Wells Fargo Institutional Brokerage & Sales (WFIBS) has implemented business rules software from UK-based Microgen-OST at its operation in Minneapolis.
Microgen says its middle-office software delivers an automated, real-time trade and settlement bridge between Web trading portals and front-office inventory management plus back-office settlement systems.
The solution integrates applications from third party vendors such as Bloomberg, BondDesk and SunGard Phase3 into WFIBS's internal systems. It provides visibility of trade status, ranging from order to settlement, advising operations staff of connectivity issues.
Karen Denney, WFIBS project manager, says: "Our objective was to build a rules-based solution to improve our straight-through processing capabilities with particular emphasis on error handling and visibility of transactions throughout the trade lifecycle."
The initial phase of the project, the automation of institutional executions, went live in February 2002. Retail executions were added in April 2002 and settlement and security master processing will be delivered in November.