SG Securities in London has gone live on the second phase of its implementation of the Gloss securities processing system from Wilco International, a wholly owned subsidiary of ADP Inc (NYSE: ADP). SG Securities London is the HUB for the Pan-European Settlement within the SG brokerage network.
The initial phase of the Gloss implementation, completed earlier in Q3 2001, saw SG Securities start live running on Gloss for its Scandinavian equities trade processing. The second phase completed the migration of processing of all SG Securities' remaining non-UK equity trades onto the Gloss system. This includes both own account principal trades and agency trades executed on behalf of SG Securities clients.
The completion of this second phase means that Gloss provides high levels of straight through processing for all stages of the trading lifecycle, including trade capture and enrichment, through confirmation, settlement and accounting.
Speaking about the successful migration of all its non-UK equity operation onto Gloss, Ken Camp, Project Manager at SG Securities, said: "This latest go-live represents a milestone in our strategy for delivering a more efficient IT platform for our equities business. I have every confidence that the rollout to our UK business will be successful and complete a key goal of consolidating the processing of all our equity activity onto Gloss from the three existing platforms."
The next phase of the implementation will see the migration of UK agency and principal equity trades onto Gloss. The third phase is due to go live in Q2 2002.