Swift announced that Gartmore Investment Management and Dresdner Kleinwort Wasserstein Securities are using the SwiftNet FIX service for the communication of FIX allocations. Transitioning from the pilot program to the early adopter program, the two firms are the first to use the SwiftNet FIX service in live production.
Also, Swift announced that it has selected AT&T for the provision of managed IP-VPN (virtual private network) services. AT&T will join COLT, Equant and Infonet as Swift's chosen network partners, offering standardized connectivity to the Swift backbone network that underpins SwiftNet.
Wilco International announced that Philadelphia based BNP Paribas Brokerage Services has commenced live operations on Wilco's Gloss STP Bureau outsourcing service in the United States. BNP Paribas Brokerage Services is using the Gloss STP Bureau for its international correspondent-processing operations for international bonds and equities, covering processing for pan-European markets.
Northern Trust will provide global custody, securities lending, performance, transition and benefit-payment services to MeadWestvaco Corporation of Connecticut. The firm manages $4 billion in defined benefit and defined-contribution plans. MeadWestvaco's defined benefit assets, totaling $2.8 billion, were transferred to Northern Trust as of Oct. 1, 2002. MeadWestvaco's defined-contribution assets, valued at $1.2 billion, were transferred to Northern Trust as of January 1, 2003.