OMX signs Wills & Coto to clearing & settlement services; names Galbraith MD, Lawshare

Source: OMX Securities

OMX Securities, the leading supplier of business process outsourcing, today announced that it has been selected by London-based Wills & Co to supply clearing and settlement services for its retail stockbroking business.

Under the terms of the deal OMX Securities will also provide full compliance and trade enrichment along with a client access web interface.

Wills & Co will move away from its incumbent supplier as part of the project that will realise increased operational control and real-time visibility into the settlement lifecycle via a single integrated platform. The OMX Securities solution will ensure that Wills & Co achieves effective cost control by providing predictable and transparent pricing.

The full front-to-back automation of the clearing and settlement process will reduce the need for manual intervention and re-keying, leading to increased STP capabilities. By outsourcing this part of its stockbroking business to OMX Securities, Wills & Co will benefit from reduced errors, greater risk control and a quick return on investment.

Robert Holgate, CEO, Wills & Co commented: "The OMX Securities solution has proven itself as the best fit for the needs of our business. With OMX Securities we are guaranteed a robust and flexible solution that will grow as we undertake the planned expansion of our retail stockbroking operation."

Angus MacDonald, CEO, OMX Securities added: "2006 has been a record year for OMX Securities, with Wills & Co representing the tenth new client to sign since the start of the year. This significant growth of our customer base is a solid endorsement of OMX Securities position as the supplier of choice for efficient clearing and settlement solutions."

Separately, Lawshare, an OMX Securities company and provider of stockbroking and associated services to investment houses and asset managers, today announced that it has appointed Charles Galbraith, formerly of Lloyds TSB Stockbrokers, as Managing Director.

Galbraith's new role will include responsibility for directing existing business and growing new opportunities for investment management firms requiring access to the full range of stockbroking and custody services.

Galbraith has more than twenty years experience in senior level positions within the financial services sector, most recently as Managing Director of Lloyds TSB Stockbrokers with accountability for its direct and institutional stockbroking business. Prior to his 16 year tenure at Lloyds TSB Stockbrokers he worked as a private client fund manager with a number of leading stockbrokers.

Lawshare provides a range of premium services to investment houses & asset managers, including: CREST sponsored membership; domestic and international dealing; domestic & international custody; fund administration; and access to an extensive global company research library.

Commenting on his appointment Galbraith said: "Lawshare is a well established business with a strong track record in a growing marketplace. The recent purchase of Lawshare by OMX Securities has further enhanced the level of service and depth of product functionality it can offer to clients and prospects."

Angus MacDonald, CEO, OMX Securities added: "This is an important hire for Lawshare and Charles brings with him a wealth of knowledge and experience that will ensure Lawshare achieves its strategic growth plans for 2006 and beyond."

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