-to-back office processing for its Australian domestic equities operation based in Sydney, including gateway interfaces to the ASX Seats and Chess trading and settlement systems. Operational processing will be extended in a subsequent phase of implementation, says Wilco.
Karen Buck, managing director of TD Waterhouse Australia says: "The Wilco solution provides us with STP capabilities for the whole transaction lifecycle, including the order flow to the market."
As part of the implementation, Wilco developed a new Order Pad module for the Summit system to process telephone orders at TD Waterhouse call centres. Dealing instructionc captured via the Order Pad are automatically passed through to the Order STP system for vetting and validation. Once validated these are automatically forwarded to Seats for execution.