LAKE SUCCESS, NY -- (MARKET WIRE) -- 01/22/08 --
Broadridge Financial Solutions, Inc.
(NYSE: BR) announced that LBBW Securities, LLC, a wholly owned subsidiary
of Landesbank Baden-Württemberg, is outsourcing a range of operations
functions to its subsidiary, Ridge Clearing and Outsourcing Solutions, Inc.
LBBW has also decided to use impact, Broadridge's solution for
fixed-income trade processing on an outsourced basis.
The only offering of its kind, Broadridge's Operations Outsourcing solution
enables LBBW to outsource the labor-intensive functions relating to trade
clearance, settlement, and custody while leveraging Ridge Clearing's
centralized operations staff to increase economies of scale and remain an
independent, self-clearing broker-dealer. This customizable solution
allows LBBW the flexibility to outsource certain operations and back-office
functions without altering its front office operations or impacting the
customer experience.
With the majority of its business in the fixed-income sector, LBBW will
also take advantage of Broadridge's best in class fixed-income processing
engine, impact, to support its processing needs. Broadridge's impact
provides regional and global financial institutions with real-time position
and balance information, as well as trade execution, real-time settlement
and clearing interfaces for domestic and foreign fixed-income securities.
Impact's sophisticated financing capability and extensive support for
securities processing functionality will enable LBBW to increase its
overall efficiencies.
Andreas Oberem, Chairman, LBBW Securities, LLC, cites a variety of reasons
why Broadridge's Operations Outsourcing solution is an ideal match for
LBBW's business needs. He stated, "As a new broker-dealer we are acutely
aware of the need to minimize our operating and staffing costs, but it was
important for us to remain independent and self-clearing. Broadridge's
Operations Outsourcing is exactly the offering we needed due to their suite
of services allowing us to maintain processing control and the efficiencies
of being self-clearing."
"LBBW represents the kind of firm that Broadridge is eager to provide our
Operations Outsourcing services to because this solution offers LBBW and
any broker-dealer the freedom to remain self-clearing and gain the
considerable cost savings associated with outsourcing the labor-intensive
back-office functions associated with trade clearance, settlement, and
custody in a way that is seamless to its customers," said John Hogan,
President and Chief Operating Officer, Broadridge.
About Broadridge
Broadridge Financial Solutions, Inc., formerly ADP Brokerage Services
Group, with over $2.0 billion in revenues and more than 40 years of
experience, is a leading global provider of technology-based outsourcing
solutions to the financial services industry. Our integrated systems and
services include investor communication, securities processing, and
clearing and outsourcing solutions. We offer advanced, integrated systems
and services that are dependable, scalable and cost-efficient. Our systems
help reduce the need for clients to make significant capital investments in
operations infrastructure, thereby allowing them to increase their focus on
core business activities. For more information about Broadridge, please
visit www.broadridge.com.
Press Contact:
Tony DeMeoBroadridge Financial Solutions, Inc.
One Park Avenue
New York, NY 10016
212-918-6919
Email Contact