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LAKE SUCCESS, N.Y., Jan. 29, 2013 – Broadridge Financial Solutions, Inc. (NYSE:BR) today announced that Questrade selected Broadridge’s technology processing platform and integrated product solutions to support its transition to a self-clearing operating model in Canada. Broadridge’s unique, customizable and scalable Business Process Outsourcing (BPO) solution will also provide back-office operations and support.
The agreement minimizes Questrade’s fixed-cost investment in technology and operational infrastructure while also creating new revenue-generating opportunities. Questrade can now more efficiently and rapidly scale while also improving alignment between utilization and cost as trade volumes fluctuate.
Questrade selected Broadridge to be the core provider of the self-clearing strategy because of Broadridge’s expertise in operations services and their ability to integrate multiple processes into a highly automated, simple-to-manage system.
“Questrade is focused on transforming online brokerage services by providing our clients with the best investment products, trading technology, and client services,” said Edward Kholodenko, Questrade, President and CEO. “Broadridge’s BPO solution provides the reliability and functional integration needed to serve our growing business, and seamlessly helped Questrade transition to a self-clearing model. The solution provides us with the scalability to continue innovating and delivering value for our clients.”
“Our objective was to help Questrade provide their clients with a more efficient and responsive brokerage experience,” said Michael Dignam, President, Broadridge, Canada. “Broadridge’s BPO model provides cost savings, scale, and industry leading best practices to help our own clients grow their business.”
The partnership was established in September and the implementation of the new solution was completed in December.
Broadridge Financial Solutions, Inc. (NYSE:BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and other corporations. Broadridge’s investor and customer communications, securities processing and managed services solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With over 50 years of experience, Broadridge's infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America and processes on average $5 trillion in equity and fixed income trades per day. Broadridge employs approximately 10,000 associates in 14 countries.
For more information about Broadridge, please visit www.broadridge.com.
Questrade Inc., headquartered in Toronto, provides Canadians with high-speed, direct access trading in the U.S. and Canadian stock and options markets through its IQ trading platforms, as well as forex trading. Since 1999, the company has led the industry in delivering outstanding service, exclusive products and services, and competitive pricing. This commitment to innovation has appealed to independent investors, and for the past two years, the company has ranked as Canada’s fastest growing online brokerage. In February, 2012, Questrade also earned the designation as one of Canada’s 50 Best Managed Companies.