This third phase of implementation included the migration to Gloss of SG Securities’ UK and Irish domestic equity operations and stock lending, and the consolidation of its pan-European settlement on the Gloss platform. SG Securities London is the hub for pan-European settlement within the SG brokerage network.
Previous phases of implementation saw SG Securities start live processing on Gloss in Q2 2001 for its Scandinavian equity processing, and in Q3 2001 for all remaining non-UK equity trade processing within Europe.
By consolidating its operations on Gloss, SG Securities has migrated from three separate platforms and now has a single user view across its European equity business. As an integral component of Gloss, STP Explorer, Wilco’s proactive exception management system, is now operating across all Pan European business lines to improve productivity workflow control and minimise exposure to operational risk.
SG Securities is using Wilco’s CREST adapter for real-time two-way settlement communications between Gloss and CREST for its UK and Irish trades. Prior to transmitting messages to CREST, all instructions are validated by the adapter to minimise fails and so reduce costs. All replies from CREST are automatically matched with their outgoing instructions prior to updating Gloss. Wilco has also supplied feeds for stamp duty and depot reconciliation as part of the implementation.
"This has been a well-managed implementation with a very smooth transition to live operational processing," said Serge Pouhaer, Head of Europe Cash Equity Operations at SG Securities. Ken Camp, Head of Back Office Systems, added: "The project was completed precisely on time and within budget, and we did not have any issues subsequent to the start of live operations."
