GBST’s Syn~Ops selected by investment bank for new European hub
By Megha Bhattacharya
GBST announced that a global investment bank and its client has extended its deployment of the company’s Syn~Ops platform, enabling securities processing in Europe, in addition to its existing use in Asia. The investment bank originally went live in Asia on Syn~Ops in 2018, to replace eight in-house legacy systems – including post-trade equities IT platforms – with GBST’s modern, extensible trade processing application.
Denis Orrock, Head of Capital Markets at GBST, commented, “We are proud to have assisted this Tier-1 global investment bank in extending its deployment of Syn~Ops to incorporate European market securities processing and in so doing, deploy two regional processing hubs onto a single system instance.
“Our client has been able to deploy a consistent, highly automated processing model across multiple jurisdictions, resulting in a reduction in human intervention, higher rates of STP, and cost savings across operations and infrastructure. Furthermore, our client will benefit from the ease of implementation of new products and entities as their use of the platform expands. This is evidenced by the Bank’s decision to migrate its local Singapore operations and Central Securities Depository (CSD) connectivity onto the platform later this year.”
GBST stated that Syn~Ops was selected for the implementation of the Bank’s new European hub to support entity changes related to Brexit. The deployment, which is now live, required GBST to develop a range of enhancements to support European and global regulations and SWIFT practices. Over 58 markets are processed through the Bank’s Syn~ platform.
Recently, Delta Capita announced a partnership with GBST following the launch of their financial transaction tax solution, Syn~FTT. The collaboration is part of the company’s growth strategy which will now see the technology firm expand into the post-trade managed services space.
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