ADP Brokerage Services Group says that London-based stockbroker Panmure Gordon & Co has signed a new agreement to continue using its international service bureau – which is based on the Gloss system owned by ADP Wilco- to settle securities transactions.
Under the new agreement Panmure Gordon, an established user of Gloss, will continue its use of the system for its UK and international equity processing. “We reviewed a range of systems as part of an in-depth selection process, and chose to continue with ADP due to their proven track record in the ASP outsourcing arena and their delivery of a highly functional and reliable product in Gloss. ADP continues to provide high standards of service and customer service,” says Nick Cook, Head of Operations at Panmure Gordon.
Gloss handles Panmure Gordon’s back office trade processing cycle and aims to automate the cycle from trade capture through confirmation, settlement, position management, profit and loss calculation and general ledger processing. Panmure Gordon is using STP Explorer, the Gloss system’s exception management system, to ensure control of STP workflow and minimise operational risk.
“We are delighted to continue our successful relationship with Panmure Gordon through our Gloss service,” adds ElizabethLake, Chief Executive Officer, ADP Wilco. “We remain fully committed to delivering substantial business value through our investments in product leadership and the delivery of world class standards of service.”