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Risk Technology Awards 2019: Broadridge Financial Solutions

RRERTA19-Broadridge

Managed support services provider of the year

Ramprasad Sandilya, Broadridge
Ramprasad Sandilya, Broadridge

Broadridge’s managed services combine advanced technology with operations expertise to support and automate the securities lifecycle. Ratified by the Financial Industry Regulatory Authority, the outsourcing services include securities clearing, asset servicing, securities lending, record-keeping, reconciliations, custody-related functions, client onboarding, cost basis, tax and regulatory reporting. The customisable offerings help clients adapt to new regulations while mutualising operations and innovation costs, as well as increasing efficiency, governance and risk mitigation. 

Broadridge’s multi-asset, multi-market, multicurrency and multi-entity solutions support real-time trade processing of equity, fixed income, mutual fund, foreign exchange and exchange-traded derivatives. Clearance and settlement services are available in more than 80 countries, including established and emerging markets. Services in Europe, the Middle East and Africa, and Asia-Pacific are provided through a strategic collaboration with Accenture Post-Trade Processing.

The mission-critical solutions are hosted on state-of-the-art data centres and the cloud, and provide a high degree of scaling, redundancy, reliability and flexibility – and 99.995% availability. Data protection is aligned with the NIST cyber security framework and certified to the ISO 27001 information security standard.

On the securities processing side, Broadridge has over 350 financial services clients across 14 categories of tasks. Its operations-managed services have 45 clients, including seven primary dealers and 12 buy-side firms. 

A recently introduced forex managed service performs confirmation matching, settlement and post-settlement operations for forex, forex options, money markets, structured products and precious metals. Broadridge has also expanded its buy-side offering with custodial and cost basis reconciliations, reference data, portfolio accounting and billing, and expense management services. 

Recent focus has been on cognitive solutions that combine human expertise with artificial intelligence and robotic process automation for optimal productivity. It has already applied the approach to a number of pre- and post-trade applications, with more than 40 natural language processing and machine learning components helping to increase service levels. For example, one cognitive solution performs trade analytics for illiquid securities, while another provides insights for asset acquisition strategies. On the post-trade side, a human-assisted machine learning solution automates trade allocations in the middle office. Broadridge also continues to invest in distributed ledger technology and received a patent in 2018 for technology that will enhance the processes for proxy voting and repurchase or repo agreements. 

Ramprasad Sandilya, vice-president of strategic solutions at Broadridge, says: “Our industry-leading managed services offering is a unique and powerful complement to our post-trade processing technology services. The solution enables clients to mutualise their operations costs, leverage the thought leadership and advocacy of a brokerage operations centre of excellence and benefit from the process and technological innovation that we are partnering with our clients to provide. With 45 clients across the capital markets, wealth management and asset management segments, our solution provides tremendous network value to both our existing and new clients, while leading the next evolution of the brokerage operations industry.”

Judges’ comments

“Broadridge continues to lead in the area of competitive full services operations and technology-managed services. Service quality is always high calibre.” 

“The undisputed managed support services provider par excellence. That they are so good year-in, year-out is embedded in their culture, with dynamic and adaptable support policies, processes and procedures that have been sharpened by their clients who are looking to reduce total cost of ownership while raising their game.”

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