UBS in Australia has extended its partnership with global financial technology provider GBST to add its post-trade automation platform, Syn~. The number-one broker in Australia by volume and value, UBS has been a GBST client since 1998 and already uses several GBST post-trade solutions for the cash equities and exchange-traded options business.
As part of its ongoing relationship with GBST, UBS has also committed to migrating its Australian business to the Syn~ platform to gain access to operational efficiencies and latest technologies. The partnership will see GBST support UBS through the ASX’s CHESS replacement, providing a modern system to connect to a platform based on distributed ledger technologies, expected in March-April 2021.
Denis Orrock, head of Asia Pacific at GBST, said in a statement: “This relationship also recognizes the multi-million dollar investment we are making in the CHESS Replacement program. GBST was the first vendor to connect to the original CHESS platform over 25 years ago and we are now working hard to ensure our clients can transition to the CHESS replacement platform and embrace future technology innovations in our fast-moving sector.”