Broadridge Connects to Chi-X in Australia Through New Multi-Market Broker Trading Connectivity Solution
Broadridge Financial Solutions, Inc. announced November 29 that, beginning October 31, 2011, users of its SUMMIT stockbroking and accounting solution for the Australian equities market are able to take full advantage of Broadridge’s new broker trading connectivity tool to process trades executed on the recently launched Chi-X alternative exchange in Australia. This coincided with the first day of trading on the exchange. The Broadridge connectivity solution enables SUMMIT clients on the Chi-X exchange to receive real-time trade information from the service.
Broadridge’s trading connectivity solution enables equity brokers using SUMMIT to connect to Chi-X on a fast-track, seamless basis, allowing them to benefit from high levels of straight-through processing from trade execution to settlement and accounting. The connectivity solution can also be used to process trades executed via any other exchange that supports the FIX financial messaging protocol. Connectivity to the new Australian Securities Exchange’s (ASX) PureMatch service is also supported. The Broadridge connectivity solutions are accredited by the ASX and Chi-X for their new respective markets.
Fraser Moodie, Head of Operations, Securities Processing Solutions, Australia, Broadridge, said, “This is another great example of how we take a responsible, client-centric approach to market change. By working closely with our clients, we were able to deliver a timely service that was operational from the Chi-X exchange’s launch date, allowing them to be well-positioned for Australia’s new alternative trading venue.” He continued, “The underlying design of our solution will enable us to respond quickly to any further new entrants in the alternative trading space.”
Akhter Khan, Head of Asia Pacific, Securities Processing Solutions, International, Broadridge, said, “This is the latest in a succession of new initiatives that we have brought to market in Asia Pacific over the past few years. Other recent examples include the roll-out of new trade settlement connectivity for the markets in Singapore and India, a Bank of Japan interface for the BOJ-Net service, and a new cross-border solution for international firms seeking to improve the efficiency of their process flows and reduce costs when processing for their overseas affiliates.”