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

A-Team Insight Blogs

HSBC Live on Broadridge’s SWIFT MX Proxy Voting Message Service

Subscribe to our newsletter

Broadridge Financial Solutions, Inc. today announced that 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 cooperative 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.”

“This is a significant milestone for all constituents involved in the proxy processing lifecycle, including issuers, custody and asset servicing businesses and investors, and we congratulate HSBC and Broadridge for successfully deploying the MX messages,” said Fabian Vandenreydt, Head of Securities and Treasury Markets, SWIFT. “We look forward to the continued roll-out and use of the new message standard as we work towards extending its international, cross-industry usage.”

“Broadridge is pleased to welcome HSBC as the first client to go live on our solution for the SWIFT MX Proxy Voting Messaging Suite. We have worked closely with SWIFT and the financial community to bring our knowledge and experience of electronic proxy processing to this important industry initiative, and we are fully committed to working with all industry participants as they start to realise its benefits through increased efficiency, improved client service levels and an underlying advance in international governance,” said Elizabeth Maiellano, Senior Director, Institutional Product Strategy, Broadridge.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: How to optimise the business value of your data using agile data governance

Data governance is transforming from a risk management and compliance tool with limited and prescriptive controls, to a solution that can help you optimise the business value of your data. In this role, data governance must scale to manage rising volumes of data, more and different data types, and changing user requirements, while continuing to...

BLOG

Concern Remains as Delay, Revision and Data Hang Over FRTB

The proposed Fundamental Review of the Trading Book (FRTB) was formulated to protect banks against a repeat of the devastation caused to the sector during the 2008 financial crisis. Initially suggested in 2012, it was drawn up in 2016 by the Basel Committee on Banking Supervision (BCBS), and revised in 2019 with a view to...

EVENT

TradingTech Summit London

Now in its 11th year the TradingTech Summit London brings together the European trading technology capital markets industry, to explore how trading firms are innovating in today’s cloud and digital based environment to create flexible, scalable trading platforms to support speed to market and business agility.

GUIDE

Regulatory Data Handbook – Second Edition

Need to know all the essentials about the regulations impacting data management? A-Team’s Regulatory Data Handbook is a great way to see at-a-glance: All the regulations that are impacting data management today A description of each regulation The impact each will have from a data and data management perspective Messages from sponsors with products related to...