Broadridge Financial Solutions has launched a new FIX-based real-time reconciliation product designed for the needs of asset managers with high volume and/or high-touch orders.
The NYFIX Fill Matching platform, a new solution complimenting Broadridge’s post-trade NYFIX Matching solution, claims to be the only platform that matches fills between brokers and asset managers in real-time.
“As the T+1 time compression makes end-of-day processing challenging, Broadridge’s new Fill Matching Solution will rapidly identify trade discrepancies, enabling clients to address and fix these issues before the close of the trading day,” said George Rosenberger, head of NYFIX at Broadridge Trading and Connectivity Solutions. “By reducing this key friction point, Broadridge is continuing to streamline and modernize the front-to-middle office environment for our buy-side clients.”
The Fill Matching solution offers real-time reconciliation, ensuring that brokers and asset managers are constantly in sync, minimizing end-of-day mismatches. “Drop copies”, or execution reports, are sent from the brokers’ front office platform and are matched against the fills received from the asset managers’ system.
The matching criteria is flexible and can be configured by the asset manager to meet their respective requirements. The service informs the asset manager that all fills received from the brokers have been processed and that they can confidently allocate their trades and move into the post-trade matching process.
Broadridge boosted its front office capabilities back in March 2021 through its EUR2.14bn acquisition of trading and connectivity technology provider Itiviti from Nordic Capital.
“The acquisition of Itiviti enhances Broadridge’s position as a global Fintech leader,” said CEO Tim Gokey at the time of acquisition. “By extending our capabilities into the front office and deepening our multi-asset class solutions, Itiviti significantly strengthens our capital markets franchise and better enables Broadridge to help financial institutions adapt to a rapidly evolving marketplace.”
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