Broadridge launches NYFIX Fill Matching for same-day trade reconciliation

Rick Steves

“As the T+1 time compression makes end-of-day processing challenging, Broadridge’s new Fill Matching Solution will rapidly identify trade discrepancies, enabling clients to address and fix these issues before the close of the trading day.”

Broadridge Financial Solutions, Inc., a global leader in fintech, has announced the launch of NYFIX Fill Matching, an extension to their existing NYFIX Matching post-trade solution.

Designed to cater to asset managers dealing with high volume and high-touch orders, this new platform offers real-time matching between brokers and asset managers.

Pressure for same-day trade reconciliation is mounting on account of T+1

As markets move toward T+1 settlement, the pressure for same-day trade reconciliation is mounting. “As the T+1 time compression makes end-of-day processing challenging, Broadridge’s new Fill Matching Solution will rapidly identify trade discrepancies, enabling clients to address and fix these issues before the close of the trading day,” said George Rosenberger, Head of NYFIX at Broadridge Trading and Connectivity Solutions. The platform aims to remove bottlenecks and streamline front-to-middle office processes.

NYFIX Fill Matching goes beyond traditional reconciliation by offering real-time synchronization between brokers and asset managers. “Drop Copies,” or execution reports, flow from brokers and are instantly matched with the asset managers’ systems. This eliminates end-of-day mismatches and enhances efficiency in trade settlement. The solution is customizable, allowing asset managers to set up matching criteria according to their specific needs.

The real-time nature of NYFIX Fill Matching ensures that asset managers are instantly informed once all fills from the brokers have been processed. This enables them to proceed with confidence into the post-trade matching and settlement phase, further optimizing the trade lifecycle.

Broadridge Financial Solutions is a global fintech powerhouse with over $6 billion in revenues. It provides the infrastructure critical for investing, corporate governance, and communications. Employing over 14,000 associates in 21 countries, Broadridge’s technology and operational platforms underpin more than $10 trillion of daily global securities trades. A certified Great Place to Work®, Broadridge is also part of the S&P 500 Index.

Broadridge also launched STP solution this year

In April, Broadridge launched a new straight-through processing (STP) solution that increases efficiency, better trading decisions and client insights, improved controls, and reduced risk.

The new solution is built with a standard foundational integration solution across its front, middle, and back-office capabilities for trade processing, which leverages an enterprise integration layer and common data model that can be used across the Broadridge product portfolio as well as with third party applications.

Clients of Broadridge Trading and Connectivity Solutions will benefit from greater agility and faster time to market, improved scalability, and reduced fragmentation of interfaces and tech costs.

The launch of the new product comes in the face of a challenging environment for capital markets firms, with economic and geopolitical uncertainty, as well as regulatory pressures that shift towards shortened settlement cycles.

Firms are being forced to focus on simplification and innovation across the trade lifecycle to reduce risk and cost of change while enabling greater business agility.

This is where Broadridge’s integrated front, middle, and back offering comes in, designed to help firm with its features such as a common data model, normalized data sources, business insights for the front-office using post-trade data, integrated reporting, global, multi-asset middle office and a single point of trade capture and management.

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