LAKE SUCCESS, New York, September 19, 2011 – Broadridge Financial Solutions, Inc. (NYSE:BR) today announced that it is extending the range of multi-asset processing capabilities of its Gloss international transaction processing solution. This includes post-execution transaction processing for a wide range of exchange-traded futures and interest rate swaps. Functionality will be available for general release in December 2011.
Gloss is very well established internationally as a leading multi-currency trade processing and settlement platform with extensive functionality for equities, fixed income and warrants. It has always provided a capability to process futures but these developments substantially increase the depth of coverage. This capability has been provided in response to the requirements of clients and prospects globally who seek to increase operational efficiency through a single processing solution for all of their asset classes.
For futures, Gloss will model and process a range of exchange traded futures (currency, equity, index, interest rate and commodity futures) and provide full functionality for trade capture, position keeping, and the automation of close-out and end of day settlement, with additional support for the margin calculations and interfaces required by brokers.
Interest rate swap (IRS) functionality will cover the representation of fixed rate for floating rate, and floating rate for floating rate IRS transactions, their rate schedules, the accrual of interest and the generation of payments. It will also handle processing from trade capture to settlement.
These enhancements will enable clients to concentrate their back office processing and position keeping for a very wide range of products on one platform, Gloss. This will simplify their systems architecture and operational and reporting processes, leading to direct platform savings, operational efficiency and operational risk control. This extended Gloss capability can be combined with other solutions in the Broadridge suite, for example PROactive Reconciliations and PROactive [OTC] Confirmation Matching to provide a comprehensive post-execution platform delivered from the Broadridge Service Bureau or as an on-site solution.
This announcement is the next step in Broadridge’s substantial ongoing investments to further extend the Gloss solution’s multi-asset processing capabilities which, in the past year, has seen the launch of extended coverage for a range of treasury and OTC derivatives including FRAs, NDFs and CFDs.
“This latest investment by Broadridge is an acceleration of our response to the requirement to process many different asset classes on a single platform,” said Robin Kneale, Head of Strategy & Product Management, Securities Processing Solutions, International, Broadridge. “We see demand for this functionality from our clients and prospects internationally, especially in Asia Pacific, and we are pleased to demonstrate the flexibility and configurability of the Gloss engine in this way to meet these requirements. Now we plan to go on to provide functionality for exchange-traded options and other OTC derivatives linking up with our sophisticated trade matching capabilities.”