HKEx, Wilco announce new outsourcing service

By : |May 15, 2002 0

HYDERABAD: Hong Kong Exchanges and Clearing Ltd. (HKEx) and Wilco
International Ltd., a wholly owned subsidiary of Automatic Data Processing, Inc.
with its development facility based at Hyderabad, has announced that both the
entities have agreed to form a joint venture to provide securities markets’
transaction processing services.
The joint venture will provide Brokers’ Electronic Support Services (BESS) to
HKEx’s Stock Exchange Participants. BESS will facilitate seamless
straight-through transaction processing (STP).

"HKEx is pleased to partner with ADP Wilco to offer our Stock Exchange
Participants an opportunity to outsource their back office IT processing to a
centralized service bureau. BESS will bring greater operational efficiency to
market participants through its superior processing capabilities. Furthermore,
the cross-border capability of BESS will also help our participants to provide
better and more streamlined service to their domestic and overseas
clients," said Kwong Ki-chi, chief executive of HKEx.

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