Broadridge Financial Solutions announced it’s been selected by SNB Capital to help build its local securities lending and borrowing business. As the largest broker and asset manager by market share in 2022 and a custodian in Saudi Arabia, SNB Capital will use Broadridge’s Securities Finance and Collateral Management (SFCM) solution to grow the coverage of its Securities Services offering on local assets.
“Broadridge is excited to grow its strong partnership with SNB Capital as we jointly continue to bring more value to SNB Capital’s clients with a new securities lending & borrowing service offering, across multi-custody principal and agency trading models.” said Darren Crowther, head of Securities Finance and Collateral Management at Broadridge, in a statement. “Global markets are increasingly complex with greater numbers of potential revenue streams across the business. Broadridge’s SFCM solution enables firms to start up rapidly, capture securities finance growth opportunities whilst integrating seamlessly with other internal or external systems, to help them meet their regulatory obligations, and streamline their operations.”
“SNB Capital is perfectly positioned to satisfy strong demand for securities lending and borrowing across Saudi Arabia,” says Loai Bafaqeeh, head of Securities Division at SNB Capital, in a statement. “With Broadridge, and their SFCM solution- our joint efforts will provide global SBL expertise, an end-to-end platform with the required trading, operations and connectivity, and the capacity to rapidly bring this product to market based on the updated regulatory and market structure provided by Saudi Exchange and Securities Depository Centre (Edaa).”
SNB Capital is expanding its financial markets footprint, with the recent approval of market making rules, as well as the 2022 green light for the amended Securities Borrowing and Lending Regulations which were finalized last year by the Saudi Exchange & Edaa. This aligns the Saudi market with international best practices, allowing innovative forward-looking institutions, like SNB Capital, to drive the creation of client-driven securities lending and borrowing programs.
As early adopters to these new regulations and the opportunities they bring, SNB Capital is implementing SFCM- Broadridge’s full lifecycle agency and principal securities lending solution- to deliver all aspects, front-to back, of borrowing and lending trading and operational needs, with scalability for the future as they continue to expand.