Investment banks struggling with post-trade issues have received a boost as two of the biggest suppliers of middle and back office systems agreed a merger and pledged to simplify post-trade processing on behalf of their large clients.

Broadridge, which supplies back office systems and services to some of the world's largest banks and brokers including BNP Paribas, Morgan Stanley and Instinet, has completed the acquisition of City Networks, itself a software vendor that supplies over 400 firms, including HSBC and Mizuho.