Broadridge Financial Solutions has linked its fixed income processing platform in Canada to the country’s central securities depository through a new module called ClearancePro.
The integration will allow banks and brokers using the platform to electronically send clearance and settlement instructions on Canadian debt instruments to CDS Clearing and Depository Services system called CDSX thereby eliminating any rekeying of information.
“The banks and brokerage firms no longer have to worry about the potential for any erroneous data being entered into the CDS system through a separate terminal and waiting until the end of the business day to reconcile their books with that of CDS,” says Chris Fedele, senior director of securities processing solutions of U.S. fixed income trades at Broadridge.
ClearancePro will also allow the banks and brokerages to construct their own rules so they can have customized handling of exceptions – or bad transactions, says Fedele.
Five banks and broker dealers now use Broadridge’s fixed-income platform in Canada to keep track of their transactions and book-them in their general ledgers. Broadridge won’t name the firms but its processing system in Canada is considered among the most popular.
Broadridge's fixed income platform processes over $4.0 trillion in U.S. and Canadian fixed income securities daily.
-- This article first appeared on Securities Technology Monitor.