Bloomberg Tradebook outsources clearing and settlement to Broadridge
Broadridge Financial Solutions, Inc. (NYSE: BR) today announced that Bloomberg Tradebook has selected Broadridge's consolidated business process outsourcing (BPO) solution to support their equity and option clearance and settlement business.
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The agreement is designed to help Bloomberg Tradebook minimize its fixed-cost investment in technology and operational infrastructure while also creating new revenue-generating opportunities as it transitions from its current fully-disclosed clearing model to self-clearing.
Broadridge's technology processing platform and integrated product solutions will help to support Bloomberg Tradebook in its transition to a self-clearing operating model. Broadridge's customizable and scalable BPO solution will provide all back-office operations and support -- on a global scale.
"Broadridge's BPO model is ideal for Bloomberg Tradebook," said Joseph Barra, President, International Securities Processing and Global Outsourcing Solutions, Broadridge. "We've worked closely with Bloomberg Tradebook during the past several months to ensure our unique BPO capabilities will allow for a seamless transition to self-clearing. Our solution can enable Bloomberg to benefit from a highly scalable and customizable offering to support all aspects of its back-office operation."
This is the first agreement between Broadridge and Bloomberg Tradebook.