Broadridge Financial Solutions (NYSE:BR), formerly ADP Brokerage Services Group, has announced that leading Japanese Investment Bank, Mizuho Securities Co. Ltd is now using its product Gloss for non-resident trade clearing and a related module, the JASDEC Adapter, for investment trusts book entry settlement.
Mizuho Securities is already an established user of Gloss which is Broadridge's market leading international securities processing platform. Gloss automates the securities trade processing lifecycle from trade capture through to settlement for virtually any security in any currency. Gloss processing has been extended to handle non-resident trade clearing, most recently for the London entity.
Mizuho are also using Gloss for non-resident trade clearing of Japanese equities and convertible bonds; and are processing matching and settlement for Mizuho Securities entities in Hong Kong, New York and London. In a separate initiative Mizuho Securities are now using the JASDEC Adapter to process investment trusts.
Broadridge has responded to market changes, where investment trusts in Japan have become paperless, with settlement taking place in JASDEC. Broadridge has upgraded the JASDEC Adapter to handle the new requirements of investment trusts. Broadridge believes that providing firms the ability to process investment trusts via the JASDEC Adapter will help them reduce their operational risk and improve their process efficiency.
Separately, Broadridge Financial Solutions (NYSE: BR) today announced an extension of their agreement with NewRiver to provide a database of disclosure documents to assist Broadridge in electronic delivery of regulatory documents to investors.
For the past five years, Broadridge has worked with NewRiver and a select number of Broadridge clients for e-delivery of confirming and first-dollar prospectuses. "E-delivery provides another option for investors to receive disclosure documents timely and in a form more appropriate to their needs. We are excited about continuing to expand this offering to our entire client base," says Gerard Scavelli, President, Information Distribution Solutions, Broadridge.
Broadridge provides confirming and first-dollar in services for over 150 financial institutions. Over the last year, Broadridge has delivered more than 57 million prospectuses in both electronic and traditional forms in a very efficient and cost effective manner.
NewRiver sources 23,000 disclosure documents directly and daily from EDGAR, the SEC's mutual fund database. As a result, Broadridge can deliver compliant documents faster and more efficiently for its clients, while their clients can provide greater convenience and better protection downstream for investors with information that's timely and accurate.
Regulators and financial firms have begun to embrace the potential advantages of electronic disclosure as the industry moves toward compliance reform and simplified investor disclosure communication. "Broadridge's large client base and NewRiver's innovative technology give the industry a fast track to provide investors a choice of e-delivery," says Russell Planitzer, NewRiver Chairman and Chief Executive Officer. "Offering customers a preference in how they receive up-to-date compliance information provides a more compelling industry solution."
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