U.S.-based fintech Broadridge Financial Solutions (NYSE:BR) announced on Monday the expansion of its European fund regulatory reporting solution with the integration of transaction cost calculation services from financial products, trading, and market-making services provider Virtu Financial (NASDAQ: VIRT).
“The Broadridge and Virtu offering will provide a more efficient and comprehensive solution for asset managers to disclose transaction costs as they fulfil MiFID II and PRIIPs fund reporting requirements.”
Broadridge further revealed that since MiFID II and PRIIPs regulations began in January 2018, asset managers have been required to disclose portfolio transaction costs for their funds. Paul Poletti-Gadd, Chief Solutions Officer at Broadridge Fund Communication Solutions, shared more details about the offering by stating:
“This partnership with Virtu will provide clients with multiple benefits, including a reduction in time and resources for the asset managers internally, improved coverage levels for their funds, and more support in meeting their regulatory requirements. For our clients, there is a further advantage in that this enhanced data set can then be utilized across the full range of our fund reporting solutions.”
Broadridge Fund Communication Solutions notably provides a comprehensive digital platform and has a proven track record of supporting the life cycle of fund data, documents and regulatory reporting for the global asset management industry. The team manages and distributes data for over 1,000 global fund groups and supports over 200 million fund data requests each year, in over 35 languages.
