GBST extends $8bn IFA partnership
Monday, 8 February 2016 11:35am

GBST has extended its managed services agreement with an $8 billion independent financial advice firm.

As a result, Baillieu Holst will continue using GBST's Shares equities settlement platform and Front Office service for its over 50,000 advice and broking clients.

Commenting on the partnership, Baillieu Holst managing director Gavin Powell said, "GBST has become integral to the way we operate our entire business. The platform has proven its reliability and scalability, and that it is comfortably able to cope with the changes in scope of our business.

"And GBST works closely with us on initiatives to keep improving the data we can extract from the system. It was easy for us to continue with them."

GBST Capital Markets chief executive Denis Orrock added, "Full service brokerage needs full service capabilities and the integrated benefits of the GBST platform and solutions range is certainly highlighted within the Baillieu Holst operations.

"Not skipping a beat during the transition of both firms to GBST Shares, and retaining all data, including enquiries in train, has certainly helped contribute to the positive growth levels of customers and funds under management. Opportunities have certainly been capitalised."

GBST also recently announced itself as the first industry software provider to accommodate the new T+2 settlement regime for the Australian equities market, which is due to take effect on March 7.

Orrock explained, "A reduction in the settlement period will see a reduction in overall CCP margin cover by reducing the net outstanding obligations between brokers and the CCP.

"It will also see a reduction in exposure to counterparty, credit, operational and settlement risks, boost market liquidity due to faster re-investment of capital and also has the potential to reduce the amount of regulatory capital required to cover unsettled counter party exposure between the broker and their clients."

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