IBM and Wilco International today have entered into an agreement that will see Wilco's
global securities processing and settlement system, Gloss, used to provide the back office securities processing and settlement component of IBMs Straight Through Processing (STP) Workbench for e-business for broker/dealers. In return IBM will provide sales and integration services for Gloss, which Wilco will continue to develop, market and sell.
Gloss is a real-time integrated system for trade processing, clearing, settlement and accounting. It supports a range of financial instruments, including international equities and warrants, as well as bonds such as international sovereign debt, non-sovereign debt, emerging markets and floating rate notes. Gloss has been implemented in agency business, collateral management, investment banking, and treasury environments.
The IBM STP WorkBench is a modular set of offerings comprised of consulting, re-engineering and integration services as well as hardware and software components from IBM and selected business partners. IBM is pitching its WorkBench solution at broker/dealers, global custodians and investment managers and claims it enables them to settle trades more quickly, reduce costs, lower operational risks and improve customer service.
"Gloss's multi-market and multi-currency functions make it the ideal product to support the consolidation of securities operations for clients looking to lower cost, promote increased operational efficiency and facilitate expansion into new global markets," says Tom Shaw, director, Straight Through Processing, IBM Global Financial Markets. "Wilco's Gloss combined with IBM's integration services make it a powerful solution for securities firms that look at STP as not only an industry mandate but also a business growth opportunity."