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To facilitate the clearing and settlement of both Shenzhen- and Shanghai-listed equities, China Renaissance has expanded its post-trade processing relationship with Broadridge, via Stock Connect.
This builds on the solutions China Renaissance has offered clients in equity trading via Stock Connect, with Broadridge’s post-trade solution implemented in March 2020.
It also comes in addition to the Hong Kong-listed equities processing Broadridge has provided to China Renaissance since 2016.
China Renaissance says it selected Broadridge for its robust solutions that provide global scale and allow for multi-asset capabilities.
As part of the growing relationship, both firms are jointly planning for upcoming market and regulatory changes, such as Hong Kong Exchange’s (HKEX) Synapse program and Fast Interface for New Issuance (FINI) proposal, which aims to replace the existing T+5 process with T+1 for newly listed shares on HKEX.
“We have been impressed by the resilience of Broadridge’s systems and, as a technology partner, Broadridge understands and supports multiple markets, including north and southbound trading across asset classes,” says Andy Maynard, managing director, global head of equities, China Renaissance.
Maynard comments: “We value our long-term relationship with Broadridge. Their experience with next-generation technologies for clearing and settlement will be beneficial for us to leverage as HKEX’s Stock Connect evolves, and the relationship allows us to be ahead of the curve for our clients.”
Danny Green, general manager, international post-trade at Broadridge, adds: “China Renaissance has been able to bring more efficiency to its operations and enable its growth ambitions by leveraging Broadridge’s local expertise and global scale, as seen in the successful implementation of our post-trade processing solution for Stock Connect markets.”
