HSBC Live on Broadridge's SWIFT MX Proxy Voting Message Service
HSBC is the first live operational user of the new SWIFT MX Proxy Voting Messaging Suite using Broadridge’s global proxy processing solution. The SWIFT messages, based on the latest ISO 20022 messaging standard, are a new generation of SWIFT-based communications designed to increase processing efficiency throughout the proxy voting lifecycle, and ultimately facilitate greater levels of corporate governance by providing increased time for shareowners to make voting decisions.
The new messaging has initially been implemented for HSBC Securities Services in Hong Kong for its sub-custody business. HSBC will provide Broadridge with meeting announcements and agendas, via the SWIFT MX messages, to set up the details of a meeting event on its global proxy platform. Since Broadridge operates a co-operative meeting sourcing model, all institutional investors receiving ballots through Broadridge will benefit.
“We are proud to be the first to market with the new SWIFT standard for vote processing,” said Colin Brooks, global head of sub-custody and clearing, HSBC Securities Services. “From its inception, we have been a strong advocate of this new standard to create greater levels of operational efficiency, raise the levels of industry-wide governance and extend the time available for our institutional clients to conduct appropriate levels of research prior to voting deadlines.”