NEW YORK, NY, October 6, 2004 -- Thomson Financial, an operating unit of The Thomson Corporation (NYSE: TOC, TSX: TOC) and leading provider of information and technology solutions to the worldwide financial community, today announced the signing of a seven year agreement with A.G. Edwards Technology Group, Inc., the technology subsidiary of A.G. Edwards, Inc. (AGE - NYSE).
According to the agreement, Thomson BETA Systems will provide securities-processing services at the financial services firm’s St. Louis headquarters using Thomson’s software and operational capabilities. The agreement is one of the largest contracts to date for Thomson BETA Systems. Terms of the agreement were not disclosed.
This arrangement will allow A.G. Edwards to further automate its back-office procedures, while moving those expenses from a fixed-cost structure to a variable cost structure. This will better align the firm’s securities processing expenses with market conditions and client activity.
The BETAHost back-office processing solution incorporates approximately 500 separate applications. As part of the conversion, Thomson Financial worked with the brokerage firm to incorporate BETAHost functionality into its existing state-of-the-art desktop workstation, known as ClientOne.
"By transitioning our back-office systems to BETAHost we are better positioned to quickly adjust to operational changes mandated by the securities industry," said Ronald J. Kessler, vice chairman, executive vice president and director of operations for A.G. Edwards. "This will enable us to focus our internal technology resources on providing technology enhancements that differentiate us within the financial services marketplace, while allowing us to continue providing the ‘client first’ service our clients have come to expect from A.G. Edwards."
Kessler also noted that A.G. Edwards will remain a self-clearing organization, meaning the firm will continue to handle the settlement of its clients’ trades.
"Working with A.G. Edwards over the past two years on this project has been a very gratifying experience for us," said Sharon Rowlands, president and chief operating officer, Thomson Financial. "It gave us the opportunity to bring to bear the depth and breadth of experience at Thomson BETA Systems in developing an effective and efficient solution for one of the industry’s most respected investment firms."
"Thomson Financial will continue to be at the forefront of providing IT solutions specifically tailored to the needs of financial institutions, by offering its world-class technology and expertise to a growing roster of clients who are looking to improve on their bottom line," said Ken Wagner, chief operating officer, Global Transactions Services, Thomson Financial.