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Panmure Gordon renews ADP Gloss bureau contract

03 July 2006  |  1809 views  |  0 Source: ADP Brokerage Services Group

ADP Brokerage Services Group, a division of Automatic Data Processing, Inc. (NYSE: ADP) announced today that stockbroker Panmure Gordon & Co has signed a new agreement to continue its use of ADP's international service bureau based on the Gloss system.

Under the new agreement Panmure Gordon, an established user of Gloss, will continue its use of the system on an ASP outsourcing basis for its UK and international equity processing. "We reviewed a range of systems as part of an in-depth selection process, and chose to continue with ADP due to their proven track record in the ASP outsourcing arena and their delivery of a highly functional and reliable product in Gloss. ADP continues to provide high standards of service and customer service," said Nick Cook, Head of Operations, Panmure Gordon.

Gloss handles Panmure Gordon's back office trade processing cycle and provides high levels of STP from trade capture through confirmation, settlement, position management, profit and loss calculation and general ledger processing. Panmure Gordon is using STP Explorer, the Gloss system’s real-time exception management system, to ensure control of STP workflow and minimise operational risk.

"We are delighted to continue our successful relationship with Panmure Gordon through our Gloss service," said Elizabeth Lake, Chief Executive Officer, ADP Wilco. "We remain fully committed to delivering substantial business value through our investments in product leadership and the delivery of world class standards of service."

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