To cut costs and focus on client service, Bloomberg Tradebook became self-clearing by selecting Broadridge Financial Solutions to provide technological support for back office operations and global trading of U.S. equities. Bloomberg Tradebook is specifically using Broadridge's business process outsourcing (BPO) solutions to provide U.S. equities clearance and settlement services for its institutional clients.
President and CEO of Bloomberg Tradebook, Ray Tierney, says becoming self-clearing would provide the right service model to support trading.
"Using Broadridge enables us to provide a valuable service as a seamless extension of our service model," states Tierney in an email. "Business process outsourcing is a core business for Broadridge, so Bloomberg Tradebook's clients benefit from economies of scale and Broadridge's continued investment in infrastructure, back-office record keeping and compliance processes, at a time when regulatory change is imminent and ongoing."
Bloomberg Tradebook connects to more than 70 markets worldwide, across 41 countries, as well as 41 currency pairs.
According to Broadridge's corporate vice president of Securities Processing Solutions, Charlie J Marchesani, the service is unique because it offers technological and people support on a global market.
"The fact that we can offer both the people and the technology is a unique solution," says Marchesani. "The other part of what we do is that our solutions are global in nature, so our systems are multi-currency. They support our clients being able to trade in the U.S. market places as well as globally."
Broadridge processes securities transactions in over 50 countries.
Zarna Patel is a staff writer for InformationWeek's Financial Services brands, which include Bank Systems & Technology, Insurance & Technology and Wall Street & Technology. She received her B.A. in English and journalism from Rutgers University College of Arts and Sciences in ... View Full Bio