Automatic Data Processing, Inc. (NYSE: ADP) subsidiary ADP Wilco has announced the availability of its solution for the processing and clearance of Japanese Government Bonds through the Japan Government Bond Clearing Corporation (JGBCC).
ADP Wilco's solution has been developed in response to Japan's newly established JGBCC service for the clearing operations of Japanese Government Bonds traded in the OTC market. The JGBCC's clearing service will include central counterparty settlement and netting, and will facilitate trade matching via the JASDEC Pre-Settlement Matching Service. The JGBCC's service is scheduled to commence operations in May 2005.
The ADP Wilco solution for the JGBCC service is based on ADP Wilco's international market-leading Gloss processing platform. It handles all aspects of trade lifecycle processing from trade capture including communication with JASDEC and JGBCC, the tracking of matching statuses, settlement instruction generation and status updates, trade netting and splitting, and next-day margin call requirements for additional funding or return of excess funds.
"We remain fully committed to the timely delivery of new functionality to support advancements in the Japanese market infrastructure, and our JGBCC solution is the latest manifestation of this commitment," said Jessie Pak, managing director, ADP Wilco Asia Pacific. "This new solution augments our previous developments that include functional support for Japanese margin trading, New Gensaki repo operations, JASDEC Pre-Settlement Matching and the Tokyo Stock Exchange's DVP processing."
One of Japan's leading securities companies has already signed an agreement to use ADP Wilco's new JGBCC solution for its Japanese Government Bond operations.