ADP signs First American clearing contract

Source: ADP Clearing & Outsourcing Services

ADP Clearing & Outsourcing Services, Inc., a division of Automatic Data Processing, Inc. (NYSE:ADP), announced today that it has been selected by First American Capital and Trading Corporation (First American) to clear its fully disclosed business.

First American signed a multi-year contract with ADP for its clearing and settlement services, both domestically and internationally.

First American caters specifically to financial institutions and other Member broker dealers. By leveraging ADP Clearing's innovative technology solutions, First American can offer even more comprehensive and customized business solutions for each of their clients' specific business needs worldwide. In addition, ADP's advisor desktop solution, ProVisor, will enable First American to expand their business in the Registered Investment Advisor market, particularly in its local Florida market. ProVisor's state-of-the-art technology allows investment advisors access to critical portfolio information, including real-time tax lot updates and contact management capabilities, coupled with automated online order entry and real-time market data.

"ADP Clearing's broad product suite will help us continue to offer our customers unique solutions to fit their business requirements while keeping our costs under control. ProVisor gives our investment advisors the ability to increase productivity and grow revenues," said Scott Hudson, Chief Operating Officer, First American Capital and Trading Corporation.

"We are proud that First American Capital selected us to be their clearing provider," commented Joe Barra, President, ADP Clearing. "Our comprehensive product line will help First American Capital and Trading Corporation provide the highest level of service necessary to meet the business goals of their exclusive customer base."

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