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Move aimed at reducing fixed-cost investment in technology base.
Broadridge Financial Solutions has announced that Bloomberg Tradebook will use its consolidated business process outsourcing (BPO) service.
BPO will be used in support of Tradebook's equity and option clearance and settlement business, as part of a transition to a self-clearing model. The move is aimed at reducing operational and IT infrastructural spending.
"Broadridge's BPO model is ideal for Bloomberg Tradebook," says Joseph Barra, president of international securities processing and global outsourcing solutions at Broadridge. "We've worked closely with Bloomberg Tradebook during the past several months to ensure our unique BPO capabilities will allow for a seamless transition to self-clearing. Our solution can enable Bloomberg to benefit from a highly scalable and customizable offering to support all aspects of its back-office operation."
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