Stockbroker Wills & Co moves to OMX Securities for outsourced clearing and settlement services

13 October 2006

OMX Securities, the leading supplier of business process outsourcing, today announced that it has been selected by London-based Wills & Co to supply clearing and settlement services for its retail stockbroking business. Under the terms of the deal OMX Securities will also provide full compliance and trade enrichment along with a client access web interface.

Wills & Co will move away from its incumbent supplier as part of the project that will realise increased operational control and real-time visibility into the settlement lifecycle via a single integrated platform. The OMX Securities solution will ensure that Wills & Co achieves effective cost control by providing predictable and transparent pricing.

The full front-to-back automation of the clearing and settlement process will reduce the need for manual intervention and re-keying, leading to increased STP capabilities. By outsourcing this part of its stockbroking business to OMX Securities, Wills & Co will benefit from reduced errors, greater risk control and a quick return on investment.

Robert Holgate, CEO, Wills & Co commented: “The OMX Securities solution has proven itself as the best fit for the needs of our business. With OMX Securities we are guaranteed a robust and flexible solution that will grow as we undertake the planned expansion of our retail stockbroking operation.”

Angus MacDonald, CEO, OMX Securities added: “2006 has been a record year for OMX Securities, with Wills & Co representing the tenth new client to sign since the start of the year. This significant growth of our customer base is a solid endorsement of OMX Securities position as the supplier of choice for efficient clearing and settlement solutions.”

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