Broadridge Financial Solutions (BR), the leading provider of investor communications and technology-driven solutions to broker-dealers, banks, mutual funds and corporate issuers, today announced new functionality for its ClearancePro processing capabilities for clients in North America.
ClearancePro is a pre-settlement and settlement clearing solution that provides a set of applications that connect client processing systems to the respective industry utilities or client internal solutions.
The new ClearancePro Obligation Warehouse application and updates to ClearancePro's CDS and CDCC applications eliminates manual and error-prone processes, enhances risk management and consolidates clearance and settlement into a single location.
"Changes in the global markets continue to force financial firms to adapt their business models in ways that speed up processing, reduce operational risk and improve functionality," said J. Michael Hopkins, President, Securities Processing Solutions, Fixed Income, Broadridge.
"Clearance and settlement of securities across all asset classes is an area of enormous opportunity. The new enhancements will continue to position ClearancePro as the preferred clearance and settlement solution for financial market firms."
The ClearancePro Obligation Warehouse application allows users to leverage benefits of DTCC's Obligation Warehouse (OW) to eliminate manual and error-prone processes, promote transparency and mitigate counterparty risk. The new application provides a highly-intuitive user interface to act as a proxy for the OW terminal, linking all source systems through ClearancePro, and helping to facilitate straight-through-processing.
The new ClearancePro CDS application enhances settlement activities by more efficiently consolidating clearance and settlement into a single location and gives users enhanced risk management capabilities such as position management, pledge processing and real-time reconciliation. ClearancePro CDS is the first application which utilizes the settlement functionality.
CDCC Phase II augments existing functionality enabling institutions to fully leverage recent CDCC infrastructure changes made to improve market efficiency and reduce systemic risk foror the Canadian Fixed Income Repo market through the Central Clearing Party (CCP) initiative. New features enable Broadridge's clients in the Canadian market to achieve a deeper, more transparent and efficient operating environment that successfully mitigates counterparty risk across cash and repo transactions.
ClearancePro streamlines the clearing and settlement function for applications across all asset classes through a single, user-friendly interface platform. Clients can choose individual functionalities for a completely customized and optimally efficient experience. A suite of applications connects client processing systems to the respective industry utilities or client internal solutions, which functions as a proxy for the utilities. ClearancePro is easily integrated with any external or internal system using comprehensive communications and a robust transformation engine.