Broadridge has launched a new trade expense managed service offering for capital markets firms, intended to help streamline and automate trade management.
The expanded managed service offering includes more powerful analytics capabilities and helps to standardise and optimise management of trade-related fees.
It is supported by Broadridge’s existing Revport revenue and expense management technology, which is currently used by more than 140 buy- and sell-side firms around the world.
The accounting engine is designed to be multi-tenant and multi-currency, and to support every fee type and asset class in the industry. It can enable real-time views to key processes and help with invoice reconciliation, counterparty management, exception management and revenue forecasts, as well as other day-to-day operations.
The new service will also facilitate rate agreements, and includes on-demand support to the front-office and trading partners, helping firms to centralise and optimise their process and ultimately gain more control.
Michael Alexander, Broadridge president of wealth and capital markets solutions, said:
"Global capital markets firms have made great strides controlling staffing and technology costs, but regulatory and market pressures continue to weigh heavily on the cost of trading."
He added: "For broker-dealers, the management of trade-related fees is the third largest operating cost after technology and people. We have integrated our proven revenue and expense management technology into our industry leading capital markets managed service to help firms rationalise these costs and further streamline their trading operations."
Terence Faherty, head of product strategy for Broadridge Revenue and Expense Management, said: "We've developed this global offering to address key pain points in managing trade expenses, including revenue leakage, over-billing and other costly errors."
"Broadridge manages the entire process across the enterprise, delivering unparalleled accuracy, controls and analytics and enabling firms to gain efficiencies through accurate expense accruals and proper allocation of fees to each customer using the same rules as the exchanges."
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