Broadridge Financial Solutions said it is beginning to supply post-trade processing services to prime brokers and investment banks.
The technology firm said it is basing the services on its existing platform for multicurrency trade processing, Gloss. The services aimed at prime brokers and banks will include international transaction settlement, real-time custody and financing services.
Gloss’ new capabilities, the firm said, will allow prime brokers "to offer full settlement services to buy-side investment firms and hedge funds, automating security and currency transaction processing, enabling firms to manage books and records in real-time and facilitating efficient asset servicing."
Users can also connect to multiple central securities depository around the world
Prime brokers need efficient middle- and back-office operations, integrated through one platform, that can also provide clear reporting to regulators, said Paul Clark, senior strategy and product manger, Securities Processing Solutions, International, Broadridge.
Broadridge builds the infrastructure that underpins proxy services for more than 90 percent of public companies and mutual funds in North America; processes more than $3 trillion in fixed income and equity trades per day; and provides cost-saving technologies to financial firms.