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LAKE SUCCESS, N.Y., Apr. 29, 2013 – With brokerage firms under pressure to demonstrate the quality and competitiveness of their services to buy-side clients, Broadridge Financial Solutions (NYSE:BR) has today launched its solution for SWIFT Global Electronic Trade Confirmation (GETC). The solution enables sell-side institutional brokers to optimize their service provision to institutional fund managers through a fully automated confirmation and affirmation process for trade allocations. It also enables brokers to maximize STP rates and streamline their own post-trade processing and settlement operations.
The Broadridge solution supports SWIFT GETC messages (MT515, MT509 and MT517) on a global basis, and provides operational control through full transparency of the message generation, flows and statuses. Upon receipt of the successful affirmation message (MT517), a SWIFT MT54X settlement message is released, allowing clients to efficiently manage and control their post-trade activities. The solution extends the range of confirmation-related market services already supported which includes Omgeo’s Central Trade Manager (CTM) and OASYS Global, and SWIFT’s Accord for Securities.
"We have worked closely with SWIFT to ensure support for the mutual client base interested in GETC,” said Phil Dobson, Director, Strategy and Product Management, Broadridge. “We will continue to keep our solutions aligned to market advancements for a range of service providers. The proposed introduction of shortened settlement cycles in some markets in 2014 will put even greater emphasis on timely and efficient confirmation and allocation processes.”
“We’re delighted to further advance our relationship with Broadridge, and are pleased with their speed to market as one of the first to offer a GETC solution,” said Arun Aggarwal, Managing Director, UK and Ireland, SWIFT. We are seeing a growing demand for our GETC solution, and we are firmly committed to working in alliance with best-in-class solution providers to help our customers drive greater efficiencies in their post-trade operations.”
Broadridge will be exhibiting at the SWIFT Business Forum on April 30th at The Brewery, Chiswell Street, City of London.
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