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Wilco announces CHESS Adapter upgrade in Australia

Wilco International, a subsidiary of Automatic Data Processing, Inc.(NYSE:ADP), has announced the upgrade of its CHESS Adapter which provides two-way connectivity with the Australian Stock Exchange (ASX) clearing and settlement service CHESS (Clearing House Electronic Subregister System).

Wilco has also commenced the marketing of its CHESS Adapter on a standalone basis in addition to marketing it as a module of Wilco's Australian transaction processing system, SUMMIT.

The adapter was upgraded in line with Release 5.2 of the ASX CHESS service, which is required by all systems that interface with CHESS and utilise the CHESS OCH (Options Clearing House) Collateral Lodgement suite of messages. Wilco's adapter has been accredited by ASX, and was one of the first vendor systems to have successfully completed technical accreditation requirements.

Since acquiring its SUMMIT product range in February 2001 from Computershare Ltd, Wilco has continued to invest in its Australian market functionality. This includes development of Order STP, a SUMMIT module that ensures orders meet market and business validation rules, and checks the order flow and funding prior to execution.