LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--
Broadridge Financial Solutions, Inc. (NYSE:BR) today announced that HSBC
is the first live operational user of the new SWIFT MX Proxy Voting
Messaging Suite using Broadridge’s global proxy processing solution. The
SWIFT messages, based on the latest ISO 20022 messaging standard, are a
new generation of SWIFT-based communications designed to increase
processing efficiency throughout the proxy voting lifecycle, and
ultimately facilitate greater levels of corporate governance by
providing increased time for shareowners to make voting decisions.
The new messaging has initially been implemented for HSBC Securities
Services in Hong Kong for its sub-custody business. HSBC will provide
Broadridge with meeting announcements and agendas, via the SWIFT MX
messages, to set up the details of a meeting event on its global proxy
platform. Since Broadridge operates a cooperative meeting sourcing
model, all institutional investors receiving ballots through Broadridge
will benefit.
“We are proud to be the first to market with the new SWIFT standard for
vote processing,” said Colin Brooks, Global Head of Sub-Custody and
Clearing, HSBC Securities Services. “From its inception, we have been a
strong advocate of this new standard to create greater levels of
operational efficiency, raise the levels of industry-wide governance and
extend the time available for our institutional clients to conduct
appropriate levels of research prior to voting deadlines.”
“This is a significant milestone for all constituents involved in the
proxy processing lifecycle, including issuers, custody and asset
servicing businesses and investors, and we congratulate HSBC and
Broadridge for successfully deploying the MX messages,” said Fabian
Vandenreydt, Head of Securities and Treasury Markets, SWIFT. “We look
forward to the continued roll-out and use of the new message standard as
we work towards extending its international, cross-industry usage.”
“Broadridge is pleased to welcome HSBC as the first client to go live on
our solution for the SWIFT MX Proxy Voting Messaging Suite. We have
worked closely with SWIFT and the financial community to bring our
knowledge and experience of electronic proxy processing to this
important industry initiative, and we are fully committed to working
with all industry participants as they start to realise its benefits
through increased efficiency, improved client service levels and an
underlying advance in international governance,” said Elizabeth
Maiellano, Senior Director, Institutional Product Strategy, Broadridge.
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.