Broadridge Disengages its FinancePro Solution

Tech services provider Broadridge Financial Solutions announced today that it has disengaged FinancePro, a securities financing solution, from Impact, its fixed income product, and added a few new functions. The new offering will help financial institutions optimize their funding activities by enabling them to make better collateral decisions and efficiently scale their repo, treasury and securities lending desks.

"What our clients have been telling us is they want to see their positions and collateral positions globally," says Jerry Friedhoff, chief quality and process officer and product manager. "They don't want to see it simply in a silo in one region of the world. FinancePro is now able to give them that because they can have a FinancePro instance in New York, London, Hong Kong if they want. And what FinancePro has also announced is the ability to have a global aggregator. So we aggregate positions across each of these desks so they can get a global view of their liquidity."

Previously it was only a US solution. In addition to going global, it has become a multi-asset, multi currency solution.

In addition, FinancePro enables tracking and management of positions throughout the entire lifecycle of a financing transaction. The new Tri-party Allocation Simulator allows firms to optimize the collateral allocations within tri-party trades prior to submission to the clearing bank. It should reduce the cost of overnight funding by requiring less cash.

FinancePro's suite of reporting capabilities allows front-, middle- and back-office personnel to analyze and take action on information across a broad array of criteria, including: geographies, entities, currencies, business units, depositories, asset classes, counter-parties and many other categories. This increased visibility into aggregated global positions will enhance Broadridge's clients' ability to optimize collateral and mitigate market and operational risk across legal or regional business entities. Advanced workflow functions within FinancePro also allow sales, trading and compliance teams to review and approve financing transactions according to pre-defined thresholds and parameters.

"Given the rapidly changing regulatory and credit landscape, global financial institutions are expressing a greater need for sophisticated, high-quality solutions that will help them better manage and monitor their financing activity while reducing market, operational and counter-party risk," said J. Michael Hopkins, president, securities processing solutions fixed income at Broadridge. "Utilizing FinancePro, our clients will now have a comprehensive set of best-in-class tools that will enable them to successfully address these challenges."