Automatic Data Processing, the US technology group, has completed its acquisition of Bank of America's scandal-hit broker-dealer services arm. The IT firm has named the newly-created division ADP Clearing and Outsourcing Services.

ADP's Brokerage Services Group, which provides brokers with back office support, agreed to buy Bank of America's broker dealer services division, as well as its US clearing division, this June, but had to wait for regulatory approval to complete the deal.