About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Broadridge Acquires City Networks, a Provider of Reconciliation and Process Automation Solutions

Subscribe to our newsletter

Broadridge Financial Solutions today announced that it has completed the acquisition of City Networks, a software and services provider of reconciliation, multi-asset process automation and operational risk management solutions to the global financial services industry.

The acquisition further accelerates Broadridge’s international strategic growth, extending its growing range of solutions and competencies to its existing bank-broker and asset management client base. The acquisition also increases Broadridge’s service reach into client domains such as FX and money markets and OTC derivatives.

City Networks is a highly respected solutions provider. Through its PROactive suite of solutions, it has a strong track record for product innovation, customer service, and over 400 clients globally. Its enterprise reconciliation solution delivers superior rules-based capabilities and integrated exception management from the earliest point in the trade lifecycle through to post-settlement for any type of financial instrument across all internal systems and external agents. Its confirmation matching solutions automate the processing of trade confirmations with unsurpassed match rates.

With immediate effect, City Networks will operate internationally as Broadridge City Networks, forming part of Broadridge’s Securities Processing Solutions business. With its workforce based in New York, London, Johannesburg, Tokyo, Hong Kong, Singapore and Sydney, its local and regional operations will combine with existing Broadridge operations to complement and increase Broadridge’s presence in these locations.

Tom Carey, president, Securities Processing Solutions – International, Broadridge, said, “We are delighted to welcome the associates of City Networks, and their clients, to Broadridge. They bring an impressive pool of domain talent and service expertise, and we look forward to working together and demonstrating our commitment to investing in the solutions and growing this business. The acquisition underlines Broadridge’s continued strategy of providing services on a global basis. We particularly look to use our strong market position in both the US and Canada to accelerate Broadridge City Networks’ business growth in North America.”

Richard Hill, founder and CEO of City Networks, said, “I am excited by the prospects that this offers our clients and staff, and look forward to the increased opportunities for City Networks with Broadridge.”

Marcus Dutton, director, City Networks, has been appointed as general manager of Broadridge City Networks. Commenting on the acquisition, he said, “Broadridge is an internationally respected, premier solutions provider across the financial services industry, with an exceptional focus on providing enduring value to its clients, its associates and its shareholders. City Networks has a proud record of innovating and delivering process automation solutions, and with Broadridge’s full backing we are now exceptionally well positioned to add further momentum to our business.” Dutton reports into Tom Carey.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Regulatory change management – challenges, solutions and case studies

Regulatory change has become part of the fabric of capital markets. It has also become increasingly complex as more regulations are introduced, significant amendments are made frequently, and small changes are made on a rolling basis – the whole made more difficult by jurisdictional interpretation and the UK’s amended regulatory regime post Brexit. If keeping...

BLOG

ICE Chief Development Officer Chris Edmonds Steps Up to Lead Fixed Income and Data Services Business

Intercontinental Exchange (ICE) has named Christopher Edmonds, currently chief development officer, to succeed Amanda Hindlian and lead the company’s Fixed Income and Data Services (FIDS) business. FIDS is the company’s second largest business segment and was founded on ICE’s October 2015 $5.2 billion acquisition of Interactive Data Corporation. Edmonds has held several roles at ICE...

EVENT

Buy AND Build: The Future of Capital Markets Technology, London

Buy AND Build: The Future of Capital Markets Technology London on September 19th at Marriott Hotel Canary Wharf London examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Hosted/Managed Services

The on-site data management model is broken. Resources have been squeezed to breaking point. The industry needs a new operating model if it is truly to do more with less. Can hosted/managed services provide the answer? Can the marketplace really create and maintain a utility-based approach to reference data management? And if so, how can...