The CEO of Broadridge Financial Solutions (BR), a $12.7 billion market cap financial services and technologies company, just admitted that “there are areas within finance that are so grossly inefficient. Blockchain will be used there and it will be terrific” and “if the world wants to go blockchain, we’re ready to go blockchain right now.” Yep, he is bullish.
Broadridge Financial Solutions (BR), March 12th, 2018, Investor Conference
Richard J. Daly, Chief Executive Officer
I believe that right now, there are areas within finance that are so grossly inefficient. Blockchain will be used there and it will be terrific, okay. Syndicated loans, corporate actions, repo. We’re just starting a pilot right now with repo, okay. And this is inefficient error-prone transparency of data; everyone having the same data, everyone being part of the chain will add terrific value there, all right.
Equity processing right now you know is not low-hanging fruit in terms of the economic opportunity and until the regulators are satisfied that the cyber data risk can be managed, everything being in one place with everyone having access to it I see taking more time. But I do believe technology will address those risks, just like technology has addressed issues over the years that many of us thought, what will we do? And now, we really think about them.
So, on blockchain, I use the term leaders lead. And by that, what I mean is we’re not going to let someone come in and say, we have this very elegant process both in trade processing and in Communications, but because they claim they have limited features on a blockchain, they should win the business. So, if the world wants to go blockchain, we’re ready to go blockchain right now in proxy with the TD Ameritrade’s Annual Meeting for them where they got the inputs and reports from the chain, okay. And I’m very pleased the way that went.