Wachovia Implements Asset Control for Data Management
Wachovia Corp. is implementing Asset Control's data management technology, AC Plus, in its corporate investment banking division. The implementation is scheduled to go into production in the first quarter of 2005.
Wachovia is deploying the technology as part of a project that is meant to improve the bank's risk management and research capability, according to a statement by Barry Fenwick, divisional information officer of Wachovia Corporate Investment Bank, who is quoted in the release. "The new platform will allow us to leverage our comprehensive market history and provide additional analytical services to our clients," he said in the release.
The Wachovia system will be configured from the AC Plus modular framework to gather and manage snapshot, end-of-day and time series pricing information for interest rates, credit spreads, foreign exchange and commodities.
The Asset Control solution was selected following evaluation in proof-of-concept testing. It will be delivered in a turnkey implementation, including feed handlers for multiple data vendors.
ADP Wilco Targets Clearance of Japanese Government Bonds
ADP Wilco, a subsidiary of Automatic Data Processing Inc., has launched a solution for the processing and clearance of Japanese Government Bonds through the Japan Government Bond Clearing Corp. (JGBCC). ADP Wilco's solution was developed in response to Japan's newly established JGBCC service for the clearing of Japanese Government Bonds traded over the counter.
JGBCC's clearing service will include central counterparty settlement and netting and will facilitate trade matching via the JASDEC Pre-Settlement Matching Service. The JGBCC service is scheduled to begin operating in May 2005.
ADP Wilco's solution for the JGBCC service is based on ADP Wilco's international Gloss processing platform. It handles all facets of trade life cycle processing from trade capture, including communication with JASDEC (Japanese Securities Depository Center) and JGBCC; tracking of matching statuses; settlement instruction generation and status updates; trade netting and splitting; and next-day margin call requirements for additional funding or return of excess funds.
One of Japan's leading securities companies has signed an agreement to use the ADP Wilco JGBCC solution for its Japanese Government Bonds, but the company was not named in the release.