Service expands post-trade managed services platform for trade expense analytics, standardization and process optimization
LAKE SUCCESS, N.Y.; April 13, 2015 – Broadridge Financial Solutions, Inc. (NYSE:BR) has launched a new managed service offering to help capital markets firms streamline and automate the costly and increasingly complex area of trade expense management. The company’s expanded managed service offering provides powerful analytic capabilities and helps standardize and optimize the management of trade-related fees.
“Global capital markets firms have made great strides controlling staffing and technology costs, but regulatory and market pressures continue to weigh heavily on the cost of trading,” said Michael Alexander, President, Wealth & Capital Markets Solutions, Broadridge. “For broker-dealers, the management of trade-related fees is the third largest operating cost after technology and people. We have integrated our proven revenue and expense management technology into our industry leading capital markets managed service to help firms rationalize these costs and further streamline their trading operations.”
“Trade expense management is a hot button issue amongst C-level executives at capital markets firms,” said Terence Faherty, Head of Product Strategy, Broadridge Revenue and Expense Management. “We’ve developed this global offering to address key pain points in managing trade expenses, including revenue leakage, over-billing and other costly errors.”
“Broadridge manages the entire process across the enterprise, delivering unparalleled accuracy, controls and analytics and enabling firms to gain efficiencies through accurate expense accruals and proper allocation of fees to each customer using the same rules as the exchanges.”
The new managed service capability is supported by Broadridge’s Revport revenue and expense management technology, which is used by more than 140 buy- and sell-side firms around the world. Built from the ground up as an accounting engine that is multi-tenant and multi-currency, the technology supports every fee type and asset class across the industry.
The solution helps manage day-to-day operations to enable real-time visibility into key processes, invoice reconciliation, counterparty management, exception management and revenue forecasts. By facilitating rate agreements and providing on-demand support to the front office and trading partners, Broadridge helps global capital markets firms centralize and optimize processes to bring control into their cost-base.
Broadridge Financial Solutions, Inc. (NYSE:BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and other corporations. Broadridge’s investor and customer communications, securities processing and managed services solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With over 50 years of experience, Broadridge's infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America and processes on average $5 trillion in equity and fixed income trades per day. Broadridge employs approximately 10,000 associates in 14 countries.
For more information about Broadridge, please visit www.broadridge.com.