|By Marketwired .||
|April 18, 2008 12:00 PM EDT||
LAKE SUCCESS, NY -- (MARKET WIRE) -- 04/18/08 -- Broadridge Financial Solutions, Inc. (NYSE: BR) today released the following statement in response to recent inquiries related to a large clearing transaction that was disclosed in its Form 10-Q filing for the period ended December 31, 2007, its risk management practices and its clearing and outsourcing strategy.
The transaction that caused a rise in our short-term debt level to $426 million at December 31, 2007:
The $380 million transaction in question involved 143 specified pools of AAA-rated mortgage-backed bonds issued by the Federal National Mortgage Association (FNMA). These securities are liquid and have low price volatility. There were no exotic or illiquid mortgage-backed derivative securities in this transaction. The party who had committed to purchase these bonds is a global financial services company rated A+ by Standard & Poor's. Consequently, Broadridge's risk in this transaction was low. The transaction settled and the related loan was repaid on January 17, 2008, as previously disclosed.
Risk management practices at Ridge Clearing & Outsourcing, our broker-dealer subsidiary:
-- Ridge restricts the amount of credit extended to both individual and professional investors to amounts much lower than permitted by Federal regulations, and requires all loans to be fully collateralized by high quality, readily marketable securities. Ridge does not accept as collateral any exotic or illiquid mortgage-backed derivative instruments. -- Ridge does not use any of its capital to maintain an inventory of securities to be offered for sale to its clients. None of its capital is exposed to market fluctuations in proprietary trading accounts. -- From the time of its acquisition in 2004, Ridge has experienced no losses due to errors or credit policies, and it has a customer retention rate of over 90%.
Clearing and Outsourcing Strategy:
Broadridge created the clearing outsourcing model and estimates the market opportunity to be over $500 million. By combining the world class transaction processing capabilities of its Securities Processing Solutions segment with the specialized clearing expertise provided by Ridge, Broadridge created a unique service offering for broker-dealers with the size and financial means to finance their own businesses, but at the same time outsource to Broadridge their systems and back-office operations processing.
Broadridge is the pioneer and leader in the clearing outsourcing business. Since introducing the outsourcing solution, it has signed six clients representing $20 million in annual revenue and believes the clearing outsourcing solution is a global opportunity. Ridge operates to facilitate Broadridge's outsourcing strategy, the goal of which is to grow all of Broadridge's processing businesses.
Broadridge Financial Solutions, Inc., with over $2.0 billion in revenues and more than 40 years of experience, is a leading global provider of technology-based outsourcing solutions to the financial services industry. Our systems and services include investor communication, securities processing, and clearing and outsourcing solutions. We offer advanced, integrated systems and services that are dependable, scalable and cost-efficient. Our systems help reduce the need for clients to make significant capital investments in operations infrastructure, thereby allowing them to increase their focus on core business activities. For more information about Broadridge, please visit www.broadridge.com.
This press release and other written or oral statements made from time to time by representatives of Broadridge may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, such as our fiscal 2008 financial guidance, and which may be identified by the use of words like "expects," "assumes," "projects," "anticipates," "estimates," "we believe," "could be" and other words of similar meaning, are forward-looking statements. These statements are based on management's expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors discussed in Part I, "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended June 30, 2007 (the "2007 Annual Report"). Any forward-looking statements are qualified in their entirety by reference to the factors discussed in the 2007 Annual Report. These risks include: Broadridge's success in retaining and selling additional services to its existing clients and obtaining new clients; the pricing of Broadridge's products and services; changes in laws affecting the investor communication services provided by Broadridge; changes in laws regulating registered clearing agencies and broker-dealers; declines in trading volume, market prices, liquidity of securities markets or proprietary trading activity; Broadridge's ability to continue to obtain data center services from its former parent company, Automatic Data Processing, Inc. ("ADP"); Broadridge's debt levels and financing costs, including the impact of its credit ratings on such costs; the ability of Broadridge to develop brand recognition and its reputation with its clients and employees following its separation from ADP in March 2007; the incurrence of additional costs attributable to Broadridge's operations as a stand-alone public company; Broadridge's ability to continue to obtain transitional services from ADP for up to one year from the date of Broadridge's March 2007 spin-off from ADP; changes in technology; availability of skilled technical employees; the impact of new acquisitions and divestitures; competitive conditions; and overall market and economic conditions.
Broadridge disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Broadridge Financial Solutions, Inc.
Vice President, Investor Relations
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 29, 2016 12:00 PM EDT Reads: 1,825
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 29, 2016 11:30 AM EDT Reads: 1,237
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 29, 2016 11:15 AM EDT Reads: 1,337
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 29, 2016 09:45 AM EDT Reads: 1,468
No matter how well-built your applications are, countless issues can cause performance problems, putting the platforms they are running on under scrutiny. If you've moved to Node.js to power your applications, you may be at risk of these issues calling your choice into question. How do you identify vulnerabilities and mitigate risk to take the focus off troubleshooting the technology and back where it belongs, on innovation? There is no doubt that Node.js is one of today's leading platforms of ...
Jul. 29, 2016 08:30 AM EDT Reads: 629
Let's just nip the conflation of these terms in the bud, shall we?
"MIcro" is big these days. Both microservices and microsegmentation are having and will continue to have an impact on data center architecture, but not necessarily for the same reasons. There's a growing trend in which folks - particularly those with a network background - conflate the two and use them to mean the same thing.
They are not.
One is about the application. The other, the network. T...
Jul. 29, 2016 04:45 AM EDT Reads: 3,705
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Jul. 29, 2016 04:45 AM EDT Reads: 2,369
This is a no-hype, pragmatic post about why I think you should consider architecting your next project the way SOA and/or microservices suggest. No matter if it’s a greenfield approach or if you’re in dire need of refactoring. Please note: considering still keeps open the option of not taking that approach. After reading this, you will have a better idea about whether building multiple small components instead of a single, large component makes sense for your project. This post assumes that you...
Jul. 29, 2016 04:15 AM EDT Reads: 4,270
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Jul. 29, 2016 04:15 AM EDT Reads: 2,684
Before becoming a developer, I was in the high school band. I played several brass instruments - including French horn and cornet - as well as keyboards in the jazz stage band. A musician and a nerd, what can I say? I even dabbled in writing music for the band. Okay, mostly I wrote arrangements of pop music, so the band could keep the crowd entertained during Friday night football games. What struck me then was that, to write parts for all the instruments - brass, woodwind, percussion, even k...
Jul. 29, 2016 01:30 AM EDT Reads: 2,347
In his session at @DevOpsSummit at 19th Cloud Expo, Yoseph Reuveni, Director of Software Engineering at Jet.com, will discuss Jet.com's journey into containerizing Microsoft-based technologies like C# and F# into Docker. He will talk about lessons learned and challenges faced, the Mono framework tryout and how they deployed everything into Azure cloud. Yoseph Reuveni is a technology leader with unique experience developing and running high throughput (over 1M tps) distributed systems with extre...
Jul. 28, 2016 10:15 PM EDT Reads: 2,241
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Jul. 28, 2016 10:15 PM EDT Reads: 1,260
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jul. 28, 2016 09:00 PM EDT Reads: 2,735
Sharding has become a popular means of achieving scalability in application architectures in which read/write data separation is not only possible, but desirable to achieve new heights of concurrency. The premise is that by splitting up read and write duties, it is possible to get better overall performance at the cost of a slight delay in consistency. That is, it takes a bit of time to replicate changes initiated by a "write" to the read-only master database. It's eventually consistent, and it'...
Jul. 28, 2016 08:30 PM EDT Reads: 2,349
Jul. 28, 2016 07:15 PM EDT Reads: 3,954
If you are within a stones throw of the DevOps marketplace you have undoubtably noticed the growing trend in Microservices. Whether you have been staying up to date with the latest articles and blogs or you just read the definition for the first time, these 5 Microservices Resources You Need In Your Life will guide you through the ins and outs of Microservices in today’s world.
Jul. 28, 2016 04:15 AM EDT Reads: 4,165
This digest provides an overview of good resources that are well worth reading. We’ll be updating this page as new content becomes available, so I suggest you bookmark it. Also, expect more digests to come on different topics that make all of our IT-hearts go boom!
Jul. 28, 2016 12:30 AM EDT Reads: 3,757
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Jul. 28, 2016 12:15 AM EDT Reads: 2,295
There's a lot of things we do to improve the performance of web and mobile applications. We use caching. We use compression. We offload security (SSL and TLS) to a proxy with greater compute capacity. We apply image optimization and minification to content. We do all that because performance is king. Failure to perform can be, for many businesses, equivalent to an outage with increased abandonment rates and angry customers taking to the Internet to express their extreme displeasure.
Jul. 27, 2016 03:30 PM EDT Reads: 1,652
Right off the bat, Newman advises that we should "think of microservices as a specific approach for SOA in the same way that XP or Scrum are specific approaches for Agile Software development". These analogies are very interesting because my expectation was that microservices is a pattern. So I might infer that microservices is a set of process techniques as opposed to an architectural approach. Yet in the book, Newman clearly includes some elements of concept model and architecture as well as p...
Jul. 27, 2016 02:30 PM EDT Reads: 9,799