agreed with Deutsche Bank to acquire their 50% interest in the outsourcing
venture SOCX (Settlement & Operations Clearing eXchange) to give Wall Street
Systems complete ownership of the company.
"This acquisition positions Wall Street Systems to address the growing
outsourcing market and underpins our business plan and strategy to offer clients the broadest range of proven technical and operational solutions,"
said Steve Middlehurst, chief operating officer at Wall Street Systems.
Launched as a joint venture between Wall Street Systems and Deutsche Bank in
2001, SOCX provides processing, settlement and clearing services across a
broad range of financial products. SOCX offers a real opportunity for banks
and financial institutions to outsource their global settlement and clearing
functions. It delivers a service that enables firms to achieve dramatic
transaction cost savings in a secure and controlled manner.
"While we believe that the outsourcing market is growing and can only expand
in the future, Deutsche Bank has taken a strategic decision to focus our
management time and investments on our core competencies," said Will
Meldrum, head of Global Markets e-Strategic Investments for Deutsche Bank.
"The divestiture of our shareholdings in SOCX and other non core competency
holdings is consistent with our strategic focus. That said, we have been
delighted with the quality and reliability of the service we received from
SOCX and continue to be confident of the future success of the venture given
the clear commitment and support of Wall Street Systems." Deutsche Bank
will use The Wall Street SystemÂ® treasury engine to process its money
markets transactions in-house.
"Wall Street Systems remains fully committed to SOCX, and is extremely
positive about the business outlook going forward. SOCX offers a unique and
successful value proposition - enabling banks to make dramatic cost savings
and increased efficiency in transaction processing," said Mike Thrower,
marketing director for Wall Street Systems. "Wall Street Systems firmly
believes that the outsourcing market offers significant potential, and this
view is echoed by the banks and other partners that we are speaking to
today. Deutsche Bank's support in getting this venture off the ground has
been invaluable, and we look forward to continuing to work closely with them
in the future."