Tokenization is bringing new business to Broadridge. The company’s distributed-ledger repo platform processed about $360 billion in tokenized collateral daily in September. Broadridge’s established governance and technology systems make it difficult for financial institutions to replace. So far, AI has been more of a tool for improving productivity than a direct competitive threat. Despite continued growth in recurring revenue and earnings, Broadridge’s share price is still down 20% in 2026, and currently trades at about 16.4 times consensus estimates for fiscal 2027 earnings. Tokenization’s contribution to revenue remains small, while execution, customer concentration, and long implementation cycles remain risks.