DTCC Sets Up Link with Canadian Depository
The Depository Trust and Clearing Corporation (DTCC) will establish a link with The Canadian Depository for Securities Ltd. (CDS), the national central securities depository of Canada. For the first time, this link will enable support for the processing and settlement of Canadian dollar securities transactions at The Depository Trust Company (DTC), a DTCC subsidiary.
Pending regulatory approval, the new link -- the first DTC link to support settlement in a foreign currency -- will be implemented by year-end to provide DTC customers with a single depository interface for U.S. and Canadian dollar transactions. According to DTCC, this will eliminate problems associated with maintaining split inventories in Canadian and U.S. issues, which could reduce cross-border processing costs and inefficiencies. In split inventories, some portion of a position in a dually listed issue is maintained with CDS for Canadian dollar settlement and the remainder is with DTC for U.S. dollar settlement. The new link will permit DTC customers to concentrate all U.S. and Canadian security positions in their DTC accounts.
ADP Wilco Hires Gunther to Raise Outsourcing Profile in Germany
ADP Wilco, a subsidiary of Automatic Data Processing, Inc. (ADP), appointed Andreas Gunther as its new managing director for Germany.
From his previous management positions at the european transaction bank (etb) and Deutsche Borse AG, Gunther brings considerable experience in managing outsourcing projects in the international securities processing business and key account management.
In his new role, Gunther will be raising the company's profile as an outsourcing specialist for back-office functions in the securities processing market while strengthening the company's existing competencies in Germany, such as SWIFT message processing and German tax reporting for European financial services providers.
Most recently, Gunther was director of sales and integrated services at etb, where he was responsible for the acquisition and implementation of large-scale outsourcing projects.