ADP Wilco says it has added to its securities processing platform functionality to enable clients to process and clear Japanese Government Bonds (JGBs) through the Japan Government Bond Clearing Corporation (JGBCC).
ADP Wilco says it developed the application to help clients handle clearing of JGBs traded in the OTC market through the JGBCC. 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 Gloss processing platform. It will handle transactions from trade capture, including communication with JASDEC and JGBCC, the tracking of matching status, 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,” says 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.”
ADP Wilco says “one of Japan’s leading securities companies” has already bought the product