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Broadridge Launches Gloss Prime Broker Solution to Meet Industry Demand for Operational Efficiency and Process Transparency

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  Published in Science and Technology on Monday, June 20th 2011 at 3:40 GMT by Market Wire
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LAKE SUCCESS, N.Y.--([ BUSINESS WIRE ])--Broadridge Financial Solutions, Inc. (NYSE:BR) today announced the launch of its post-execution processing solution for prime brokers and investment banks. Based on the market leading multi-currency trade processing and settlement platform, Gloss, the new solution offers international transaction settlement and real-time custody and financing services, enabling firms to boost reporting transparency and increase efficiency of operational processes.

"New Basis for the Hedge Fund / Prime Broker Relationship"

Glossa™ new capabilities 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. In addition, the solution offers clients global multiple central securities depository (CSD) connectivity. As multi-asset functionality becomes increasingly important in the fund industry, Gloss is well-placed to help prime brokers extend their services, expanding the number of products they can offer and their geographical reach, through a single consolidated platform.

Additionally, in order to provide current insights into the prime brokerage market and its associated IT requirements, Broadridge has sponsored an independent study by the research and consulting firm, Celent, entitled aNew Basis for the Hedge Fund / Prime Broker Relationshipa. The white paper can be accessed via [ www.broadridge.com/intprime ].

Paul Clark, Senior Strategy and Product Manager, Securities Processing Solutions, International, Broadridge, said: aAs activity and complexity in the fund industry continues to increase and the multi-prime model expands, prime brokers need one technology platform that offers their clients an efficient back/middle office solution. It needs to ensure transparency in reporting and operational efficiency as well as supporting their customersa™ business growth into new asset classes and markets. The Gloss prime brokerage solution is another step forward in our strategy to offer extended services to our clients on our single multi-asset platform.a

Proven in the market, Gloss has a strong pedigree and the new prime brokerage capabilities are already live with one client, a tier-one international investment bank and financial services firm. Available now, worldwide, clients can opt to use the full Gloss suite for multi-asset processing. Alternatively, Broadridge offers discrete services for firms wishing to use specific functional capabilities such as custody. The Gloss solution is available on an ASP service bureau basis, or as an on-site licensed solution.

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 ].

About Celent

Celent is a research and consulting firm focused on the application of information technology in the global financial services industry. The firm has two basic offerings:

• Research, providing members with continuous knowledge and advice
• Consulting, working with clients on specific strategy issues.

Celent's analyst team is organized by financial services industry vertical: Banking, Securities & Investments, as well as Insurance. These analysts produce monthly research reports for our members, and are available to members to further explore issues and questions that may arise. For more details: [ www.celent.com ].