Financial services provider KGI in Hong Kong has signed a new multiyear agreement to use Automatic Data Processing, Inc. subsidiary ADP Wilco's international trade processing and settlement system, Gloss. The new agreement will extend KGI's relationship with ADP Wilco -- an international software and services provider -- and the Gloss system, which first commenced in 1999.
KGI is using Gloss to process equity trades conducted on an agency basis, together with some fixed income and FX trades. The majority of the trades are executed in Hong Kong, but KGI's trades in Taiwan, Thailand, Japan and other Southeast Asian markets also are processed on Gloss in Hong Kong. Gloss also provides KGI with a flexible and scalable platform to support areas of new business expansion. "We are delighted to extend our relationship with KGI," said Jessie Pak, ADP Wilco's managing director for Asia Pacific, in a press release. "We remain fully committed to delivering the highest levels of value for firms across Asia Pacific through our attractive commercial model, our extensive range of proven functionality and world-class standards of service."
ADP Wilco specializes in solutions to support institutional and retail STP operations and outsourcing. It is represented globally through its regional offices in London, New York, Toronto, Hong Kong, Tokyo, Frankfurt, Geneva, Sydney, and Hyderabad.
--DTCC Officially Opens New Southern Business Center
The Depository Trust & Clearing Corporation (DTCC), provider, through its subsidiaries, of clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, and over-the-counter derivatives, this week announced the official opening of its new Southern Business Center (SBC) in a special ceremony hosted by Chairman and CEO Jill M. Considine and attended by a number of elected officials and representatives from the private sector.
The event, also attended by over 200 current employees of the new SBC, served to recognize the role that Florida, Hillsborough County Commission and Tampa officials played in DTCC's decision to choose Tampa for its SBC location.
"What's very special about our coming here," said Considine, in her remarks to the gathering, as quoted in a press release, "is how folks at the state, county and local level -- and especially the private sector -- pulled together to convince us that this is where we should be."
DTCC chose Tampa from among nearly 300 other cities considered because of its knowledgeable workforce, local power and telecommunications infrastructure, affordable housing, diversity, educational resources, good medical facilities, accessible airports and reasonable cost of living.
--Phase II of Global Clearing Link to Enhance Eurex's Global Distribution Through Eurex US
Eurex, a leading futures and options market for euro-denominated derivative instruments, announced this week that upon full completion of the Global Clearing Link, the company, through its U.S. market Eurex US, will significantly increase the distribution of its global benchmark products. The statement was made as Eurex's U.S. partner, Chicago-based Clearing Corporation (CCorp), requested permission to proceed with the second phase of the Global Clearing Link from U.S. regulator Commodity Futures Trading Commission (CFTC).
Phase II of the global Clearing Link will provide full fungibility of products between Eurex and Eurex US, while enabling customers to retain their current clearing relationships with either Eurex Clearing AG or CCorp. It provides the basis for increasing access to Eurex's global benchmark products via a U.S.-regulated exchange to customers both in the United States and the Asia-Pacific region. Listing European benchmark products on Eurex US' 23-hour trading platform will greatly improve distribution of these products in the United States and Asia during regular trading hours.
"The Global Clearing Link is the first linkage between U.S.- and European-listed derivatives markets," said Rudolf Ferscha, CEO of Eurex, in a press release. "It further expands Eurex's distribution into the U.S. and Asia-Pacific region, significantly increasing access and trading opportunities."
--CCorp Requests CFTC Approval for Phase II of Global Clearing Link With Eurex Clearing
The Clearing Corporation (CCorp), the only active independent futures clearinghouse in the world, has submitted a request to the Commodity Futures Trading Commission (CFTC) for regulatory approval to implement Phase II of the Global Clearing Link with Eurex Clearing AG. The Global Clearing Link will significantly increase the efficiency of global derivatives markets by facilitating low-cost clearing access to the markets of Eurex AG from the United States and to Eurex US from Europe.
Phase II will permit members of Eurex Clearing to carry U.S. dollar and euro benchmark products traded at Eurex US and use one common collateral pool to portfolio margin European and U.S. products. European benchmark derivatives such as the Euro-Bund future and futures on the DAX and Euro STOXX 50, currently traded exclusively on Eurex, will be cross listed on Eurex US, extending their trading hours from 12 to 23 and facilitating fungibility of these products.
"Phase II of the Global Clearing Link will benefit U.S. market participants by extending the benefits of segregated funds treatment to a wider range of risk management activities," said Brett Paulson, president and chief operating officer of The Clearing Corporation, in a press release. "Phase II facilitates portfolio margining and collateral management and provides greater access to a broader array of trading products for customers worldwide."
--EMoney Advisor Expands Functionality With AdvisorPlatform 4.0
EMoney Advisor, a provider of wealth planning solutions, this week announced the availability of AdvisorPlatform Version 4.0. The new version offers significant upgrades to Version 3.5 including goal planning, role-based permissioning, alliance partnerships, advanced data sharing and additional estate planning techniques.
The AdvisorPlatform provides financial advisers with a Web-based wealth planning tool that offers an aggregated, comprehensive view of a clients' financial portfolio, as well as features and functions that enable more complete planning and better servicing of a client's needs. With AdvisorPlatform, advisers can proactively manage their client relationships by identifying strengths and weaknesses in asset allocation, keeping accounts up to date and monitoring significant changes in their clients' financial status.
"Version 4.0 is about versatility," said Edmond Walters, CEO of eMoney Advisor, in a press release. "We are delighted to introduce goal planning ... Advisers can now customize a modular financial plan to fit your individual needs for education, retirement and expense planning. We implemented this new feature as a direct result of input from advisers who wanted to reach a broader spectrum of clients."