Source: ADP Wilco
ADP Brokerage Services Group (ADP), a division of Automatic Data Processing, Inc. (NYSE: ADP), announced today that WestLB AG has commenced live operations on ADP Wilco's Gloss outsourcing platform for its UK-based international equities operation and for its Asia Pacific debt and equity operations.
The UK-based equities operation supports 17 legal entities servicing customers across approximately 100 markets, and the Asia Pacific operations support trading from Singapore, Hong Kong and Japan in both domestic and international markets.
This further extends WestLB's use of the Gloss outsourcing service, which commenced in 2002 for the processing of WestLB’s UK-based international fixed income and repo operations. WestLB now processes both its UK-based equity and debt business lines, together with its Asia Pacific operations, all on a single, centralised Gloss platform which handles multi-entity processing across multiple time zones.
"By outsourcing our UK and Asia Pacific processing onto a common platform, we have improved our operational efficiency," said Lawrence McLaughlin, Managing Director Back Office for WestLB AG in London. "We are also benefiting from an STP rate in the high 90 percentile which significantly reduces our risk while improving back office efficiency," he added.
The Gloss outsourcing service handles the automated capture of executed trades, position management and settlement, including two-way real-time connectivity with CREST, Euroclear, SWIFT and TRAX. Proactive workflow management is provided throughout the transaction lifecycle.
"We are extremely proud of our growing relationship with WestLB, and of our ability to deliver real value to their international operations," said Elizabeth Lake, CEO, ADP Wilco.
WestLB also uses other ADP outsourcing solutions including ICI/ADP's impact for fixed income processing in North America and ADP's Brokerage Processing Services (BPS) platform for North American equities. It also uses the ADP Investor Communication Services division to handle its confirmations, statement distribution and prospectus delivery as well as proxy and reorg solutions.