ADP Securities Industry Software (ADP/SIS), a division of Automatic Data Processing, Inc.’s Brokerage Services Group, said that H. C. Denison Co. and CNBS LLC both have recently outsourced their securities transaction processing to ADP/SIS.
Both of the firms now use the ADP/SIS real-time straight through processing Brokerage Accounting System (BAS). The firms also contracted for other ADP/SIS products including ADP/SIS’s Order Management System (OMS), POSSE, its premier browser-based broker desktop application, and OLOS, the fixed-income trading system.
The Brokerage Accounting System is an online real-time system that automates brokerage accounting and back office functions, using parameters to customize features to a firm’s unique business requirements, a spokesman for ADP/SIS said.
The Order Management System allows firms to receive, enter, route and execute orders quickly, reliably, and cost-effectively, the company said. Orders are automatically booked in real-time to the back office. POSSE provides sales executives with real-time access to client and product information, portfolio charts and reports, real-time tax lot accounting, sales and commission calculation tools, and effortless order entry for all types of securities. OLOS provides firms with a real-time inventory management and marketing tool for fixed-income securities.
James Testwuide, President of H.C. Denison said, “The ADP/SIS system allows us to focus our attention on our customers and away from constant system changes. Their support and industry integration, as well as their broker productivity applications, enhance our ongoing efforts to provide the best service to our clients. We look forward to a long and mutually beneficial relationship”.
H.C. Denison Company, based in Sheboygan, WI, is the oldest independently owned, self-clearing retail brokerage firm in Wisconsin. H.C. Denison converted from a proprietary in-house system to ADP/SIS, and signed a multi-year agreement to use ADP/SIS’s back office, as well as Portfolio, OMS, POSSE, and OLOS.
CNBS, LLC, which is based in Overland Park, Kansas, provides securities brokerage, investment advisory, portfolio reporting, asset/liability management reporting, and investment education and consulting services to financial institutions nationwide. CNBS signed a multi-year contract to use ADP/SIS’s back office, POSSE, and OLOS products.
Doug Richardson, Senior Vice President of CNBS said, “We reviewed several trade processing systems to replace our in-house system and chose ADP/SIS because it provided a significant upgrade in trade processing capability, back office accounting, and internal reporting at a very competitive and manageable cost.”