RBC Securities Australia, the Sydney-based stockbroking subsidiary of The Royal Bank of Canada, is implementing ADP Wilco's broker client accounting system, Summit, to automate its equities processing operations.
The Summit system is being introduced to automate processing of domestic Australian and international traded securities from trade capture through to confirmation, position management, multi-currency books and records, clearing house reporting and settlement. The application will also be used to provide integrated processing for corporate actions.
RBC will also use Summit's suite of service adapters which provide connectivity to the Australian Stock Exchange (ASX) Seats order processing service and Chess settlement service, as well as the Iress service for ETC order entry, allocation and confirmation and Omgeo's Oasys service.
Alan Downie, MD and CEO, RBC Capital Markets, Asia Pacific, says the platform will "minimise our operational running costs and time to market, while optimising operational efficiency through its advanced straight-through processing capabilities".