Broadridge Financial Solutions, Inc. (NYSE:BR), formerly ADP Brokerage Services Group, has announced that leading Japanese Investment Bank, Mizuho Securities Co. Ltd is now using its product Gloss for non-resident trade clearing and a related module, the JASDEC Adapter, for investment trusts book entry settlement.
Mizuho Securities is already an established user of Gloss® which is Broadridge’s market leading international securities processing platform. Gloss automates the securities trade processing lifecycle from trade capture through to settlement for virtually any security in any currency. Gloss processing has been extended to handle non-resident trade clearing, most recently for the London entity.
Mizuho are also using Gloss for non-resident trade clearing of Japanese equities and convertible bonds; and are processing matching and settlement for Mizuho Securities entities in Hong Kong, New York and London. In a separate initiative Mizuho Securities are now using the JASDEC Adapter to process investment trusts.
Broadridge has responded to market changes, where investment trusts in Japan have become paperless, with settlement taking place in JASDEC. Broadridge has upgraded the JASDEC Adapter to handle the new requirements of investment trusts. Broadridge believes that providing firms the ability to process investment trusts via the JASDEC Adapter will help them reduce their operational risk and improve their process efficiency.
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