LAKE SUCCESS, New York – January 14, 2009 – Broadridge Financial Solutions, Inc. (NYSE: BR) today announced that Instinet Europe Ltd, the European brokerage subsidiary of Instinet Incorporated, a global leader in electronic trading and agency-only brokerage services, has selected Broadridge's Gloss international securities processing solution.
Gloss is a real-time, multi-currency, transaction processing and record keeping solution for post-execution processing of securities. It automates the trade processing lifecycle from trade capture through to confirmation and settlement to provide the highest levels of straight-through-processing and efficient and timely exception management. It will be used on an ASP basis, for Instinet's pan-European equity operations.
Gloss will receive executed transactions from Instinet's proprietary middle office system. It will handle confirmations, central counterparty netting, position management, profit and loss, settlement and trade accounting, with market interfaces for settlement and reporting.
As part of the Gloss package, Instinet will use Gloss' new browser enabled, proactive exception management facility. Its institutional clients will also have access to Gloss for trade and settlement reporting and MIS, enabling Instinet to deliver customer service enhancements.
"Gloss will provide us with a highly functional, scalable and robust platform across our European business. It provides us with a low-risk and proven solution for our pan-European securities operations," said Clive Triance, Chief Operating Officer, Instinet Europe Ltd.
"We are privileged that Instinet has selected Gloss for its securities processing and look forward to helping them meet their European business requirements," said Elizabeth Lake, President, Securities Processing Solutions, International, Broadridge Financial Solutions Ltd.
This agreement follows a previous Gloss implementation for Instinet's Asia Pacific business for books and records processing in Hong Kong. Instinet also uses Broadridge's processing solutions in its North American operations.
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.
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Broadridge Financial Solutions, Inc.
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