Commonwealth Bank (the Group) today announced that its Institutional Equities business has gone live with its new equities and clearing platform, GBST Shares™, the backbone of its operations functions.
The new platform will clear and settle trades executed by its institutional broking and trading services divisions, as well as transactions from its stock lending and equity finance desks.
David Hancock, Executive General Manager Institutional Equities and Debt Capital Markets, Commonwealth Bank said: “We’re very pleased to be launching the new platform, which will give scale to existing business volumes, and significantly improve our client services by addressing the timeliness and accuracy of our operations functions.
“We selected Shares™ after a competitive vendor process because we needed a robust platform to facilitate the higher trading volumes we’re expecting to experience in the near to medium term.
“Moving our operations functions onto the Shares™ platform will deliver clear efficiency and cost benefits to the business.
“Furthermore, the Group is the first Australian bank to adopt this technology, while placing it on equal footing with the global investment banks,” Mr Hancock concluded.
The Group’s Institutional Equities business, which is part of the Institutional Banking & Markets division, provides a range of services across equities research, sales trading services and electronic execution services to institutional clients