GBST, global provider of technology services to the financial services industry, today announced that Commonwealth Bank of Australia’s Institutional Equities Division has selected the GBST Shares platform to support its institutional broking services division. This is a new client for GBST Broker Services Division.
Stephen Lake, GBST chief executive officer said: “We are delighted to secure Commonwealth Bank as a new client and are proud to be able to support this important business initiative. Our specialised domain knowledge and continued investment in our technology makes GBST Shares and the new Syn~ technology platform the most advanced technology for the clearing and settlement of equity transactions. It also demonstrates confidence in our plans to introduce the next-generation Syn~ technology into Australia.”
GBST Shares connects market participants to a growing network of financial products and services that manage equity transactions, third-party clearing and margin lending. It supports financial instruments such as bank bills, bonds, foreign equities, term deposits and other cash products. GBST’s new front office system is in user acceptance testing and scheduled to be installed during FY2011.
GBST Shares is the industry-leading client accounting and securities transaction platform, used by more than half of Australia’s institutional and retail stockbrokers. The GBST Syn~ technology platform is being introduced into Australia in 2011.