Broadridge forms agreement to provide joint connectivity with FIS
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Broadridge forms agreement to provide joint connectivity with FIS 18 May 2022US Reporter: Carmella Haswell
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Broadridge has announced an agreement to provide joint connectivity with FIS’ Securities Lending Processing Platform.
The agreement will allow mutual clients to benefit from straight-through processing (STP) between FIS’ platform and the recently launched Broadridge Securities Finance Transaction (SFT) Submission Service.
Clients can access the STP service for new trades and trade lifecycle transactions, which is expected to provide clients with a “light touch, streamlined onboarding process and, therefore, faster time to market”.
Broadridge’s service will provide submission services for the National Securities Clearing Corporation (NSCC) SFT Clearing Program, which is currently awaiting regulatory approval.
The proposed new NSCC service is to support central clearing and settlement services for overnight borrows and loans of equity securities.
Speaking on the recent news, Darren Crowther, general manager of securities finance and collateral management (SFCM) at Broadridge, comments: “We are delighted to be working together with FIS to mutually benefit our clients and simplify the trade submission process using the newly established data sharing arrangement.
“Our clients will benefit greatly from this agreement, and we hope it will help encourage firms to take that step and join the new NSCC service.”
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