LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--
Broadridge Financial Solutions, Inc. (NYSE:BR) today announced that it
is extending the range of multi-asset processing capabilities of its
Gloss international transaction processing solution. This includes
post-execution transaction processing for a wide range of
exchange-traded futures and interest rate swaps. Functionality will be
available for general release in December 2011.
Gloss is very well established internationally as a leading
multi-currency trade processing and settlement platform with extensive
functionality for equities, fixed income and warrants. It has always
provided a capability to process futures but these developments
substantially increase the depth of coverage. This capability has been
provided in response to the requirements of clients and prospects
globally who seek to increase operational efficiency through a single
processing solution for all of their asset classes.
For futures, Gloss will model and process a range of exchange traded
futures (currency, equity, index, interest rate and commodity futures)
and provide full functionality for trade capture, position keeping, and
the automation of close-out and end of day settlement, with additional
support for the margin calculations and interfaces required by brokers.
Interest rate swap (IRS) functionality will cover the representation of
fixed rate for floating rate, and floating rate for floating rate IRS
transactions, their rate schedules, the accrual of interest and the
generation of payments. It will also handle processing from trade
capture to settlement.
These enhancements will enable clients to concentrate their back office
processing and position keeping for a very wide range of products on one
platform, Gloss. This will simplify their systems architecture and
operational and reporting processes, leading to direct platform savings,
operational efficiency and operational risk control. This extended Gloss
capability can be combined with other solutions in the Broadridge suite,
for example PROactive Reconciliations and PROactive [OTC]
Confirmation Matching to provide a comprehensive post-execution platform
delivered from the Broadridge Service Bureau or as an on-site solution.
This announcement is the next step in Broadridge’s substantial ongoing
investments to further extend the Gloss solution’s multi-asset
processing capabilities which, in the past year, has seen the launch of
extended coverage for a range of treasury and OTC derivatives including
FRAs, NDFs and CFDs.
“This latest investment by Broadridge is an acceleration of our response
to the requirement to process many different asset classes on a single
platform,” said Robin Kneale, Head of Strategy & Product Management,
Securities Processing Solutions, International, Broadridge. “We see
demand for this functionality from our clients and prospects
internationally, especially in Asia Pacific, and we are pleased to
demonstrate the flexibility and configurability of the Gloss engine in
this way to meet these requirements. Now we plan to go on to provide
functionality for exchange-traded options and other OTC derivatives
linking up with our sophisticated trade matching capabilities.”
About Broadridge
Broadridge is a technology services company focused on global capital
markets. Broadridge is the market leader enabling secure and accurate
processing of information for communications and securities transactions
among issuers, investors and financial intermediaries. Broadridge builds
the infrastructure that underpins proxy services for over 90% of public
companies and mutual funds in North America; processes more than $4
trillion in fixed income and equity trades per day; and saves companies
billions annually through its technology solutions. For more information
about Broadridge, please visit www.broadridge.com.
Media:
The Torrenzano Group
Ed Orgon, 212-681-1700
ed@torrenzano.com
or
Broadridge
Financial Solutions, Ltd.
Mike West, +44 (0)20 7551 3224
Vice
President, International Marketing
mike.west@broadridge.com
Source: Broadridge Financial Solutions, Inc.