UBS in Australia has extended its partnership with global financial technology provider GBST to include the Syn~ post-trade automation platform.
The partnership sees UBS utilise GBST’s technology for its Australia post-trade operations including cash equities and exchange-traded options.
As part of its ongoing relationship with GBST, UBS has also committed to migrating its Australian business to the Syn~ platform to gain access to operational efficiencies and latest technologies.
The partnership will see GBST 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, added: “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, also also stated: “This relationship also recognises 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.