ADP Moves Into Correspondent Clearing
VENDOR UPDATE
LONDON—ADP Brokerage Services (ADP), through the forthcoming acquisition of Bank of America's correspondent clearing business, will broaden its reach, allowing the vendor to service both self-clearing institutions and those that clear through a correspondent relationship.
Announced last week, the acquisition is expected to close before the end of the year, pending regulatory approval. ADP is a division of Automatic Data Processing.
The deal includes two separate business units: the bank's
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