Financial and Business News

Broadridge Expands DLR Platform, Integrates Lending Tools with Morningstar

Monday, 16/09/2024 | 07:25 GMT by Damian Chmiel
  • Its Distributed Ledger Repo solution currently reaches $1 trillion in monthly volumes.
  • In addition, the collaboration with Morningstar equips advisors with a tool for advanced lending options.
Broadridge

Broadridge Financial Solutions (NYSE: BR) has announced two significant developments, securing a major Canadian bank as the first adopter of its Distributed Ledger Repo (DLR) platform for High-Quality Liquid Asset (HQLA) treasury securities management, while also integrating its securities-based lending (SBL) tools with Morningstar's Advisor Workstation.

Broadridge's DLR Platform Hits $1 Trillion Monthly Volume

The adoption of Broadridge's DLR platform by a Tier-1 Canadian bank marks a milestone in the application of Distributed Ledger Technology (DLT) to financial operations. This implementation is expected to simplify workflows and generate cost savings for the bank, potentially paving the way for broader DLT applications in the financial sector.

Horacio Barakat, Head of Digital Innovation at Broadridge
Horacio Barakat, Head of Digital Innovation at Broadridge

“This implementation not only simplifies their workflow and generates cost savings but also lays the foundation for further DLT use cases that can drive even greater efficiencies and innovation in the financial sector,” commented Horacio Barakat, Head of Digital Innovation at Broadridge.

The DLR platform has been gaining traction in the global repo market, with monthly transaction volumes reaching $1 trillion. Broadridge reports that the platform's expansion across sell-side and buy-side firms is creating a network effect, amplifying benefits and supporting a wider variety of transaction types.

This month, Broadridge also hired Brian Pomraning as Chief Product Officer for Trading and Connectivity . Before joining the company, he served as Chief Revenue Officer for Exegy, having previously worked with Barclays and JP Morgan.

Morningstar and Broadridge Join Forces

In a separate move, Broadridge has integrated its Wealth Lending Network (WLN) marketplace with Morningstar's Advisor Workstation. This collaboration will provide over 150,000 independent financial advisors with access to SBL tools, allowing them to determine clients' borrowing potential and connect with partner banks to support lending needs.

Mike Alexander, President of Broadridge Wealth Management
Mike Alexander, President of Broadridge Wealth Management

“This collaboration helps advisors respond to the growing demand for flexible, simplified, and integrated financial solutions, including borrowing against their securities portfolio,” stated Mike Alexander, President of Broadridge Wealth Management.

Advisors can now offer more comprehensive services, potentially retaining assets under management when clients need liquidity. Clients, in turn, gain an alternative to liquidating investment portfolios, which can help preserve investment strategies and avoid triggering potential capital gains taxes.

“Our collaboration with Broadridge equips advisors with a tool for advanced lending options, enabling them to provide a more comprehensive suite of services and elevate the industry standard for the value advisors offer clients,” Vimal Vel, Chief Product Officer for Enterprise Solutions at Morningstar, added.

Last month, Broadridge also partnered with YCharts, a cloud -based investment research and client communications platform.

Broadridge Financial Solutions (NYSE: BR) has announced two significant developments, securing a major Canadian bank as the first adopter of its Distributed Ledger Repo (DLR) platform for High-Quality Liquid Asset (HQLA) treasury securities management, while also integrating its securities-based lending (SBL) tools with Morningstar's Advisor Workstation.

Broadridge's DLR Platform Hits $1 Trillion Monthly Volume

The adoption of Broadridge's DLR platform by a Tier-1 Canadian bank marks a milestone in the application of Distributed Ledger Technology (DLT) to financial operations. This implementation is expected to simplify workflows and generate cost savings for the bank, potentially paving the way for broader DLT applications in the financial sector.

Horacio Barakat, Head of Digital Innovation at Broadridge
Horacio Barakat, Head of Digital Innovation at Broadridge

“This implementation not only simplifies their workflow and generates cost savings but also lays the foundation for further DLT use cases that can drive even greater efficiencies and innovation in the financial sector,” commented Horacio Barakat, Head of Digital Innovation at Broadridge.

The DLR platform has been gaining traction in the global repo market, with monthly transaction volumes reaching $1 trillion. Broadridge reports that the platform's expansion across sell-side and buy-side firms is creating a network effect, amplifying benefits and supporting a wider variety of transaction types.

This month, Broadridge also hired Brian Pomraning as Chief Product Officer for Trading and Connectivity . Before joining the company, he served as Chief Revenue Officer for Exegy, having previously worked with Barclays and JP Morgan.

Morningstar and Broadridge Join Forces

In a separate move, Broadridge has integrated its Wealth Lending Network (WLN) marketplace with Morningstar's Advisor Workstation. This collaboration will provide over 150,000 independent financial advisors with access to SBL tools, allowing them to determine clients' borrowing potential and connect with partner banks to support lending needs.

Mike Alexander, President of Broadridge Wealth Management
Mike Alexander, President of Broadridge Wealth Management

“This collaboration helps advisors respond to the growing demand for flexible, simplified, and integrated financial solutions, including borrowing against their securities portfolio,” stated Mike Alexander, President of Broadridge Wealth Management.

Advisors can now offer more comprehensive services, potentially retaining assets under management when clients need liquidity. Clients, in turn, gain an alternative to liquidating investment portfolios, which can help preserve investment strategies and avoid triggering potential capital gains taxes.

“Our collaboration with Broadridge equips advisors with a tool for advanced lending options, enabling them to provide a more comprehensive suite of services and elevate the industry standard for the value advisors offer clients,” Vimal Vel, Chief Product Officer for Enterprise Solutions at Morningstar, added.

Last month, Broadridge also partnered with YCharts, a cloud -based investment research and client communications platform.

Topics
Broadridge Financial Solutions
DLT
repo
Morningstar
Broadridge
About the Author: Damian Chmiel
Damian Chmiel
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Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.

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