LONDON, March 22, 2021 /PRNewswire/ -- Global
Fintech leader Broadridge Financial Solutions, Inc. (NYSE:
BR) announces the expansion of its European fund regulatory
reporting solution with the integration of transaction cost
calculation services from financial products, trading and
market-making services provider Virtu Financial (NASDAQ: VIRT). The
Broadridge and Virtu offering will provide a more efficient and
comprehensive solution for asset managers to disclose transaction
costs as they fulfil MiFID II and PRIIPs fund reporting
requirements
Since MiFID II and PRIIPs regulations began in January 2018, asset managers have been required
to disclose portfolio transaction costs for their funds. This
information is intended to provide investors with an understanding
of the costs incurred that are attributable to the buying and
selling of securities within a fund.
Adding Virtu's portfolio transaction cost calculation
capabilities to Broadridge's existing MiFID and PRIIPs reporting
solutions will address a number of the challenges that asset
managers face, including collating arrival price data for their
funds in an efficient and effective manner. Based on extensive
testing and portfolio modeling, Broadridge anticipates it can
improve the coverage of transaction cost data points by over 50%
for clients.
"The enhanced portfolio transaction cost calculation service
will be of real benefit for our clients who have been searching for
a solution to help them more efficiently calculate and disclose
transaction costs," said Paul
Poletti-Gadd, Chief Solutions Officer at Broadridge Fund
Communication Solutions. "This partnership with Virtu will provide
clients with multiple benefits, including a reduction in time and
resources for the asset managers internally, improved coverage
levels for their funds and more support in meeting their regulatory
requirements. For our clients, there is a further advantage in that
this enhanced data set can then be utilised across the full range
of our fund reporting solutions."
"We are delighted to have joined forces with Broadridge Fund
Communication Solutions to support asset managers with their fund
reporting," said Kevin O'Connor,
Global Head of Analytics at Virtu Financial. "We are one of the
early innovators and a current market leader in transaction cost
analysis and are able to support Broadridge clients not only with
their future portfolio transaction costs but also with historical
calculations."
Broadridge Fund Communication Solutions provides a comprehensive
digital platform and has a proven track record of supporting the
life cycle of fund data, documents and regulatory reporting for the
global asset management industry. The team manages and distributes
data for over 1,000 global fund groups and supports over 200
million fund data requests each year, in over 35 languages.
About Virtu Financial
Virtu Financial Inc. (NASDAQ:
VIRT) is a leading provider of financial services and products that
leverages cutting-edge technology to deliver liquidity to the
global markets and innovative, transparent trading solutions to its
clients. Leveraging its global market making expertise and
infrastructure, Virtu provides a robust product suite including
offerings in execution, liquidity sourcing, analytics and
broker-neutral, multi-dealer platforms in workflow technology.
Virtu's product offerings allow clients to trade on hundreds of
venues across 50+ countries and in multiple asset classes,
including global equities, ETFs, foreign exchange, futures, fixed
income and myriad other commodities. In addition, Virtu's
integrated, multi-asset analytics platform provides a range of pre-
and post-trade services, data products and compliance tools that
clients rely upon to invest, trade and manage risk across global
markets.
About Broadridge
Broadridge Financial Solutions (NYSE:
BR), a global Fintech leader with over $4.5
billion in revenues, provides the critical infrastructure
that powers investing, corporate governance and communications to
enable better financial lives. We deliver technology-driven
solutions to banks, broker-dealers, asset and wealth managers and
public companies. Broadridge's infrastructure serves as a global
communications hub enabling corporate governance by linking
thousands of public companies and mutual funds to tens of millions
of individual and institutional investors around the world. In
addition, Broadridge's technology and operations platforms underpin
the daily trading of on average more than U.S. $10 trillion of equities, fixed income and
other securities globally. A certified Great Place to
Work®, Broadridge is a part of the S&P
500® Index, employing over 12,000 associates in 17
countries. For more information about us and what we can do for
you, please visit www.broadridge.com.
Media Contacts:
Hannah
Polson
Cognito
+44 (0) 7974244217
BroadridgeEMEA@cognitomedia.com
Virtu:
Media Relations
Andrew Smith
media@virtu.com
Investor Relations
Deborah Belevan, IRC, CPA
investor_relations@virtu.com