LBBW Securities, LLC Goes Live on Broadridge's Operations Outsourcing Solution
Unique to the Market, Broadridge's Operations Outsourcing Solution Delivers Turn-Key Back-Office Infrastructure
LAKE SUCCESS, NY- Broadridge Financial Solutions, Inc. (NYSE: BR) announced that LBBW Securities, LLC, a wholly owned subsidiary of Landesbank Baden-Wurttemberg, is outsourcing a range of operations functions to its subsidiary, Ridge Clearing and Outsourcing Solutions, Inc. LBBW has also decided to use impact(TM), Broadridge's solution for fixed-income trade processing on an outsourced basis.
The only offering of its kind, Broadridge's Operations Outsourcing solution enables LBBW to outsource the labor-intensive functions relating to trade clearance, settlement, and custody while leveraging Ridge Clearing's centralized operations staff to increase economies of scale and remain an independent, self-clearing broker-dealer. This customizable solution allows LBBW the flexibility to outsource certain operations and back-office functions without altering its front office operations or impacting the customer experience.
With the majority of its business in the fixed-income sector, LBBW will also take advantage of Broadridge's best in class fixed-income processing engine, impact, to support its processing needs. Broadridge's impact provides regional and global financial institutions with real-time position and balance information, as well as trade execution, real-time settlement and clearing interfaces for domestic and foreign fixed-income securities. Impact's sophisticated financing capability and extensive support for securities processing functionality will enable LBBW to increase its overall efficiencies.
Andreas Oberem, Chairman, LBBW Securities, LLC, cites a variety of reasons why Broadridge's Operations Outsourcing solution is an ideal match for LBBW's business needs. He stated, "As a new broker-dealer we are acutely aware of the need to minimize our operating and staffing costs, but it was important for us to remain independent and self-clearing. Broadridge's Operations Outsourcing is exactly the offering we needed due to their suite of services allowing us to maintain processing control and the efficiencies of being self-clearing."
"LBBW represents the kind of firm that Broadridge is eager to provide our Operations Outsourcing services to because this solution offers LBBW and any broker-dealer the freedom to remain self-clearing and gain the considerable cost savings associated with outsourcing the labor-intensive back-office functions associated with trade clearance, settlement, and custody in a way that is seamless to its customers," said John Hogan, President and Chief Operating Officer, Broadridge.
About Broadridge
Broadridge Financial Solutions, Inc., formerly ADP Brokerage Services Group, with over $2.0 billion in revenues and more than 40 years of experience, is a leading global provider of technology-based outsourcing solutions to the financial services industry. Our integrated systems and services include investor communication, securities processing, and clearing and outsourcing solutions. We offer advanced, integrated systems and services that are dependable, scalable and cost-efficient. Our systems help reduce the need for clients to make significant capital investments in operations infrastructure, thereby allowing them to increase their focus on core business activities. For more information about Broadridge, please visit www.broadridge.com.
Press Contact:
Tony DeMeo
Broadridge Financial Solutions, Inc.
One Park Avenue
New York, NY 10016
212-918-6919
Tony.DeMeo@broadridge.com
