Broadridge Financial Solutions (NYSE:BR) today announced that CIMB Securities Australia (Pty) Ltd in Sydney, Australia, has gone live with Broadridge's broker client accounting solution, SUMMIT, for its Australian investment banking business.
The solution supports CIMB's cash equity business for principal and agency trades conducted on the Australia Securities Exchange (ASX) and CHI-X Markets, and enhances the firm's operational processing efficiency while helping to minimize the risks associated with processing delays and manual checks.
CIMB acquired its Australian investment banking business from Royal Bank of Scotland, as part of CIMB's regional growth plans. It commenced live operations on SUMMIT in a short timescale to coincide with the business handover from RBS and the commencement of local market operations.
The Broadridge solution automates the processing lifecycle of CIMB's equity operations from front- to back-office, from automated trade capture through to confirmation and trade allocations, position management, settlement, corporate actions and reporting. It further enhances full end-to-end process efficiency through seamless local market connectivity using Broadridge's suite of external service adapters, which includes connectivity with ASX Trade and CHI-X, the ASX CHESS settlement service, and both IRESS and Omgeo for ETC allocation and confirmation. Reference data for securities and corporate actions is also received automatically, direct from the ASX.
"We have been consistently impressed with the professionalism and service quality provided by Broadridge in Australia throughout the course of this project," said Carol Fong, Group CEO, CIMB Securities. "We quickly and efficiently transitioned to live processing without any hitches, delays or budget over-runs. Our operational technology supports our growth strategy into additional asset classes and markets."
Akhter Khan, Head of Asia Pacific, Securities Processing Solutions International, Broadridge, said, "It is a privilege to welcome CIMB as a new client for our processing business in Australia. They can depend on our unwavering focus on client service quality, and we will be there to support them in thein their current market and in any adjacent areas as their business expands."