Under the agreement, RBC will use ADP Wilcoâs Australian broker client accounting system, SUMMIT, to automate the processing lifecycle of its equities operation for both domestic Australian and international traded securities from trade capture through to confirmation, position management, multi-currency books and records, clearing house reporting and settlement. SUMMIT will also provide integrated processing for corporate actions.
In addition, RBC will also use SUMMITâs suite of service adapters for local market connectivity. This includes connectivity to the Australian Stock Exchange (ASX) SEATS order processing service, the ASX CHESS settlement service, the IRESS service for ETC order entry, allocation and confirmation, and Omgeoâs Oasys service.
"The SUMMIT solution provides us with a functionally rich, market-proven platform that can minimise our operational running costs and time to market, while optimising operational efficiency through its advanced straight through processing capabilities," said Alan Downie, Managing Director & Chief Operating Officer, RBC Capital Markets, Asia Pacific.
Jessie Pak, ADP Wilcoâs Managing Director for Asia Pacific, said: "It is a privilege to welcome RBC to our customer base in Australia. We look forward to meeting their requirements through our commitment to product leadership and world class standards of service."