RBC Securities signs for ADP Wilco’s SUMMIT broker client accounting system for Australian equity brokerage operations

RBC Securities Australia Pty Ltd, the Sydney-based stockbroking subsidiary of The Royal Bank of Canada, has signed a multi-year contract with Automatic Data Processing, Inc. (NYSE: ADP) subsidiary ADP Wilco for the processing of its new equities brokerage processing operations.

Under the agreement, RBC will use ADP Wilco’s 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 SUMMIT’s 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 Omgeo’s 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 Wilco’s 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."

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