CGI AND PINNACLE TO JOINTLY DEVELOP TRADE PROCESSING SOLUTION TO PROVIDE FULL INSTITUTIONAL CORRESPONDENT SERVICES AND ELIMINATE TRADE COMPRESSION
CGI Group Inc. (TSX: GIB.A; NYSE: GIB) and Pinnacle Correspondent Services (a division of Canaccord Capital Corporation) today announced the development of a joint offering which will enable Pinnacle clients to eliminate trade compression and the associated cost of trade compression when supporting Direct Market Access (DMA) Algorithmic & Arbitrage trading. CGI Group Inc. (TSX: GIB.A; NYSE: GIB) and Pinnacle Correspondent Services (a division of Canaccord Capital Corporation) today announced the development of a joint offering which will enable Pinnacle clients to eliminate trade compression and the associated cost of trade compression when supporting Direct Market Access (DMA) Algorithmic & Arbitrage trading.
In addition to the benefits from the broad range of services that Pinnacle provides, Pinnacle's institutional clients will gain the advantage of using CGI's proprietary e-Settlement solution's institutional modules, specifically, inventory/risk/capital management and foreign exchange, in a straight-through-processing (STP) environment.
"We are very excited to offer institutional brokers a solution that will result in a more efficient use of their processing infrastructure as well as give them the ability to leverage the latest STP technology without incurring development costs," says David Bolton, Vice-President, Banking and Investment Industry at CGI.
"The rapid pace and cost of technological improvements poses challenges for mid-size brokerages," adds David Tasker, Vice-President, Pinnacle Correspondent Services. "An investment in this solution frees clients to focus on core competencies and assign limited resources to the professional areas that differentiate them from their competitors."
Pinnacle provides correspondent broker services to the Canadian retail and institutional brokerage industry.
CGI's e-Settlement solution is a real time, multi-currency brokerage application available to the Canadian investment dealer community. e-Settlement, is a straight-through-processing application, which enables business processes to be conducted electronically without the need for re-keying or manual intervention. This application has been designed to support all facets of the Canadian brokerage marketplace (retail, discount, institutional and full-service) and is compliant with Canada's regulatory framework. The application runs on Sun Solaris servers, uses the Oracle 10.i relational database and is comprised of C++ and Java code.
CGI is a major provider of IT and business process services to financial institutions around the world including all of the top Canadian banks, nine of the top U.S. banks and seven of the top twenty banks in the world. CGI banking-focused solutions include core banking, end-to-end wealth management, trade finance, business intelligence/data warehousing and customer relationship management. CGI solutions process one-third of all U.S. credit bureau requests and more than $130 billion are moved every day over the fund transfer systems that it supports. CGI provides retail banking, transaction processing and payroll services to more than 2,300 banking institutions worldwide.
About Canaccord Capital Inc.
Through its principal subsidiaries, Canaccord Capital Inc. (TSX & AIM: CCI) is a leading independent, full-service investment dealer in Canada with capital markets operations in the United Kingdom and the United States of America. Canaccord is publicly traded on both the Toronto Stock Exchange and AIM, a market operated by the London Stock Exchange. Canaccord has operations in two of the principal segments of the securities industry: private client services and capital markets. Together, these operations offer a wide range of complementary investment products, brokerage services and investment banking services to Canaccord's private, institutional and corporate clients. Canaccord has approximately 1,673 employees worldwide in 30 offices, including 23 Private Client Services offices located across Canada. Canaccord Adams, the international capital markets division, has operations in Toronto, London, Boston, Vancouver, New York, Calgary, Montreal, San Francisco, Houston and Barbados.
Founded in 1976, CGI Group Inc. is one of the largest independent information technology and business process services firms in the world. CGI and its affiliated companies employ approximately 25,500 professionals. CGI provides end-to-end IT and business process services to clients worldwide from offices in Canada, the United States, Europe, Asia Pacific as well as from centers of excellence in North America, Europe and India. CGI's annual revenue run rate stands at $3.7 billion (US$3.5 billion) and at June 30th, 2007, CGI's order backlog was $12.4 billion (US$11.6 billion). CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in the S&P/TSX Composite Index as well as the S&P/TSX Capped Information Technology and MidCap Indices. Website: www.cgi.com.
For more information:
Director of Communications, Canada
Pinnacle Correspondent Services
A Division of Canaccord Capital Corporation