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

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: Real world data governance – Practical strategies for data ownership

The theories of data governance and ownership are well rehearsed. Essentially, data governance includes rules and processes that make data accurate, compliant and accessible, ensuring the right users can access trusted data as and when they need it. Data ownership assigns responsibility and accountability for a specific dataset to an individual or team that can...

BLOG

The Potential and Pitfalls of Large Language Models

By Tony Seale, Knowledge Graph Engineer at Tier 1 Bank. Large Language Models (LLMs) like ChatGPT possess enormous power, stemming from their capability to ingest and compress vast amounts of general information gathered from the web. However, this capability is general rather than tailored to your specific business needs. To effectively utilise these models in...

EVENT

ESG Data & Tech Summit London

The ESG Data & Tech Summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

Regulatory Data Handbook 2023 – Eleventh Edition

Welcome to the eleventh edition of A-Team Group’s Regulatory Data Handbook, a popular publication that covers new regulations in capital markets, tracks regulatory change, and provides advice on the data, data management and implementation requirements of more than 30 regulations across UK, European, US and Asia-Pacific capital markets. This edition of the handbook includes new...