Broadridge BPO system picked by Bloomberg Tradebook
Bloomberg Tradebook has selected Broadridge’s consolidated business process outsourcing (BPO) system to support their equity and option clearance and settlement business.
The deal will help Bloomberg Tradebook minimise its fixed-cost investment in technology and operational infrastructure.
Broadridge noted Bloomberg will also realise new revenue-generating opportunities as it transitions from its current fully-disclosed clearing model to self-clearing.
Broadridge International Securities Processing and Global Outsourcing Solutions president Joseph Barra said Broadridge's BPO model is ideal for Bloomberg Tradebook.
"We've worked closely with Bloomberg Tradebook during the past several months to ensure our unique BPO capabilities will allow for a seamless transition to self-clearing," added Barra.
"Our solution can enable Bloomberg to benefit from a highly scalable and customizable offering to support all aspects of its back-office operation."
Broadridge's technology processing platform and integrated product applications will offer all back-office operations and support in the transition process.
The deal is the first agreement between Broadridge and Bloomberg Tradebook.