Baader Bank AG has enhanced its approach to regulatory compliance by forming a strategic alliance with Broadridge Financial Solutions, Inc. (NYSE: BR), a leader in global fintech. This collaboration leverages Broadridge’s sophisticated platform for regulatory trade and transaction reporting.
Broadridge Partners With Baader Bank AG on Regulatory Reporting
The partnership will see Baader Bank adopting Broadridge’s advanced reporting platform to navigate the complex regulatory landscape of multiple jurisdictions, including MiFID, FinfraG, EMIR, and SFTR.
Already a user of Broadridge’s front and middle office solutions, Baader Bank provides its clients with diverse financial instruments, such as equities, bonds, derivatives, and ETFs. Ben Cooling, Broadridge’s General Manager of Regulatory Transaction Reporting Solutions, emphasised the role of their platform and expertise in elevating Baader Bank’s risk management and compliance capabilities.
This collaboration is set against increasing regulatory challenges for financial institutions. Broadridge’s solution is designed to offer Baader Bank, which boasts a workforce of about 550 employees across various financial services sectors, a more integrated and efficient approach to regulatory reporting.
Cooling expressed pride in Broadridge’s role as the technology partner of choice for global financial institutions aiming to streamline and innovate their trade lifecycle processes.
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Broadridge has expanded its partnership base and revenue channels. The company reported a 9% increase in its total revenue for the second quarter, amounting to $1,405 million, reflecting its successful strategy in securing new partnerships and revenue opportunities.
The company saw a significant increase in recurring revenues, which climbed to $899 million, up 7% from the previous year. Even when adjusted for constant currency fluctuations, this growth rate stands at 6%, highlighting Broadridge’s resilience in varying market conditions.
Continuing its market expansion efforts, Broadridge recently launched a derivatives trading technology platform for institutional clients, focusing on futures and options. This service, offered as software-as-a-service, caters specifically to the Futures Commission Merchant community and signifies a notable expansion of Broadridge’s service portfolio.
Additionally, Broadridge has bolstered its executive team by appointing Chad Alderson as General Manager for Global Technology and Operations in Canada. With a rich history in financial services, Alderson is poised to lead Broadridge in revolutionising its wealth management and capital markets solutions.
