Wilco International is developing three new market interfaces in an effort to provide straight-through processing between its Gloss back office package and the Australian Stock Exchange's Seats, Signal and Chess systems.
In parallel with the development of the three adapters, Wilco is also reconfiguring its Gloss system to support local Australian market practices, such as configuration of the position management functionality for the Chess "entrepots" or accounts, the company says.
Steve Bloomer, CEO at Wilco International, says: "We realised that development of these adapters and a local configuration of Gloss were essential elements of a product set which would offer the same levels of STP for the Australian market as we provide in Europe, North America and Asia."
The new interfaces are scheduled for completion by mid-2001, he says.
The Seats adapter will interface order management systems with the ASX's Stock Exchange Automated Trading System (Seats) for the placement of traded equities, fixed income and warrant orders on the exchange and for receipt of trade executions from the exchange.
For the settlements end of the trading lifecycle, the Chess adapter will interface between the settlements, corporate actions, static data and position management modules of Gloss and the ASX's clearing house electronic sub-register system (Chess), via the X.25 Austpac Network. The development includes modelling for different types of private and institutional client settlement undertaken in Australia, including broker sponsored, issuer sponsored, nominee and DVP settlements, says the company.
The Signal adapter will provide a two-way interface between the ASX's Market Data system via the X.25 link with Wilco's Gloss settlements and corporate actions modules which will automate the feed of data such as issuers, securities, diary adjustments and calendar details to the Gloss modules.