John W. Cummings, senior vice president and chief operating officer of global technology and services at Merrill Lynch & Co., Inc. and a member of the firm's Executive Management Committee, has been elected to The Depository Trust & Clearing Corporation's Board of Directors. The 21 DTCC board members are also directors for The Depository Trust Company, National Securities Clearing Corporation, Government Securities Clearing Corporation, MBS Clearing Corporation and Emerging Markets Clearing Corporation, all subsidiaries of DTCC.
Mercator Software, Inc. announced that the Private Banking Business Unit of ABN AMRO's Private Client Asset Management division has selected Mercator to integrate operations at the bank's regional hubs in Luxembourg, Paris and Singapore. ABN AMRO is an international bank, with over 3,400 branches in more than 60 countries and total assets of EUR 597.4 billion (as per 2001). The Mercator solution will support the integration of several banking systems that form the standard-architecture platform of ABN AMRO Private Clients' activities.
Wilco International, a subsidiary of Automatic Data Processing, Inc., has announced that La Caja de Ahorros y Pensiones de Barcelona (la Caixa) has commenced live operations on its Gloss solution for securities and corporate-actions processing. La Caixa, Spain's largest savings bank, is using Gloss in Barcelona for centralized retail and institutional equities and corporate-actions processing for cross-border operations.