BNP Paribas Brokerage Services, a Philadelphia-based subsidiary of the French bank, has gone live with Wilco's Gloss platform for the processing of European bonds and equities.
The Gloss STP Bureau platform handles the complete trade cycle from capture of executed trades, through confirmation and settlement, to position keeping and accounting.
BNP Paribas has contracted with Wilco for the Gloss securities processing system, STP Explorer, Enterprise Broker middleware system and real-time Swift Adapter.
The new platform will interface with ADP's Securities Industry Software (SIS), which BNP Paribas currently uses for its domestic North American operations, enabling users to access both systems from a single desktop.
John Foster, COO, BNP Paribas Brokerage Services, says the firm will reap the benefits from this integrated approach.
Wilco adds that the brokerage also plans to implement its Oasys Global Direct Adapter for electronic trade confirmation and consolidated domestic and international customer statements, which will be provided through ADP’s Information Distribution Services (IDS) group.