17 October 2017
visit www.response.ncr.com

HSBC live on Broadridge Swift MX proxy voting messaging suite

09 February 2011  |  3182 views  |  0 Source: Broadridge Financial Solutions

Broadridge Financial Solutions (NYSE:BR) today announced that HSBC is the first live operational user of the new Swift MX Proxy Voting Messaging Suite using Broadridge's global proxy processing solution.

The SWIFT messages, based on the latest ISO 20022 messaging standard, are a new generation of SWIFT-based communications designed to increase processing efficiency throughout the proxy voting lifecycle, and ultimately facilitate greater levels of corporate governance by providing increased time for shareowners to make voting decisions.

The new messaging has initially been implemented for HSBC Securities Services in Hong Kong for its sub-custody business. HSBC will provide Broadridge with meeting announcements and agendas, via the SWIFT MX messages, to set up the details of a meeting event on its global proxy platform. Since Broadridge operates a cooperative meeting sourcing model, all institutional investors receiving ballots through Broadridge will benefit.

"We are proud to be the first to market with the new SWIFT standard for vote processing," said Colin Brooks, Global Head of Sub-Custody and Clearing, HSBC Securities Services. "From its inception, we have been a strong advocate of this new standard to create greater levels of operational efficiency, raise the levels of industry-wide governance and extend the time available for our institutional clients to conduct appropriate levels of research prior to voting deadlines."

"This is a significant milestone for all constituents involved in the proxy processing lifecycle, including issuers, custody and asset servicing businesses and investors, and we congratulate HSBC and Broadridge for successfully deploying the MX messages," said Fabian Vandenreydt, Head of Securities and Treasury Markets, SWIFT. "We look forward to the continued roll-out and use of the new message standard as we work towards extending its international, cross-industry usage."

"Broadridge is pleased to welcome HSBC as the first client to go live on our solution for the SWIFT MX Proxy Voting Messaging Suite. We have worked closely with SWIFT and the financial community to bring our knowledge and experience of electelectronic proxy processing to this important industry initiative, and we are fully committed to working with all industry participants as they start to realise its benefits through increased efficiency, improved client service levels and an underlying advance in international governance," said Elizabeth Maiellano, Senior Director, Institutional Product Strategy, Broadridge.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.temenos.comvisit www.vasco.comvisit www.capgemini.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14538 views comments | 11 tweets | 3 linkedin
Taiwan's Far Eastern International Bank suffers malware attackTaiwan's Far Eastern International Bank su...
13128 views comments | 16 tweets | 22 linkedin
Monzo fends off suitors as current account upgrade beginsMonzo fends off suitors as current account...
9004 views comments | 17 tweets | 14 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
7984 views comments | 15 tweets | 20 linkedin
Ripple blockchain network hits 100-member markRipple blockchain network hits 100-member...
7658 views comments | 13 tweets | 13 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job