Broadridge Expands European Fund Regulatory Reporting

Broadridge Financial Solutions has expanded its European fund regulatory reporting solution with the integration of transaction cost calculation services from financial products, trading and market-making services provider Virtu Financial. The Broadridge and Virtu partnership will provide a solution for asset managers to disclose transaction costs as they fulfil the second Markets in Financial Instruments Directive (MiFID II) and Packaged Retail Investment and Insurance-based Products (PRIIPs) fund reporting requirements. MiFID II and PRIIPs have required assets managers to disclose portfolio transaction costs for their funds since 2018. Virtu’s portfolio transaction cost calculation capabilities and Broadridge’s existing MiFID and PRIIPs reporting solutions will address a number of the challenges that asset managers face, including collating arrival price data for their funds in an efficient and effective manner. According to Broadridge, the solution is set to improve the coverage of transaction cost data points by over 50% for clients.