SG Securities in London, the pan-European settlements hub for the SocGen brokerage network, has gone live on the Gloss securities processing system from Wilco International.
SG Securities is initially using the Gloss back office package to provide straight-through processing from trade capture through to settlement for international equity trades. The system has been wired up to provide connectivity to Euroclear, Crest(reporting) and Thomson ESG's Oasys Global Direct for electronic trade confirmation.
The package will be used to process both own account principal trades and agency trades executed on behalf of SG Securities clients. The bank has implemented Wilco's Print Adapter for automating the production of printed client communications and for telex and fax communications.
SocGen is also using Wilco's STP Explorer exceptions investigation and repair tool and the Gloss corporate actions system to deliver automation for dividends payments.
The first phase has been installed over a period of seven months, with the next phases of implementation covering UK agency and UK principal for equities due by June 2002.