Bruce Morris - Hi everyone. Bruce Morris from the Tab Group here. Welcome to Market Structure Wave. Last week tab group celebrated our inaugural list of tab forum Nova Award honorees at a reception at the Tribeca Grill in New York City.

The Novas honor the financial services market's ongoing commitment to technology driven innovation, by annually, recognizing 40 organizations for both their outstanding recent and sustained achievements.

Today we are very fortunate to have one of our Tab Forum Nova honorees, Broadridge and their head of digital innovation for capital markets, as well as the GM of the Distributed Ledger technology repo platform, Horacio Barakat join us on market structure wave.

Hi Horacio, congratulations to Broadridge on being selected as a Nova Awards honoree and welcome to Tab Forum.

Horacio Barakat - Thank you very much, Bruce for having me, and thank you very much to having me as an honoree in your distinguished institution.

Bruce Morris - Our pleasure. You guys were one of the easy picks. So Horacio, to get us started today, can you talk about how Broadridge has created a sustained culture of technological innovation?

Horacio Barakat - Yes, absolutely. So it is basically in our DNA, so from the... We always think about at Broadridge about ways that we can find to disrupt ourselves.

If you think about the financial industry, technology has been the key driver of change and innovation. So we, as a financial technology provider, we always have to think about how to disrupt ourselves.

And by keeping them in mind, you always think about the ways that you can disrupt yourself and actually disrupt and provide the industry with the tools and the technology that would help bring value to the industry as a whole.

And that is the way to keep yourself always innovating and always innovating on behalf for clients and the industry. But thinking about disrupting yourself, it is one of the key characteristics that defines Broadridge.

But innovation, in my opinion, it is not just about the disruptive ideas, it is about execution. How do you pick the right areas where you think you can bring innovation to the market or disrupt the market in a way that is very tangible, and it is something that can be done in a paced way or manner without increasing the risk for the financial services industry.

The financial services industry is very risk averse by nature for all good reasons. So bringing innovation that makes a significant impact, and immediate impact at best, but also making sure that you pace the change to make sure that you reduce the risk of that innovation.

Bruce Morris - So let's talk about some of those disruptive technologies that you just referenced. Where do you see the capital markets headed, and which of these types of technologies are going to be part of your game plan going on forward?

Is it going to be AI, machine learning, the cloud, DLT obviously is a pretty important part of your mandate, but also natural language processing.

What gets you excited?

Horacio Barakat - Well, I think all of these get me excited and actually get the entire industry excited. Personally, I believe I want to pick two of all of these just to talk about the couple that I'm very excited about. Number one is, in no particular order, is DLT and secondly is AI.

Those are two technologies that obviously in my opinion have the potential to transform various parts of our industry and the ones that we are utilizing today, for the most part, to create new workflows, to create new products, to create new revenue streams, and those are the ones that I know going forward has the most runway for the entire industry. If you think about the way that we are using DLT to transform the way repos are executed on process, basically changing repo market infrastructure, it is something that we are very excited about through our DLT repo platform, and we're having great success.

It has been received very well by market participants. And that is bringing that technology to, as I said before, to a use case or an area where it can bring significant impact, bring significant benefits right away, but at the same time do it in a way that actually manages risk the right way.

So pacing the implementation or the transformation of the market. So I think that is one that we were excited about. The other one is obviously AI.

Obviously, also, we are using AI in various of our products. If you think about our wealth management platform, or LTX our corporate bond trading platform, where we are using AI to basically enhance liquidity of corporate bonds.

And that is an area where we can take information and take data from access prices, pre- trade data, trade data, and we can actually create AI information that would allow traders to actually find liquidity on corporate bonds where currently it may not exist.

So those are those areas where the technology can actually change workflows and help financial professionals make better decisions as they go through the day.

Bruce Morris - So can you talk about, without giving away any secrets, what's next for Broadridge? Do you have any new products that you've either just introduced or you're getting ready to introduce?

Horacio Barakat - Well, we have. We have several products as know, and I mentioned a couple. Obviously our DLT repo platform, LTX our wealth management platform that actually won various awards, and it's using new technologies, using AI to help advisors be better at what they do.

And the way, obviously we can't disclose what we are working on right now, but if I think about what's next, what we usually think about is making sure that the innovation that we bring to the market, it is sustainable and it is actually creating the impact that we always want it to be.

So it's not just creating a disruptive solution and leave it there, it's just creating the network around it that would actually make a deep impact on the industry and on our clients.

But always thinking about disrupting ourselves, always thinking about the fact that we have various innovative solutions and platforms on the market, doesn't mean that we don't have a deep pipeline of things that we are working on.

Some of them may never see the light of day, but some others that's going to continue to enhance and compound over the years the innovation that we continue to bring in. So I think the compounding effects of small innovations or various platforms that we bring to the market will basically bring the ultimate true disruption that we are looking for.

Bruce Morris - Well, great. Horacio, thanks so much for sharing your time and your insights with Tab Forum today. And for all our viewers who may have missed the Tab Forum Nova article featuring Broadridge and all the other Tab Forum Nova honorees, there's going to be a big red button at the end of this interview that'll take you to the article.

Thanks for stopping by for what was hopefully an educational and entertaining ride on Tab Forums Market Structure Wave. Thanks again, Horacio.

Horacio Barakat - Thank you very much.