London
15 March 2011
Reporter: Ben Wilkie
Securities Lending default image

Broadridge launches enhanced Gloss


Broadridge Financial Solutions has enhanced the fixed income and financing functionality of its multi-asset trade processing and settlement solution, Gloss.

The platform offers users additional processing support for tri-party repurchase agreements, auto-borrows and mortgage-backed securities as well as new P&L methodology and a Bloomberg interface. In parallel, Broadridge has extended its global fixed income client base for Gloss with three new implementations.

Gloss’ new functionality will further increase users’ operational efficiency, and includes:

•Tri-party repurchase agreements (repos): Gloss creates SWIFT MT527 messages for deal initiation and closing, the receipt of the related MT558 status messages, and the receipt of MT54n messages that carry information about the collateral assigned. It also supports the representation of these movements as transactions and as entries in the books and records of the broker.

•New Auto-borrows functionality supports the receipt of reports, in particular the RP31 report from Euroclear, on a schedule defined by the client. It automatically represents these movements as transactions and as entries in the books and records of the broker, both as a record against the depot and as sub-balances for auto-borrows/loans. This will enable brokerages to improve control of depot balances and benefit from a more straightforward reconciliation.

•Mortgage-backed securities: Gloss calculates the partial redemption proceeds when a factor is changed, and automatically updates the book cost. It also interacts automatically with upstream trading systems to ensure that transaction processing, instruction messaging, booking and accounting entries are made in a controlled way.

•P&L methodology: To ensure a consistent profit and loss methodology can be used across the widest range of financial products, Gloss supports the value dated constant yield accretion methodology with FIFO trade matching. Yield prices can be calculated from clean prices using either the Monaco formula or the RBA/RBNZ formula for Australia / New Zealand.

•Bloomberg: The market interface between Bloomberg and Gloss has been extended to handle principal outright trades, repos, prices and fixed income instruments from Bloomberg into Gloss.

Large-scale issuance of debt has stimulated banks’ desires to trade globally in fixed income products. Broadridge has worked with three investment banks to help them quickly launch or extend their global fixed income businesses in Europe and Asia Pacific in less than six months, with one of the operations going live in under three months. A number of other clients are also in the process of rolling out the Gloss solution this year.

“We are very pleased to be supporting the ambitions of our clients and responding to the evolving requirements of the brokerage community as they seek to rapidly launch or extend their businesses in new areas and geographies. We have been particularly pleased to help clients get these complex businesses up and running in less than six months from start to go-live,” said Robin Kneale, head of strategy & product management, Securities Processing Solutions International, Broadridge. “This should be seen as another element of our ongoing roll-out of in-depth multi-asset capabilities which deliver increased efficiency and automation to our users’ trade processing and settlement operations,” Kneale added.

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Pension fund mandate for BNP Paribas
21 September 2017 | London | Reporter: Jenna Lomax
The West Sussex Pension Fund is the fifth appointment BNP Paribas has secured under the Local Government Pension Schemes (LGPS) National Framework Agreement
IHS Markit names new COO for thinkFolio
21 September 2017 | London | Reporter: Jenna Lomax
Cunningham will lead thinkFolio’s product management, services, support and managed service offering
AcadiaSoft expands user base for IM compliance
21 September 2017 | Massachusetts | Reporter: Drew Nicol
The second phase of the IM rules went live on 1 September under the regulatory framework of BCBS and IOSCO
SIX: Speedy settlement key in collateral management
21 September 2017 | London | Reporter: Stephanie Palmer
Real-time settlement is the most important consideration when choosing a new collateral management provider, according to research from SIX Securities Services
FCA takes pragmatic approach to MiFID II deadline
21 September 2017 | London | Reporter: Drew Nicol
The UK’s financial conduct authority has indicated it will accept a soft roll out of the second Markets in Financial Instruments Directive in January
Trade Informatics releases Peer Analysis tool
20 September 2017 | New York | Reporter: Jenna Lomax
The new addition will provide asset managers with tools to analyse how they compete with other money managers
BNP Paribas becomes first French OTC Clearing member
20 September 2017 | Hong Kong | Reporter: Barney Dixon
BNP Paribas has joined OTC Clearing Hong Kong, as the clearinghouse’s 17th member, and the first from France
More news