LBBW has also decided to use Impact, Broadridge’s solution for fixed-income trade processing on an outsourced basis. Broadridge’s Operations Outsourcing solution enables LBBW to outsource the labor-intensive functions relating to trade clearance, settlement, and custody while leveraging Ridge Clearing’s centralized operations staff to increase economies of scale and remain an independent, self-clearing broker-dealer. This customizable solution allows LBBW the flexibility to outsource certain operations and back-office functions without altering its front office operations or impacting the customer experience.
With the majority of its business in the fixed-income sector, LBBW will also take advantage of Broadridge’s fixed-income processing engine, impact, to support its processing needs. Broadridge’s impact provides regional and global financial institutions with real-time position and balance information, as well as trade execution, real-time settlement and clearing interfaces for domestic and foreign fixed-income securities. Impact’s sophisticated financing capability and extensive support for securities processing functionality will enable LBBW to increase its overall efficiencies.
John Hogan, president and COO of Broadridge, said: LBBW represents the kind of firm that Broadridge is eager to provide our Operations Outsourcing services to because this solution offers LBBW and any broker-dealer the freedom to remain self-clearing and gain the considerable cost savings associated with outsourcing the labor-intensive back-office functions associated with trade clearance, settlement, and custody in a way that is seamless to its customers.
