A joint statement by the two firms said Pershing will use the solution as its new middle- and back-office processing platform for third-party domestic clearing.
“The solution is designed to increase process efficiencies and provide flexibility to support forthcoming market and regulatory changes based on a modern platform,” said the statement.
“Pershing Securities Australia will use the solution to support its correspondent base of licensed member-participant brokers and large user base of securities dealers,” it said.
The new solution will process equities, options and managed funds, covering the “full post-trade life cycle”, said the statement.
“The solution will also provide real-time position management and connectivity to payment and settlement providers and enable Pershing Securities Australia to increase automation through high levels of straight-through processing, real-time business views and proactive workflow controls that help reduce risk through fast-track analysis and repair of processing exceptions,” it said.
Pershing Securities Australia chairman Craig Mason said Broadridge is a “proven and trusted global provider”.
“Its solution will support our drive for efficiency and high-quality service across our operation and give us a firm foundation to adapt to future infrastructural and regulatory changes in the Australian market,” Mr Mason said.
