OPERATIONS TECHNOLOGY

Fortis Clearing to Implement CityNetwork's Recon Product

City Networks, a provider of software and services to the treasury, securities and derivatives markets, announced that Fortis Clearing is to implement its CityNet Enterprise Reconciliation (Insight) product. Fortis Clearing has purchased the Insight solution to reconcile its open positions, open trades, open-trade equity and option-market value in the company's London office. The transactions take place between a number of clearing houses, clearing brokers and clients, and the Insight product looks to offer the company a standardized reconciliation process with improved STP capabilities. Equant, a provider of global data and IP services for multinational businesses, has won more than 200 orders from financial institutions in 36 countries during the first six months of Swift's new network-migration process, which began in January. New Equant orders include contracts from HVB and T. Rowe Price.

The Depository Trust & Clearing Corporation (DTCC) has launched a new product that looks to put research capabilities in the hands of customers. SMART/Search for Archived Reports provides firms with streamlined access to several years of historical transactional reports from DTCC's depository. Accessible over the Internet or through DTCC's secure private network, SMART (Securely Managed And Reliable Technology) users can log in to SMART/Search for Archived Reports to view past activity, positions and settlement, and soon, access to TradeSuite confirms and billing statements.

ADP Wilco, a subsidiary of Automatic Data Processing, Inc., has announced the appointment of Ivar Eilertsen as its new chief operating officer for North America. ADP Wilco is an international software and services provider, specializing in solutions to support institutional and retail STP operations and outsourcing.