E*Trade Australia renews ADP Wilco Summit license

Source: ADP Wilco

E*TRADE Australia has re-signed a multi-year contract with Automatic Data Processing, Inc. (NYSE: ADP) subsidiary ADP Wilco for the processing of its equities brokerage processing operations.

Under the agreement, E*TRADE will continue to use ADP Wilco's Australian broker client accounting system, SUMMIT, to automate the processing lifecycle of its equities operation for both domestic Australian retail and institutional traded securities from trade capture through to confirmation, position management, multi-currency books and records, clearing house reporting and settlement. SUMMIT also provides integrated processing for corporate actions.

"The SUMMIT solution continues to provide us with a functionally rich, market-proven platform that minimises our operational costs and time to market for new development, while optimising operational efficiency through its advanced straight through processing capabilities. We are delighted to renew with ADP Wilco and look forward to working together in what is already a strong and committed relationship." said Brett Spork, Chief Executive Officer, E*TRADE Australia.

"We are delighted to further extend our relationship with E*TRADE," said Jessie Pak, ADP Wilco's Managing Director for Asia Pacific. "We remain fully committed to delivering the highest levels of value for firms across Asia Pacific through our attractive commercial model, our extensive range of proven functionality and world class standards of service."

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