KGI in Hong Kong has signed a new multi-year agreement to use Automatic Data Processing, Inc. subsidiary ADP Wilco’s international trade processing and settlement system, Gloss. The new agreement will extend KGI’s relationship with ADP Wilco and the Gloss system which first commenced in 1999.
KGI is using Gloss to process equity trades conducted on an agency basis, together with some fixed income and FX trades. The majority of the trades are executed in Hong Kong but KGI’s trades in Taiwan, Thailand, Japan and other South East Asian markets are also processed on Gloss in Hong Kong. Gloss also provides KGI with a flexible and scalable platform to support areas of new business expansion.
Gloss has been configured to process a high volume of inter-company transactions to support over 10 trading entities of KGI. Using standard functionality, Gloss generates the required inter-company transactions based on details of the initial trade.
After capture of executed trades, Gloss automates all stages of trade processing and settlement including settlement initiated in Gloss by receipt of advice from the Hong Kong Central Clearing and Settlements System (CCASS) via ADP Wilco’s CCASS Adapter. This two-way interface also enables the automated sending of settlement instructions to CCASS from Gloss and reconciliation of CCASS and Gloss at various stages of the settlement cycle. The automated production of client statements and contract notes includes formatting of these documents using Chinese characters.