Charles River Development and Broadridge Financial Solutions have formalised a business alliance to enable better integration with the SWIFT network in the Charles River Investment Management Solution (Charles River IMS).
The recent SEC mandate to decrease settlement times from T+3 to T+2 is designed to enhance efficiency, reduce risk, and ensure a coordinated and expeditious transition to a shortened settlement cycle. With the migration to T+2, asset managers are challenged to manage settlement risk and ensure accurate records with custodians and prime brokers. Broadridge’s SWIFT solution, which is used by more than 100 clients globally, accelerates the adoption of industry standard ISO formats to facilitate timely settlement and accurate start of day positions in the Charles River IMS. Broadridge will support unlimited routing choices to send and receive messages across the SWIFT network, while Charles River will generate messages in ISO 15022/20222 formats, process SWIFT-formatted replies from custodians, and provide seamless application workflow support.
Together with Charles River’s collateral management, post-trade processing and settlements, IBOR, and GIPS-compliant PMA, expanded SWIFT messaging support provides investment managers and asset owners with a complete middle office solution, enabling clients to take advantage of a single system to manage their entire trade life cycle using automated straight through processing (STP).
“At Broadridge we drive innovation and develop solutions that allow our clients and business partners to get ahead of today’s challenges and capitalise on tomorrow’s opportunities,” says Alastair McGill (pictured), General Manager, Broadridge. “As a leading SWIFT partner and global service bureau provider, we will enable Charles River’s buy-side clients to seamlessly integrate with the SWIFT network. Additionally, the highly configurable workflow and routing options within FinMApp ensure we can optimize Charles River’s clients’ operational processing to deliver significantly improved control.”
“We have been working with leading providers of messaging and collateral management services to complete our middle office solution,” says Peter Lambertus, CEO, Charles River. “The alliance with Broadridge is an important step forward to help our clients reduce settlement risk and improve middle office productivity.”
The alliance ensures Charles River’s buy-side clients can use SWIFT messaging to notify custodians of incoming trades, receive notifications from custodians confirming trade settlement, notify custodians of collateral transfer for margin calls and facilitate the transmission of start-of-day positions and transactions from custodians into the Charles River Investment Book of Record (IBOR).
