We are the former Brokerage Services division of ADP. On March 30th, 2007, we spun off from ADP and began operating as an independent public company. Our company has more than 40 years of history of providing innovative solutions to the financial services industry and publicly held companies. In 1962, the Brokerage Services division of ADP opened for business with one client, processing an average of 300 trades per night. In 1979, we expanded our U.S.-based securities processing solutions to process Canadian securities.
We made significant additions to our Securities Processing Solutions business through two key acquisitions in the mid-1990s. In 1995, we acquired a London-based provider of multi-currency clearance and settlement services, in order to become a global supplier of transaction processing services. In 1996, we acquired a provider of institutional fixed income transaction processing systems. In fiscal year 2008, we processed on average approximately $3 trillion daily in fixed income trades.
We began offering our proxy services in 1989. The proxy services business, which developed into our Investor Communication Solutions business, leveraged the information processing systems and infrastructure of our Securities Processing Solutions business. Our proxy services offering attracted 31 major clients in its first year of operations. In 1992, we acquired The Independent Election Corporation of America, further increasing our proxy services capabilities. By 1999, we were handling over 90% of the investor communication distributions for all securities held on record by banks and broker-dealers in the U.S.—from proxy statements to annual reports. During the 1990s, we expanded our proxy services business to serve security owners of Canadian and United Kingdom issuers and we began offering a complete outsourced solution for international proxies.
In 1998, having previously provided print and distribution services as an accommodation to our securities processing and proxy clients, we decided to focus on account statement and reporting services. In 2001, we developed and released PostEdge® to meet the need for electronic distribution and archiving of all investor communications.
In 2004, we entered the securities clearing business by purchasing Bank of America Corporation’s U.S. Clearing and BrokerDealer Services businesses. The following year we commenced offering our unique business process outsourcing service to self-clearing U.S. broker-dealers.
In 2007, we became the new independent company Broadridge Financial Solutions, Inc. Headquartered in Lake Success, New York, our international presence spans regional and local centers across the United States, Canada, Europe, Asia and Australia. In 2008, Broadridge’s first full year as an independent public company, we grew revenues, pre-tax earnings, and sales despite a challenging market environment. The foundation of our optimism about the future in the face of the current challenges to our industry is our company’s culture of engaged, trustworthy, motivated associates. They have demonstrated throughout our history their resilience and capacity to adapt to change and their commitment to our shared goals.