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April 5, 2011updated 04 Apr 2017 4:16pm

Broadridge sets its sights on Japan

Technology services company Broadridge Financial Solutions has announced a software purchase agreement with Japans Mitsui Knowledge Industry (MKI) in a bid to increase its processing abilities.Under the agreement, Broadridge has acquired all intellectual property rights of MKIs B-Fund solution. The technology provides connectivity and associated processing for Japanese government bonds and Japanese yen payments that are cleared and settled through the Bank of Japans BOJ-Net system.

By Louise Naughton

Technology services company Broadridge Financial Solutions has announced a software purchase agreement with Japan’s Mitsui Knowledge Industry (MKI) in a bid to increase its processing abilities.

Under the agreement, Broadridge has acquired all intellectual property rights of MKI’s B-Fund solution. The technology provides connectivity and associated processing for Japanese government bonds and Japanese yen payments that are cleared and settled through the Bank of Japan’s BOJ-Net system.

The B-Fund solution will be renamed Gloss BOJ Processing Solution, effective immediately.

“We believe this is a game-changing announcement,” said Robin Kneale, head of strategy and product management for securities processing solutions at Broadridge.

“Now there is real choice available to all banks and brokers in Japan looking to connect to BOJ and JASDEC to process Japanese equities and fixed income on a modern, real-time, globally-proven solution that also offers extensive international capabilities.”

Through the deal, Broadridge claims to offer a full-function multi-language, post-execution clearing and settlement solution for equities, fixed income and related instruments with interfaces to both JASDEC and the Bank of Japan. The same platform is said to also provide global support for settlement at custodians and CSD/ICSDs via SWIFT or Euroclear and domestic settlement in key international markets.  

The Bank of Japan has announced plans to redevelop its BOJ-Net System utilising XML-based messaging, which is expected to go live in early 2016. Broadridge claims its solutions are ready to meet the new requirements.

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