TORONTO, Ontario, Apr. 24, 2012 - Broadridge Financial Solutions, Inc. (NYSE:BR) today announced that it has expanded its ClearancePro processing capabilities for a major Canadian capital markets participant to support important changes to their CDS Clearing and Depository Services Inc. (CDS), CDCC interface. ClearancePro’s new functionality enables the institution to fully leverage recent CDCC infrastructure changes made to improve market efficiency and reduce systemic risk for the Canadian Fixed Income Repo market through Central Counterparty Clearing (CCP).
ClearancePro helps to mitigate fail risk by providing real-time trade process management and status updates for all the netting/non-netting eligible trades between a user’s fixed income processing system and CDS/CDCC. Additionally, ClearancePro increases efficiency and improves straight-through-processing (STP) by supporting the ability to review all trade details down to the security level, allowing real-time reconciliation and enabling extensive exception management. In conjunction with other Broadridge products, ClearancePro provides the most comprehensive end-to-end CDS/CDCC trade processing solution for Canadian broker-dealers and banks participating in this important systemic risk reduction effort.
ClearancePro is a robust message processing product suite that provides extensive real-time exception management and data mining tools for complex clearance and settlement of fixed income trades. With ClearancePro, managers rely less on the CDS terminal, thereby vastly improving on-demand front- to- middle-office reporting capabilities.
“In an era of regulatory and economic uncertainty, the importance of risk management cannot be overstated,” said J. Michael Hopkins, President, Securities Processing Solutions Fixed Income, Broadridge. “Broadridge is working with Canadian broker-dealers and banks to more effectively manage risk while they focus on expanding their business.”
The Broadridge fixed income platform processes on average over $4.0 trillion in fixed income trades per day of Canadian and United States securities. Broadridge is the partner of choice for 5 of the 10 primary dealers designated by The Bank of Canada and 13 of the 20 fixed income primary dealers designated by the Federal Reserve Bank that outsource their processing and reporting functions.