The Syn platform will replace the broker’s existing ADP Wilco Gloss system and is expected to go live at the end of the year.
According to Don Simpson, managing director of operations & technology at Mitsubishi Securities, the Syn platform was chosen because it offered a cost-effective solution.
Having the same settlements system for bonds and equities will also allow us to achieve higher STP and greater efficiency improvements, Simpson added.
SynSettlements is a rules and lifecycle driven back-office processing engine handling all transactions. It is designed to reduce operational costs and improve straight through processing (STP) through its automated approach to handling for the correction and repair of transactions.
