LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--
Broadridge Financial Solutions, Inc. (NYSE:BR) today announced that it
has concluded a software purchase agreement with Mitsui Knowledge
Industry Company Limited (MKI) in Japan. Under this agreement,
Broadridge has acquired all intellectual property rights in MKI’s B-Fund
solution. The solution provides connectivity and associated processing
for Japanese government bonds (JGB) and Japanese yen (JPY) payments that
clear and settle through the Bank of Japan’s BOJ-Net System.
The B-Fund solution will be renamed and marketed by Broadridge as Gloss
BOJ Processing Solution, with changes being effective immediately.
Under the terms of the software purchase agreement, Broadridge will
license the B-Fund solution back to MKI to allow MKI to provide
continuing support to its existing customer base.
The Bank of Japan has announced plans to redevelop its BOJ-Net System
utilising XML-based messaging, which is expected to go live in early
2016. Broadridge recognises that this change is pending and is fully
committed to meeting the new requirements, and any client of the Gloss
BOJ Processing Solution can be confident of continuity of service across
this large-scale industry change. As a provider of solutions to many
markets, Broadridge has long-standing and industry-leading experience in
XML-based messaging solutions.
Broadridge can now offer a full-function multi-language, including
Japanese, post-execution clearing and settlement solution for equities,
fixed income and related instruments with interfaces to both JASDEC and
the Bank of Japan, together with comprehensive regulatory and legal
reporting (JRR / JLL) for Japan. The same platform can also provide
global support for settlement at custodians and CSD/ICSDs via SWIFT or
Euroclear, and domestic settlement in key international markets. As
Broadridge supports component-based solutions, Broadridge will also
market free-standing JASDEC and BOJ functionality and connectivity
solutions.
The necessary knowledge transfer and support arrangements have commenced
to allow Broadridge to immediately offer this solution to existing
customers and prospects. The underlying technology base is highly
compatible with Broadridge’s existing solutions and well-understood by
its large IT teams in Japan and India.
“We believe this is a game-changing announcement,” said Robin Kneale,
Head of Strategy and Product Management, Securities Processing
Solutions, International, Broadridge. “We are very pleased to form an
alliance with a highly respected Japanese company. We have been
established and active in Japan for over 12 years, serving a
prestigious, core set of clients. Now there is real choice available to
all banks and brokers in Japan looking to connect to BOJ and JASDEC to
process Japanese equities and fixed income on a modern, real-time,
globally-proven solution that also offers extensive international
capabilities.”
Shigeo Suzuki, Executive Managing Officer, MKI said, “We are delighted
to enter into this initiative with Broadridge. They are a leading
provider of global trade processing and settlement solutions, with an
exemplary reputation for the highest standards of customer service and a
strong track-record for innovation and product investment in Japan. It
is our firm belief that banks and brokers in Japan are interested in a
more global outlook and solution set, and Broadridge is a proven leader
in this field. We look forward to working together to extend the
services and solutions offered to our regional client base and to the
global financial community here in Japan.”
Tom Carey, President, Securities Processing Solutions, International,
Broadridge, added, “We are delighted to be working with MKI and
extending our solutions for the Japanese market. This reaffirms
Broadridge’s long-term commitment to Japan and our commitment to be a
leading solutions vendor to firms in this market.”
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.