CLSA extends 12 year agreement with GBST
CLSA Limited (CLSA) has expanded their partnership with fund administration software provider GBST in a bid to "increase efficiencies" and replace existing legacy system infrastructure.
The announcement sees CLSA and its clearing entity, SetClear Pte Ltd, transition to the GBST Syn~ platform, helping reduce "total cost of ownership" as well as providing the company with the ability to further integrate its operations into GBST's global securities infrastructure.
GBST Capital Markets chief executive, Denis Orrock, said that the extension of GBST's global contract with CLSA recognised the "significant operational and cost efficiencies" that GBST Syn~ has delivered.
As part of its initial operational transformation, CLSA implemented the GBST's capital markets platform in 2008 to help consolidate its existing back and middle office operations from seven platforms to a single, integrated system.
The platform is currently used for securities processing — from affirmation to settlement and asset servicing.
The news follows GBST building on its existing partnership with Baillieu Holst Limited earlier this month, with the financial advisory firm deploying GBST's equities clearing and settlement platform and GBST Front Office solutions across its combined operations.
GBST said that that the expansion of the partnership agreement with CLSA will allow the GBST Syn~ to scale and continue to grow "in an era of high volume [and] high frequency trading" while reducing operational and market risk.
"It will be an exciting evolution as our scalable technologies continue to enable innovation and growth for bottom line benefits CLSA's global operations," Orrock said.
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