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.