GATINEAU, QC - Competition Bureau
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.
