Charles River and Broadridge have formalized a business alliance to enable better integration with the SWIFT network in the Charles River Investment Management Solution, prompted by the SEC’s regulatory mandate to decrease settlement times from T+3 to T+2. With the migration to T+2, asset managers need to manage settlement risk and ensure accurate records with custodians and prime brokers.
Broadridge’s SWIFT solution, which is used by more than 100 clients globally, accelerates the adoption of industry standard ISO formats to facilitate timely settlement and accurate start of day positions in the Charles River IMS. Broadridge will support unlimited routing choices to send and receive messages across the SWIFT network, while Charles River will generate messages in ISO 15022/20222 formats, process SWIFT-formatted replies from custodians, and provide seamless application workflow support.
Together with Charles River’s collateral management, post-trade processing and settlements, IBOR, and GIPS-compliant PMA, expanded SWIFT messaging support provides investment managers and asset owners with a complete middle office solution, enabling clients to take advantage of a single system to manage their entire trade lifecycle using automated straight through processing (STP). The alliance ensures Charles River’s buy-side clients can use SWIFT messaging to notify custodians of incoming trades, receive notifications from custodians confirming trade settlement, notify custodians of collateral transfer for margin calls and facilitate the transmission of start-of-day positions and transactions from custodians into the Charles River Investment Book of Record (IBOR).