Instinet Europe Selects Broadridge for International Securities Processing
Broadridge Financial Solutions announced that Instinet Europe, the European brokerage subsidiary of Instinet Incorporated, has selected its international securities processing solution, Gloss.
The solution is a real-time, multi-currency, transaction processing and record keeping solution for post-execution processing of securities. It automates the trade processing lifecycle from trade capture through to confirmation and settlement to provide the highest levels of straight-through processing and efficient and timely exception management. It will be used on an ASP basis, for Instinet’s pan-European equity operations.
Gloss will receive executed transactions from Instinet’s proprietary middle office system. It will handle confirmations, central counterparty netting, position management, profit and loss, settlement and trade accounting, with market interfaces for settlement and reporting.
As part of the package, Instinet will use Gloss’ new browser enabled, proactive exception management facility. Its institutional clients will also have access to the system for trade and settlement reporting and MIS, enabling Instinet to deliver customer service enhancements.