The Australian branch of UBS, the country’s number one broker by volume and value, has extended its long-term partnership with GBST to include the Syn~ post-trade automation platform.
A GBST client since 1998, UBS uses GBST’s technology for its Australia post-trade operations including cash equities and exchange-traded options. The new deal includes the migration of its Australian business to the Syn~ platform to gain access to operational efficiencies and the latest technologies. GBST will support UBS through the ASX’s CHESS Replacement, providing a modern system to connect with the CHESS Replacement platform.
Scott Hanlon, Head of Operations, Australia at UBS commented: “This contract extends our relationship with GBST to more than 25 years. It has consistently scaled to meet our growing requirements and the flexible and highly-automated Syn~ platform is an ideal foundation from which to grow our business in Australia.”
Rob DeDominicis, Chief Executive Officer at GBST, said: “We are delighted to extend our relationship with UBS and continue to grow our Australian market share. Our business and products have grown alongside theirs over the course of our partnership since 1998 and it is exciting to now support them with the latest technology to drive their post-trade efficiency and automation.”
Denis Orrock, Head of Asia Pacific at GBST, added: “This relationship also recognizes the multi-million dollar investment we are making in the CHESS Replacement program. GBST was the first vendor to connect to the original CHESS platform over 25 years ago and we are now working hard to ensure our clients can transition to the CHESS Replacement platform and embrace future technology innovations in our fast-moving sector.”
GBST technology processes over $6bn globally every day and is used by 8 of the top 12 global investment banks. Last year, the fintech firm delivered its back-office custody solution to Hong Kong-based CMB Wing Lung Bank. The Syn~Ops Custody product is a workflow-driven and cloud-capable solution that allows prime brokers and custodians to focus on the customer and reduce the cost of operations through automation.
In recent years, GBST has provided fintech solutions for some of the top tier names in the APAC region, including Haitong International, Deutsche Bank, and Raymond James. The firm has two offices in Asia, located in Hong Kong and Singapore.
