LBBW Securities outsources trading back office functions to Broadridge
22 January 2008 | 2184 views | 0
Source: Broadridge Financial Solutions
Broadridge Financial Solutions, Inc. (NYSE: BR) announced that LBBW Securities, LLC, a wholly owned subsidiary of Landesbank Baden-Württemberg, is outsourcing a range of operations functions to its subsidiary, Ridge Clearing and Outsourcing Solutions, Inc.
LBBW has also decided to use impact, Broadridge's solution for fixed-income trade processing on an outsourced basis.
The only offering of its kind, Broadridge's Operations Outsourcing solution enables LBBW to outsource the labor-intensive functions relating to trade clearance, settlement, and custody while leveraging Ridge Clearing's centralized operations staff to increase economies of scale and remain an independent, self-clearing broker-dealer. This customizable solution allows LBBW the flexibility to outsource certain operations and back-office functions without altering its front office operations or impacting the customer experience.
With the majority of its business in the fixed-income sector, LBBW will also take advantage of Broadridge's best in class fixed-income processing engine, impact, to support its processing needs. Broadridge's impact provides regional and global financial institutions with real-time position and balance information, as well as trade execution, real-time settlement and clearing interfaces for domestic and foreign fixed-income securities. Impact's sophisticated financing capability and extensive support for securities processing functionality will enable LBBW to increase its overall efficiencies.
Andreas Oberem, Chairman, LBBW Securities, LLC, cites a variety of reasons why Broadridge's Operations Outsourcing solution is an ideal match for LBBW's business needs. He stated, "As a new broker-dealer we are acutely aware of the need to minimize our operating and staffing costs, but it was important for us to remain independent and self-clearing. Broadridge's Operations Outsourcing is exactly the offering we needed due to their suite of services allowing us to maintain processing control and the efficiencies of being self-clearing."
"LBBW represents the kind of firm that Broadridge is eager to provide our Operations Outsourcing services to because this solution offers LBBW and any broker-dealer the freedom to remain self-clearing and gain the considerable cost savings associated with outsourcing the labor-intensive back-office functions associated with trade clearance, settlement, and custody in a way that is seamless to its customers," said John Hogan, President and Chief Operating Officer, Broadridge.