ADP Brokerage Services Group says that Wachovia Capital Markets has signed an agreement to use ADP Wilco’s Gloss system for its international securities trade processing.
ADP Wilco’s Gloss Bureau will handle Wachovia’s trade lifecycle from trade capture through confirmation, position management, settlement and accounting. Traders in Wachovia’s London office will enter fixed-income trades into Gloss and the back office staff in Charlotte, North Carolina will have access to the same system for clearance and risk management.
Wachovia will also use STP Explorer, ADP Wilco’s real-time exception management system, to ensure control of STP workflow and minimize operational risk. STP Explorer proactively alerts users to business exceptions, providing dynamic investigation tools and subsequent transaction resubmission.
“The Gloss Bureau is the standard for international transaction processing. ADP’s outsourcing leadership will enable us to further expand our presence in this market,” says Robert Sontag, Executive Vice President, Wachovia.
Wachovia is currently using several services supplied by ADP’s Investor Communication Services, including proxy voting and tabulation as well as reorganisation announcement and prospectus fulfillment. It also uses MBS Expert for mortgage allocation in both the bank and its broker/dealer business.