US-based ADP will provide outsourcing services for National Investor Services, a TD Waterhouse affiliate.

Under the long-term contract, ADP will carry out clearing and custody related functions for the financial firm. The company will use an Operations Outsourcing product designed to outsource operational functions (trade clearance, settlement and custody) with little impact to customers and registered representatives.

National Investor Services is the second company to set up ADP's Clearing and Outsourcing Services. Last November, brokerage firm Murphy & Durieu subcontracted clearing and settlement of equities and fixed income transactions to ADP.