Technology services company Broadridge
Financial Solutions has announced a software purchase agreement
with Japan’s Mitsui Knowledge Industry (MKI) in a bid to increase
its processing abilities.

Under the agreement, Broadridge has acquired
all intellectual property rights of MKI’s B-Fund solution. The
technology provides connectivity and associated processing for
Japanese government bonds and Japanese yen payments that are
cleared and settled through the Bank of Japan’s BOJ-Net system.

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The B-Fund solution will be renamed Gloss BOJ
Processing Solution, effective immediately.

“We believe this is a game-changing
announcement,” said Robin Kneale, head of strategy and product
management for securities processing solutions at Broadridge.

“Now there is real choice available to all
banks and brokers in Japan looking to connect to BOJ and JASDEC to
process Japanese equities and fixed income on a modern, real-time,
globally-proven solution that also offers extensive international
capabilities.”

Through the deal, Broadridge claims to offer a
full-function multi-language, post-execution clearing and
settlement solution for equities, fixed income and related
instruments with interfaces to both JASDEC and the Bank of Japan.
The same platform is said to also provide global support for
settlement at custodians and CSD/ICSDs via SWIFT or Euroclear and
domestic settlement in key international markets.  

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The Bank of Japan has announced plans to
redevelop its BOJ-Net System utilising XML-based messaging, which
is expected to go live in early 2016. Broadridge claims its
solutions are ready to meet the new requirements.