WestLB outsources trade processing and risk

WestLB outsources trade processing and risk

ADP Brokerage has signed a multi-year outsourcing contract with German bank WestLB for several of its trade processing and risk solutions.

Under the agreement, the bank will implement ADP/OMR's TradeThru ASP solution for foreign exchange processing and money market transactions at its London operation, with future plans to roll out the system to multiple sites.

The system delivers fully automated front to back office functions, from deal capture, portfolio and risk management functions, all the way through to trade processing, confirmation and settlement.

WestLB will also deploy the Gloss system from ADP's Wilco International subsidiary to process international debt instruments including fixed income and repo. Gloss processing will handle the trade lifecycle from trade capture and enrichment, confirmation, position management, P&L, through to settlement and accounting.

To ensure control of STP workflow and minimise operational risk, the bank will implement STP Explorer, Wilco's real-time exception management system which alerts users to business exceptions and provides users with tools for dynamic investigation, repair and resubmission of transactions.

Wilco is also providing two-way real-time market interfaces to Euroclear, Trax and Swift, as well as connectivity to the bank's funding systems, German regulatory reporting and corporate general ledger.

Lawrence McLaughlin, managing director, back office, WestLB AG, London says: "We are able to focus on our stated goal of concentrating on our core business while ADP handles the transaction processing and investor communications. They are truly a one stop shopping solution."

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