Broadridge Financial Solutions has launched its post-execution processing solution for prime brokers and investment banks. Based on the market leading multi-currency trade processing and settlement platform, Gloss, the new solution offers international transaction settlement and real-time custody and financing services, enabling firms to boost reporting transparency and increase efficiency of operational processes.
Gloss’ new capabilities allow prime brokers to offer full settlement services to buy-side investment firms and hedge funds, automating security and currency transaction processing, enabling firms to manage books and records in real-time and facilitating efficient asset servicing. In addition, the solution offers clients global multiple central securities depository (CSD) connectivity. As multi-asset functionality becomes increasingly important in the fund industry, Gloss is well-placed to help prime brokers extend their services, expanding the number of products they can offer and their geographical reach, through a single consolidated platform.
Additionally, in order to provide current insights into the prime brokerage market and its associated IT requirements, Broadridge has sponsored an independent study by the research and consulting firm, Celent, entitled “New Basis for the Hedge Fund/Prime Broker Relationship”. The white paper can be accessed via www.broadridge.com/intprime.
Paul Clark, Senior Strategy and Product Manager, Securities Processing Solutions, International, Broadridge, said: “As activity and complexity in the fund industry continues to increase and the multi-prime model expands, prime brokers need one technology platform that offers their clients an efficient back/middle office solution. It needs to ensure transparency in reporting and operational efficiency as well as supporting their customers’ business growth into new asset classes and markets. The Gloss prime brokerage solution is another step forward in our strategy to offer extended services to our clients on our single multi-asset platform.”
Proven in the market, Gloss has a strong pedigree and the new prime brokerage capabilities are already live with one client, a tier-one international investment bank and financial services firm. Available now, worldwide, clients can opt to use the full Gloss suite for multi-asset processing. Alternatively, Broadridge offers discrete services for firms wishing to use specific functional capabilities such as custody. The Gloss solution is available on an ASP service bureau basis, or as an on-site licensed solution.
