BNP Paribas Brokerage Services goes live on Wilco’s Gloss outsourcing service in the US

Wilco International, a wholly-owned subsidiary of Automatic Data Processing, Inc. (NYSE: ADP), has announced that Philadelphia based BNP Paribas Brokerage Services has commenced live operations on Wilco’s Gloss STP Bureau outsourcing service in the US.

BNP Paribas Brokerage Services is using the Gloss STP Bureau for its international correspondent processing operations for international bonds and equities, covering processing for pan European markets.

The Gloss STP Bureau services being used by BNP Paribas Brokerage Services include the Gloss securities processing system; STP Explorer for proactive exception management and workflow control; the Enterprise Broker middleware solution, and Wilco’s real-time SWIFT Adapter. The Gloss STP Bureau platform handles the complete trade cycle from the capture of executed trades, through confirmation and settlement, to position keeping and accounting.

BNP Paribas Brokerage Services is already an established user of ADP/Securities Industry Software’s platform for its domestic North American operations. The firm will now be able to access both Gloss and ADP/SIS from a single desktop, with domestic and international trades routed from this single front-end desktop to the appropriate back office platform.

John Foster, Chief Operating Officer, at BNP Paribas Brokerage Services, said: "We are very pleased to be extending our successful relationship with the ADP group, and look forward to reaping the benefits of this integrated approach. This platform is a key component of BNP Paribas Brokerage Services' strategy to offer seamless global execution, clearing and custody services."

Roy Staines, a Managing Director at ADP Brokerage Services Group, said: "We are committed to providing our customers with a broad range of outsourcing services, and we are delighted that BNP Brokerage Services has chosen our solution for its international business."

A subsequent phase of implementation is planned, encompassing the implementation of Wilco’s OASYS Global Direct Adapter for electronic trade confirmation, and consolidated domestic and international customer statements, which will be provided through ADP’s Information Distribution Services (IDS) group.

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