Broadridge Financial Solutions, Inc. (NYSE: BR) today announced that Pershing Securities Australia Limited, part of BNY Mellon, has selected Broadridge's Australian post-trade processing solution as its new middle- and back-office processing platform for third-party domestic clearing.
The solution is designed to increase process efficiencies and provide flexibility to support forthcoming market and regulatory changes based on a modern platform.
Pershing Securities Australia will use the solution to support its correspondent base of licensed member-participant brokers and large user base of securities dealers. It will process a full range of asset classes, including equities, options and managed funds, covering the full post-trade lifecycle - from trade capture and confirmation to settlement and accounting. The solution will also provide real-time position management and connectivity to payment and settlement providers and enable Pershing Securities Australia to increase automation through high levels of straight-through processing, real-time business views and proactive workflow controls that help reduce risk through fast-track analysis and repair of processing exceptions.
Craig Mason, Pershing Securities Australia Chairman, said, "Broadridge is a proven and trusted global provider that shares our commitment to the highest standards of client service. Its solution will support our drive for efficiency and high-quality service across our operation, and give us a firm foundation to adapt to future infrastructural and regulatory changes in the Australian market."
Akhter Khan, Broadridge's general manager of Global Technology and Operations Solutions in Asia-Pacific, said, "Perhaps more than any time in history, operational excellence has become key to profitability, growth and sound risk management in financial services. Pershing Securities Australia's forward-thinking approach to its operations is an important advantage, and it is our privilege to welcome them to the growing community of firms using our Australian solution."