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Broadridge Expands European Fund Regulatory Reporting Capability, Launches Portfolio Transaction Cost Calculation Service

LONDON – March 22, 2021 – Global Fintech leader  Broadridge Financial Solutions, Inc. (NYSE:BR) announces the expansion of its European fund regulatory reporting solution with the integration of transaction cost calculation services from financial products, trading and market-making services provider Virtu Financial (NASDAQ: VIRT). The Broadridge and Virtu offering will provide a more efficient and comprehensive solution for asset managers to disclose transaction costs as they fulfil MiFID II and PRIIPs fund reporting requirements.

Since MiFID II and PRIIPs regulations began in January 2018, asset managers have been required to disclose portfolio transaction costs for their funds. This information is intended to provide investors with an understanding of the costs incurred that are attributable to the buying and selling of securities within a fund.

Adding Virtu’s portfolio transaction cost calculation capabilities to Broadridge’s existing MiFID and PRIIPs reporting solutions will address a number of the challenges that asset managers face, including collating arrival price data for their funds in an efficient and effective manner. Based on extensive testing and portfolio modeling, Broadridge anticipates it can improve the coverage of transaction cost data points by over 50% for clients.

“The enhanced portfolio transaction cost calculation service will be of real benefit for our clients who have been searching for a solution to help them more efficiently calculate and disclose transaction costs,” said Paul Poletti-Gadd, Chief Solutions Officer at Broadridge Fund Communication Solutions. “This partnership with Virtu will provide clients with multiple benefits, including a reduction in time and resources for the asset managers internally, improved coverage levels for their funds and more support in meeting their regulatory requirements. For our clients, there is a further advantage in that this enhanced data set can then be utilised across the full range of our fund reporting solutions.”

“We are delighted to have joined forces with Broadridge Fund Communication Solutions to support asset managers with their fund reporting,” said Kevin O’Connor, Global Head of Analytics at Virtu Financial. “We are one of the early innovators and a current market leader in transaction cost analysis and are able to support Broadridge clients not only with their future portfolio transaction costs but also with historical calculations.”

Broadridge Fund Communication Solutions provides a comprehensive digital platform and has a proven track record of supporting the life cycle of fund data, documents and regulatory reporting for the global asset management industry. The team manages and distributes data for over 1,000 global fund groups and supports over 200 million fund data requests each year, in over 35 languages.

About Virtu Financial

Virtu Financial Inc. (NASDAQ:VIRT) is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre- and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

About Broadridge

Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with over $6 billion in revenues, provides the critical infrastructure that powers investing, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries.

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