Wilco Launches Trade Processing Out-sourcing Service in Hong Kong

Wilco International Processing Services Limited (WIPS), a joint venture of Hong Kong Exchanges and Clearing Limited (HKEx) and Wilco International Limited, has formally launched its new service for the outsourcing of securities transaction processing for firms based in Asia Pacific.

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Wilco International Processing Services Limited (WIPS), a joint venture of Hong Kong Exchanges and Clearing Limited (HKEx) and Wilco International Limited, has formally launched its new service for the outsourcing of securities transaction processing for firms based in Asia Pacific.

The new outsourcing service, named Gloss STP Bureau, will provide a full straight through processing infrastructure suitable for securities brokerage firms including Hong Kong Stock Exchange Participants from a secure data centre. The Gloss STP Bureau can process both domestic and international securities from trade capture to settlement, and includes local market connectivity to CCASS for Hong Kong settlement. To facilitate STP for cross-border trading, connectivity to international services including Euroclear and ISO 15022 SWIFT messaging are provided as standard.

Firms using the Gloss STP Bureau will also benefit from STP Direct, Wilco’s methodology for delivery of a fully configured solution. Wilco’s securities processing and settlement engine, Gloss, has been supporting Asian businesses in the region for 10 years. To complement the core processing capabilities of Gloss, local market functionality for margin control, corporate actions and Financial Resources Requirements (FRR) are provided, all of which are now available through the Gloss STP Bureau.

“Wilco and HKEx have brought to market our joint outsourcing services that provide a rapid return on investment and enable users to take advantage of scalable costs aligned to their business volumes,” says Jessie Pak, Managing Director, Wilco International Asia Pacific. Pak, who is also a director of WIPS, added: “We knew that the market was overdue for such a service, and the initial response from firms has been very positive.”

The Hong Kong-based Gloss STP Bureau service complements Wilco’s established outsourcing service based in the US.

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