SGSS launches Global Broker-Dealer services
Societe Generale Securities Services (SGSS) has launched Global Broker-Dealer Services, an outsourcing solution aimed at institutional brokers, mid-tier banks and broker dealers. The fully integrated global service includes middle-office services, back-office processing and post-trade services.
“The service is based on current customer needs, rather than trying to serve them with legacy adaptations,” said Massimo Cotella, global head of coverage, marketing and liquidity management at the bank and a member of SGSS’ executive committee.
SGSS is developing the solution in response to increasing market demand from independent mid-tier brokers who want to concentrate on their core business and lower their production costs. The solution encompasses a set of services from execution, liquidity support, middle and back office processes, to core securities processing and asset servicing. It draws on and brings together the expertise from various Societe Generale groups including corporate and investment banking, Newedge and SGSS.
SGSS will partner with clients to remove fixed costs and reduce expenses associated with back office and post-trade activities by having access to a scalable and global set-up shared by other similar users.
The service will run on the Accenture Post-Trade Processing (APTP) platform, which was launched last year by Accenture and Broadridge Financial Solutions. The platform is designed to help banks operating in Europe and Asia Pacific to reduce post-trade processing costs, adapt to new regulations and technology and quickly and efficiently launch new products and enter new markets. The APTP platform will provide SGSS with further scale and functionality and enable the mid-tier market to benefit from significant operational efficiencies, said SGSS.
“Mid-tier, sell-side firms face a growing challenge to maintain and sustain their business,” said Jason Nabi, head of financial institutions & brokers for the UK at SGSS. “By outsourcing their full post-trade processes, clients become much more agile in terms of costs and set-up and can thus focus on growth and end-clients’ increasing needs.”
