LAKE SUCCESS, N.Y.,
Oct. 17, 2017 /PRNewswire/
-- Broadridge Financial Solutions, Inc. (NYSE: BR), announced
today the successful completion of a pilot with Natixis and Societe
Generale which leverages blockchain technology to enhance the
operational efficiency and auditability of bilateral repurchase, or
repo, agreements.
The pilot utilizes distributed ledger technology capabilities to
reduce operational risk for market participants by providing a
secure record of repo trade details, reducing the need for
reconciliation and removing obstacles to straight through
processing. This new blockchain-enabled solution, which automates
end-to-end processes, streamlines the repo agreement and
confirmation processes, offers a faster and more accurate
collateral substitution process, while eliminating time consuming
manual interventions, and reduces counterparty risk while
increasing auditability.
"This latest blockchain-based initiative reflects our ongoing
commitment to leading the development and implementation of
innovative solutions that have the ability to make complex business
processes in capital markets firms more secure, transparent and
efficient," said Vijay Mayadas,
President of Global Fixed Income and Analytics at Broadridge.
"Within the bilateral repo market, blockchain has shown that it can
play an instrumental role in reducing operational cost and
complexity."
"We are pleased to have partnered with Broadridge to initiate
the bilateral repo Blockchain process. Our participation in this
pilot displays Natixis' strong commitment to leverage new
technologies, aimed at reducing risk and improving efficiencies in
the financial markets", said Kevin
Alexander, Head of Global Markets & Investment Banking
Americas at Natixis.
"Proving the benefits of blockchain technology in the repo
market lays the foundation for the development of broader
collateral management solutions on blockchain," said Jerry Friedhoff, Head of Broadridge's Securities
Finance and Collateral Management group.
This application follows Broadridge, J.P. Morgan, Banco
Santander, and Northern Trust's recent, successful completion of a
blockchain proof of concept with an issuer agent to enhance
transparency in the proxy voting process. This is another example
of Broadridge leveraging innovative technology to help clients and
the industry get ahead of today's challenges to capitalize on
what's next.
About Broadridge
Broadridge Financial Solutions, Inc. (NYSE: BR), a $4 billion global fintech leader, provides
investor communications and technology-driven solutions for
broker-dealers, banks, mutual funds and corporate issuers globally.
Broadridge's investor 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 percent of public companies and mutual funds
in North America, and processes
more than $5 trillion in fixed income
and equity trades per day. Broadridge employs approximately 10,000
full-time associates in 16 countries. For more information about
Broadridge, please visit www.broadridge.com.
Contact Information:
Investors:
W. Edings Thibault
Head of Investor Relations
+1 516-472-5129
edings.thibault@broadridge.com
Media:
Gregg Rosenberg
Corporate Communications
+1 212-918-6966
gregg.rosenberg@broadridge.com
Brett Philbin
Edelman
+1 212-704-8263
brett.philbin@edelman.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/broadridge-successfully-completes-pilot-of-blockchain-based-bilateral-repo-solution-300536848.html
SOURCE Broadridge Financial Solutions, Inc.