Wall Street Systems Buys Deutsche Bank Out Of SOCX Joint Venture

Wall Street Systems announced today that it had agreed with Deutsche Bank to acquire their 50% interest in the outsourcing venture SOCX (Settlement & Operations Clearing eXchange) to give Wall Street Systems complete ownership of the company. "This acquisition positions

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Wall Street Systems announced today that it had agreed with Deutsche Bank to acquire their 50% interest in the outsourcing venture SOCX (Settlement & Operations Clearing eXchange) to give Wall Street Systems complete ownership of the company.

“This acquisition positions Wall Street Systems to address the growing outsourcing market and underpins our business plan and strategy to offer clients the broadest range of proven technical and operational solutions,” said Steve Middlehurst, chief operating officer at Wall Street Systems.

Launched as a joint venture between Wall Street Systems and Deutsche Bank in 2001, SOCX provides processing, settlement and clearing services across a broad range of financial products. SOCX offers a real opportunity for banks and financial institutions to outsource their global settlement and clearing functions. It delivers a service that enables firms to achieve dramatic transaction cost savings in a secure and controlled manner.

“While we believe that the outsourcing market is growing and can only expand in the future, Deutsche Bank has taken a strategic decision to focus our management time and investments on our core competencies,” said Will Meldrum, head of Global Markets e-Strategic Investments for Deutsche Bank. “The divestiture of our shareholdings in SOCX and other non core competency holdings is consistent with our strategic focus. That said, we have been delighted with the quality and reliability of the service we received from SOCX and continue to be confident of the future success of the venture given the clear commitment and support of Wall Street Systems.” Deutsche Bank will use The Wall Street System treasury engine to process its money markets transactions in-house.

“Wall Street Systems remains fully committed to SOCX, and is extremely positive about the business outlook going forward. SOCX offers a unique and successful value proposition – enabling banks to make dramatic cost savings and increased efficiency in transaction processing,” said Mike Thrower, marketing director for Wall Street Systems. “Wall Street Systems firmly believes that the outsourcing market offers significant potential, and this view is echoed by the banks and other partners that we are speaking to today. Deutsche Bank’s support in getting this venture off the ground has been invaluable, and we look forward to continuing to work closely with them in the future.”

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