GBST (ASX:GBT), a global provider of technology solutions to the financial services industry, today announced that Investment Technology Group (ITG), one of the world's leading agency brokerage and financial technology providers has selected GBST Syn~ for its back office processing requirements in Europe.
Syn~ will provide real-time responsiveness for back office processing and mitigate the risk of managing corporate actions. ITG will deploy Syn~BackOffice and Syn~CorporateActions for these functions, which are being brought in-house for the first time.
ITG specialises in partnering with asset managers to provide cutting edge solutions ranging from pre-trade analysis to trade execution and post-trade evaluation. ITG selected Syn~ in order to standardise the back office settlement and corporate actions processing components within its European IT infrastructure. The Syn~ products will be integrated with ITG's in-house developed Crystal Clear middle office system and be accessed exclusively via Syn~ web screens to provide global 24 x 7 operation and support.
Commenting on the selection of GBST Syn~, Michael Byrne, managing director and chief financial officer of ITG in EMEA said: "Syn~ solutions are a perfect fit with our role as an independent agency broker and financial technology firm that partners with asset managers to deliver institutional liquidity and help performance throughout the investment process. We chose Syn~ for its modern architecture and real-time modelling capabilities which will allow us to react more quickly, be faster to new markets and support increasingly complex, multi-asset trading across different regions."
By bringing back office functions in-house and utilising Syn~'s automated exceptions processing capabilities and real-time reporting, ITG expects to drive down settlement cost and improve services to clients. Syn~ offers some of the most sophisticated event-driven features available for ensuring that all corporate actions are handled in a timely way, thereby reducing the risk and costs associated with non-compliance.
Sunil Shah, chief executive officer of Global Broker Services GBST said: "ITG is highly regarded as an innovator of financial technology services. Knowing that they carried out a comprehensivive review of software suppliers makes this an especially prestigious contract for GBST and Syn~."