Broadridge Financial Solutions, Inc. (BR), the leading provider of investor communications and technology-driven solutions to financial services firms and corporate issuers globally, today announced that Bloomberg Tradebook, the global agency broker service of Bloomberg L.P., adopted Broadridge's business process outsourcing (BPO) solutions to provide U.S. equities clearance and settlement services for its institutional clients.
Bloomberg Tradebook serves buy-side and sell-side financial firms with trading solutions for global equities, futures, options and foreign exchange (FX) trading. Using Broadridge's hosted solutions and back-office operations support enables Bloomberg Tradebook to minimize its technology and overhead costs, while providing clients with a convenient and efficient service model that supports the entire life-cycle of a trade.
"Moving to self-clearing furthers Bloomberg Tradebook's evolution from providing execution only to offering execution everything," said Ray Tierney, President and Chief Executive Officer of Bloomberg Tradebook. "Broadening the services we can deliver to our clients enhances our value proposition and furthers our commitment to partner with our clients on both the buy-side and sell-side."
"Since first announcing the agreement in February 2012, we have been working closely with Bloomberg Tradebook to ensure a seamless transition to self-clearing for U.S. equities," said Tim Gokey, Chief Operating Officer, Broadridge. "Broadridge's BPO model supports all aspects of the firm's back-office operations, enabling Bloomberg Tradebook to focus on client service and operational efficiency."