LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--
In response to the industry requirement for increased multi-asset
processing efficiencies, Broadridge Financial Solutions, Inc. (NYSE:BR)
today announced that it is introducing new processing capabilities for
contracts for difference instruments (CFDs), extending the range of
business functionality available through its international transaction
processing solution, Gloss.
Gloss is extensively proven as a leading international processing
solution for equities, fixed income and warrants, plus a growing range
of treasury and derivative instruments. This latest investment in CFD
processing functionality follows the recently-announced addition of FX
forwards, non-deliverable forwards (NDFs) and forward rate agreements
(FRAs) to Gloss, and forms part of a substantial investment programme
that includes the continued broadening of the Gloss solution’s
instrument coverage.
International banks and brokerage firms taking advantage of Broadridge’s
investment in CFD processing on Gloss will benefit from a full suite of
agency and principal transaction processing and position keeping for
equity, FX, index and interest rate CFDs, including exchange-traded
CFDs. Opening and closing events in the CFD lifecycle will be supported
with close-out on a FIFO basis. Initial margin (cash or securities)
deposited on open and returned on close-out will be supported with full
settlement processing. Trading profit and loss can be calculated in real
time, with variation margin based on mark-to-market of open trades and
the daily financing charge calculated at end of day. The impact of the
most commonly encountered corporate actions on CFD positions will also
be automated. This new CFD functionality will be available on general
release, via outsourcing or on-site basis, by the summer of 2011.
“This is the latest step in our response to the requirement to process
many different asset classes on a single platform, as well as a
reflection of the demands and activity in our client base at the
moment,” said Robin Kneale, Head of Strategy & Product Management,
Securities Processing Solutions International, Broadridge. “We are
pleased to demonstrate the flexibility and configurability of the Gloss
engine in this way to meet the markets’ evolving requirements. Now we
plan to go on to provide functionality for exchange-traded futures and
options.”
Gloss is Broadridge’s strategic, international multi-asset solution.
Clients can leverage its extensive functional coverage and global reach
to capture new revenue streams quickly and efficiently, while maximising
operational efficiency and minimising risk and operating costs. Other
recent investments in Gloss include direct market connectivity to a
range of Asian CSDs including JASDEC (Japan), CDP (Singapore) and the
National Stock Exchange and Bombay Stock Exchange in India.
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 $3
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.
Source: Broadridge Financial Solutions, Inc.