Questrade Adds Broadridge Solutions’ FXL Product for FX and Liquidity Needs

Questrade's post-trade operations aimed to be streamlined with the Broadridge solution.

Financial technology developer and provider of capital markets solutions and infrastructure, Broadridge Financial Solutions, Inc. (Broadridge), which is listed on the NYSE under ticker BR, today announced it will provide its FX and Liquidity (FXL) product to online broker Questrade based in Canada, in an effort to help streamline the broker’s post-trade operations.

According to the press release, Questrade is fully deployed and hosted on the FXL system after it selected to use the product, and the solution offers a number of available tools support the firm’s corporate currency exchange and global payment business, including Questrade’s delivery versus payment (DVP) needs.

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Via the use of Broadridge’s FXL, Questrade meets compliance needs related to its obligations with the Investment Industry Regulatory Organization of Canada (IIROC), in terms of reporting related statements and confirmations. Broadridge announced earlier this month the launch of a Global Post Trade Management (GPTM) solution that Finance Magnates had written about.

 

Our goal with FXL is to remove some of the complexity and burden to allow our clients to focus on meeting regulatory requirements as well as business expansion and growth.

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The FXL suite of solutions can be either a turn-key solution (platform) or tailored using parts of it as components to meet a broker’s needs within foreign exchange including in order management, risk management, cash management or treasury departments, according to the update and FXL is available on a hosted basis or as a managed service.

“The FX market has evolved significantly and the need for a truly global, efficient and scalable modern system is more important than ever,” said Edward Kholodenko, Questrade’s President and CEO, commenting in the press release. “We selected FXL to help increase efficiency by providing a modern portal, FX processing and integrated, cross-asset class functionality with high levels of straight-through processing.”

FXL was previously known as TwoFour Systems, before Broadridge had acquired that business in January 2015, and already seven clients have been onboarded as per the udpate.

“The adoption of FXL by leading firms such as Questrade is a reflection of an imperative across the industry to renew and standardize systems in light of an increasingly complex operational and regulatory environment,” said Steve Davis, general manager of Broadridge FXL, commenting in the joint press release. “Our goal with FXL is to remove some of the complexity and burden to allow our clients to focus on meeting regulatory requirements as well as business expansion and growth.”

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