Broadridge Taps Ex-BofA Mike Johnson to Head Cleared Derivatives Platform

Broadridge has announced the appointment of Mike Johnson as Vice President, Global Product Manager of Derivatives Clearing, where he will be in charge of the enhancement, growth and quality of Broadridge’s global cleared derivatives platform.

As part of his role, Johnson will be leveraging strategic client and industry partnerships and ensure clients receive support from the firm’s market experts.

Mike Johnson is an industry veteran with 30 years of experience in financial services who spent most of his career at Bank of America. His time there was mainly divided in the exchange-traded derivative space, where he spent 15 years, and repo trading, where he spent more than 10 years.

At BofA, he rose to Global Head of Collateral Management and Business Development, providing leadership and frameworks with strong governance processes and driving scalable client solutions.

He has become a champion of the front-to-back ownership model, driving the architecture of technology and operations infrastructure and providing solutions from trading and risk systems to post-trade books and records functionality.

Danny Green, GM of Post-trade Solutions, Broadridge International, said: “We are very excited to be welcoming Mike to Broadridge. His extensive experience and knowledge of the cleared derivatives space will enable us to continue delivering Broadridge’s industry leading solutions along with customer service of the highest standard.”

Broadridge has recently hired Ted Bragg and Jim Kwiatkowski to join the leadership team of the LTX platform, which is run by LTX CEO Jim Toffey.

The LTX platform, founded to accelerate the digitization of corporate bond trading, has onboarded a dozen dealers and 50 plus asset managers to its liquidity pool, with an additional 50 firms in the pipeline to join by year end. The platform recently surpassed the $1bn mark in total amount of bonds offered.

In July, China Renaissance expanded its post-trade processing relationship with Broadridge Financial Solutions in order to facilitate the clearing and settlement of both Shenzhen and Shanghai-listed equities.

The expansion builds on the solutions China Renaissance have offered clients in equity trading via Stock Connect, with Broadridge’s post-trade solution implemented in March 2020.

In 2016, Broadridge provided Hong Kong-listed equities processing to China Renaissance. Both firms are now jointly planning for upcoming market and regulatory changes, such as Hong Kong Exchange’s (HKEX) Synapse program and FINI (Fast Interface for New Issuance) proposal, which aims to replace the existing “T+5” process with “T+1” for newly listed shares on HKEX.

The fintech firm has recently gone live with its distributed ledger repo (DLR) platform that builds on the success of multiple pilots with sell-side and buy-side firms.

DLR provides a single platform where market participants can agree, execute and settle repo transactions. It allows for the immobilization of the underlying securities in the repo transactions, while transferring ownership via smart contracts executed on the platform.

The platform’s functionality significantly reduces the operating cost and risk of all repo activity, including intraday, overnight and term repos, both on a bilateral and an intracompany basis and also reduces counterparty risk while increasing auditability. In the first week since launch, DLR has executed $31B in average daily volume.