NEW YORK, New York -- August 9, 2007 -- Broadridge Financial Solutions, Inc. announced today that Mizuho Securities USA Inc. has signed a multi-year contract and has successfully gone live on Broadridge's MBS Expert® service bureau solution. Although previously available on a license basis, Broadridge's industry-leading MBS Expert is now the only standalone mortgage-backed trade processing system offered on a service bureau in the marketplace.
MBS Expert is Broadridge's mortgage-backed securities solution that is engineered to give its users a competitive advantage in this multi-trillion dollar market. The system provides clients with advanced workflow and processing functionalities to maximize front, middle, and back office operational efficiencies. Broadridge's MBS Expert service bureau solution enables MBS Expert clients to realize the economies of scale and cost-saving benefits associated with all Broadridge service bureau offerings. As the only standalone MBS TBA (To Be Announced) trade processing and pool allocation system on a service bureau available, MBS Expert can seamlessly integrate with a client's existing front and back-office infrastructure, further diminishing client start-up costs.
An existing Broadridge client, Mizuho Securities currently uses the Gloss and impact products for international and fixed income securities processing. As part of a new business initiative, Mizuho Securities will now expand its trading capabilities to include mortgage-backed securities and is the first service bureau client to implement MBS Expert Service Bureau to support this new business.
Joe DiPaolo, Director of Business Process Automation of Mizuho Securities, stated that he is confident that MBS Expert was the right choice to adequately support Mizuho's expanding business needs. Mr. DiPaolo said, "Our decision to launch this new business meant that we needed a processing solution that was robust, yet scalable and could also be implemented quickly. MBS Expert offers us the range of functionalities that our business demanded and using it in service bureau environment allowed us to expedite implementation and begin growing our business almost immediately."
"Broadridge is always delighted to support our clients as they continue to expand and grow their business and we are excited that Mizuho Securities has chosen to use MBS Expert to manage its mortgage-backed processing needs," said J. Michael Hopkins, General Manager, Securities Processing Solutions, Fixed Income, Broadridge. "Our MBS Expert service bureau offering minimizes the vast time and expertise typically associated with implementing competing products, enabling Mizuho to maximize its return on investment quickly and better focus operating and staffing resources on core business functions."