Broadridge Financial Solutions, a provider of investor communications and technology-driven solutions to the financial services industry, has announced that Bloomberg LP, has adopted Broadridge products for its Tradebook offering. According to the partnership, Bloomberg will be using Broadridge’s business process outsourcing (BPO) solution to allow it to provide self-clearing of US equities. Tradebook, provides trading solutions for global equities, futures, and FX trading. The deal now allows Bloomberg to provide more comprehensive support of the life-cycle of a trade.
Explaining the benefits for Bloomberg Tradebook, Ray Tierney, CEO of Bloomberg Tradebook told Forex Magnates, “by transitioning to a self-clearing model, Bloomberg Tradebook is able to minimize fixed-cost investment in technology and operational infrastructure. It also enables Tradebook to manage client relationships more closely, which enhances service quality and the client experience.”
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In its prepared statement, Tim Gokey, Chief Operating Officer, Broadridge said “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. 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.”