Competition Bureau advances an investigation into Broadridge’s business practices
Summary
The Bureau is also reviewing Broadridge’s acquisition of Securities Industry Services 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 feedback will help the Bureau assess if Broadridge’s conduct and its acquisition of Securities Industry Services raise issues under the law.