Following its rollout in both London and New York last year, FTSE Group has gone live with the XSP v5 Corporate Actions platform in a new location: Hong Kong. The corporate actions processing platform now covers the indices provider’s Asian operations and Neil Sheppard, managing director and chief operating officer of EMEA for XSP, reckons this will provide them with the benefits of scalability.
Mark Gleeson, operations director at FTSE Group, explains the reasoning behind the decision: “With the increasing visibility of corporate actions events in Asia, it is critical that we further maximise productivity levels and processing efficiencies by integrating the XSP v5 platform into FTSE’s Asian operations to ensure continuous return on investment.”
The overall implementation of the solution across the group is part of FTSE’s initiative to achieve an automated STP environment for the management of corporate action events applied to its FTSE indices. The group signed on to rollout the solution for its London operations early in 2008 and for its New York office in December of that year.
Sheppard adds: “With the XSP v5 software running in live production at FTSE’s London and New York offices, it makes sense for them to extend this single, enterprise-wide platform to their Hong Kong operations. The extension proves the true scalability and flexibility of the XSP solution in managing the growing volume and complexities associated with global corporate actions processing.”
XSP is trying to up its game in the Asian region, much like the other vendors on the corporate actions solution block, and has recently added data from the Australian Securities Exchange (ASX) to its platform in order to increase its appeal. The vendor has also recently signed a partnership agreement in the region with banking software solutions provider Decillion Group to provide a service-based offering of the XSP v5 Corporate Actions platform to the Asian and Australian markets.
“Our company has, over the last 18 months or so, seen an increased interest in our product from the Asia Pacific region. We have clients in this region and the feedback we’re seeing is that the appetite for proven automated solutions is high,” claims Sheppard.