ADP Brokerage Services Group says that that E*TRADE FINANCIAL Corporation has signed a 10-year agreement to outsource its brokerage transaction processing and regulatory document delivery services to ADP for its registered broker dealer subsidiaries.
As part of this long-term agreement, brokerage back office books and records systems have been converted to ADP Brokerage Processing Services (BPS). ADP’s Tarot system is already in use at the E*TRADE UK office for international transaction processing. In addition, ADP will provide regulatory document delivery services as well as new account processing of paper applications. ADP’s system replaced existing proprietary and vendor systems.
“Our relationship with E*TRADE FINANCIAL is indicative of our commitment to be a full service provider with an array of services that cover the entire life cycle of the brokerage business,” says John Hogan, co-President, ADP Brokerage Services Group. “We are proud that E*TRADE FINANCIAL chose us to provide these services.”
“We are delighted with the seamless conversion process,” adds Joshua S. Levine, Chief Technology Officer, E*TRADE FINANCIAL. “ADP’s conversion team has worked with us every step of the way to make this process invisible to our customers and painless for our employees. ADP’s platform should yield cost savings while allowing for the centralization of our securities processing and regulatory document delivery with a single vendor.”