Broadridge Financial Solutions, Inc. (BR) today announced that Questrade selected Broadridge's technology processing platform and integrated product solutions to support its transition to a self-clearing operating model in Canada.
Broadridge's unique, customizable and scalable Business Process Outsourcing (BPO) solution will also provide back-office operations and support.
The agreement minimizes Questrade's fixed-cost investment in technology and operational infrastructure while also creating new revenue-generating opportunities. Questrade can now more efficiently and rapidly scale while also improving alignment between utilization and cost as trade volumes fluctuate.
Questrade selected Broadridge to be the core provider of the self-clearing strategy because of Broadridge's expertise in operations services and their ability to integrate multiple processes into a highly automated, simple-to-manage system.
"Questrade is focused on transforming online brokerage services by providing our clients with the best investment products, trading technology, and client services," said Edward Kholodenko, Questrade, President and CEO. "Broadridge's BPO solution provides the reliability and functional integration needed to serve our growing business, and seamlessly helped Questrade transition to a self-clearing model. The solution provides us with the scalability to continue innovating and delivering value for our clients."
"Our objective was to help Questrade provide their clients with a more efficient and responsive brokerage experience," said Michael Dignam, President, Broadridge, Canada . "Broadridge's BPO model provides cost savings, scale, and industry leading best practices to help our own clients grow their business."
The partnership was established in September and the implementation of the new solution was completed in December.