ADP releases Gloss 5.1; introduces FIX-based messaging via Swift Net

Source: ADP Wilco

Automatic Data Processing, Inc. (NYSE: ADP) subsidiary ADP Wilco has announced the latest release of its international securities processing platform.

The new release, Gloss version 5.1, is now available and includes a range of additional features and functional enhancements that have been added in response to market demand.

Transaction management and reporting enhancements include the ability to add proactive follow-up requests to trades after the trades have been captured on the system. ADP Wilco has also increased its support for short-sell trades, and a supervisory feature has been added for SWIFT processing, enabling the viewing and monitoring of outgoing SWIFT messages.

Connectivity has been added to enable Gloss to interface to ADP Wilco's German market reporting suite for paragraph nine transaction reporting to the Germany regulator, BaFin.

Customer access to data has been further improved through a new XML-based reporting tool, and through the addition of a range of new standard reports.

New cross-border trade confirmation services include 15A6 confirms for US cross-border "flip trades". In addition, a new confirmation template facility has been added to accommodate local language requirements.

Announced corporate action events are now fully integrated in Gloss 5.1. This includes event capture and entitlement processing, position updates, and counterparty claims handling.

Gloss currently processes trades executed in 90 different countries and provides connectivity to over 250 custodians internationally.

Seperately today, ADP Wilco has announced it is introducing FIX-based messages via SWIFT Net for users of its SWIFT Service Bureau.

The initiative by ADP Wilco is a direct response to increased market and client demand, especially from the fund and asset management community.

In particular, the asset management industry in Germany (KAGs) has adopted SWIFT messaging as a communication standard and now requires FIX (Financial Information eXchange) protocol messages to widen standardised communications to the international broker market.

In order to support these market initiatives, ADP Wilco's SWIFT Service Bureau will offer a range of FIX message types in addition to the established SWIFT messages currently in use. These new messages include SWIFTNet FIX Indication of Interest, SWIFTNet FIX New Order Single and SWIFTNet FIX Execution Report.

The SWIFT Service Bureau enables user firms to communicate via multiple standards through a single, seamless channel from pre-trade messaging in FIX format through trade confirmations and post-trade communications using the established SWIFT standards.

Users will benefit from an integrated solution which covers the required standards, increasing efficiency and simplifying management within a defined cost structure. Furthermore, the SWIFT Service Bureau offers user firms the possibility of converting proprietary data formats to SWIFT format and reformatting incoming SWIFT messages to the relevant proprietary format. This enables users to easily integrate an automated messaging solution with their internal system environment. Users are supported in these activities by ADP Wilco's in-house securities operations and IT experts.

"With the FIX protocol in our proven service bureau model, we are in a position to offer the market an additional service that enables firms to reach and communicate with a wider circle of counterparties via the SWIFT network," said Jens R. Staneke, Head of Product Management with ADP Wilco (Germany) GmbH.

The ADP Wilco SWIFT Service Bureau provides fast track access to the SWIFT network for a full range of SWIFT messages including securities, treasury, derivatives, payments and cash management, all in an outsourcing environment. The service is backed by ADP Wilco's in-depth expertise that spans both SWIFT processing and securities operations, and includes central provision and management of IT infrastructure.

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