Broadridge Helps Bloomberg Tradebook Go Self-Clearing
Broker Continues its Evolution from Execution Only, to Execution Everything
LAKE SUCCESS, N.Y., June 24, 2013 /PRNewswire/ -- Broadridge Financial Solutions, Inc. (NYSE: BR), the leading provider of investor communications and technology-driven solutions to financial services firms and corporate issuers globally, today announced that Bloomberg Tradebook, the global agency broker service of Bloomberg L.P., adopted Broadridge's business process outsourcing (BPO) solutions to provide U.S. equities clearance and settlement services for its institutional clients.
Bloomberg Tradebook serves buy-side and sell-side financial firms with trading solutions for global equities, futures, options and foreign exchange (FX) trading. Using Broadridge's hosted solutions and back-office operations support enables Bloomberg Tradebook to minimize its technology and overhead costs, while providing clients with a convenient and efficient service model that supports the entire life-cycle of a trade.
"Moving to self-clearing furthers Bloomberg Tradebook's evolution from providing execution only to offering execution everything," said Ray Tierney, President and Chief Executive Officer of Bloomberg Tradebook. "Broadening the services we can deliver to our clients enhances our value proposition and furthers our commitment to partner with our clients on both the buy-side and sell-side."
"Since first announcing the agreement in February 2012, we have been working closely with Bloomberg Tradebook to ensure a seamless transition to self-clearing for U.S. equities," said Tim Gokey, Chief Operating Officer, Broadridge. "Broadridge's BPO model supports all aspects of the firm's back-office operations, enabling Bloomberg Tradebook to focus on client service and operational efficiency."
Bloomberg Tradebook operates as an agency brokerage for U.S. equities and provides research from independent research providers, execution consulting services, and custom technology and commission management solutions to institutional clients globally.
Broadridge Financial Solutions, Inc. (NYSE: BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and corporate issuers globally. Broadridge's investor communications, securities processing and operations outsourcing solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With 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 more than $4.5 trillion in fixed income and equity trades per day. Broadridge employs approximately 6,200 full-time associates in 13 countries.
For more information about Broadridge, please visit www.broadridge.com.
SOURCE Broadridge Financial Solutions, Inc.