The Bureau is also reviewing Broadridge’s acquisition of Securities Industry Services
GATINEAU, QC, Nov. 26, 2024 /CNW/ – The Competition Bureau has obtained court orders to gather information and advance an ongoing investigation into Broadridge Software Limited and its affiliates (Broadridge) under the merger and restrictive trade practices provisions of the Competition Act. Broadridge provides wealth management and capital markets technology services to Canadian broker-dealers.
The Bureau is seeking information to determine whether Broadridge has or is engaged in anti-competitive practices related to book of record platforms in Canada, including certain practices that may prevent competitors from supplying complementary software products to broker-dealers.
The Bureau is also reviewing whether Broadridge’s acquisition of the Securities Industry Services (SIS) business from Kyndryl Canada Limited is likely to result in a substantial lessening or prevention of competition.
The transaction was completed on November 1st. The Bureau has a one-year period after the completion of a transaction to challenge it.
There is no conclusion of wrongdoing at this time.
Seeking information from the public
The Bureau is inviting market participants – users of book of record platforms, platform competitors and providers of complementary software – to share their experiences by emailing cbrecords-registresbc@cb-bc.gc.ca. The feedback will help the Bureau assess if Broadridge’s conduct and its acquisition of Securities Industry Services raise issues under the law. All the information received will be thoroughly reviewed and considered, and will be kept confidential, subject to certain exceptions.
Quick Facts
A book of record is a customer ledger that tracks securities transactions and other investment assets. It is a central information repository, and a critical component in the operations of many banks and broker-dealers.The SIS is a book of record platform that was acquired by Broadridge from Kyndryl.In addition to SIS, Broadridge and its affiliates owns three other book of record platforms: Dataphile and BPSC through Broadridge Financial Solutions (Canada) Corp., and RPM through Broadridge RPM Technologies Corporation.
Associated links
Abuse of Dominance and the Competition ActAbuse of Dominance Enforcement GuidelinesMerger Reviews and the Competition ActMerger Reviews Enforcement GuidelinesInformation Bulletin on the Communication of Confidential Information Under the Competition Act
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The Competition Bureau is an independent law enforcement agency that protects and promotes competition for the benefit of Canadian consumers and businesses. Competition drives lower prices and innovation while fueling economic growth.
SOURCE Competition Bureau
