Bloomberg has completed its acquisition of Broadway Technology, with the move set to allow Bloomberg to provide a low latency execution management offering, optimised for rates trading, and deliver improved innovations in multi-asset software.
Bloomberg originally entered into the agreement to acquire the front-office fintech solutions provider back in March. The transaction brings together the complementary businesses of Bloomberg’s Electronic Trade Order Management Solutions (ETOMS) and Broadway’s low-latency execution management solution.
Ben Macdonald, global head of Enterprise Products at Bloomberg, said: “This acquisition enables us to deliver innovative multi-asset solutions that have a meaningful impact on an increasingly electronified, sophisticated, and interconnected fixed income market.
“We remain committed to investing in our business, and capitalising on opportunities that enable us to provide clients with solutions that deliver cross-asset interoperability and enhance the value of Bloomberg’s products and services to our community.”
Bloomberg highlighted the increasing maturity of electronic trading in fixed income as a key factor for the acquisition, referencing a recent Coalition Greenwich report, which highlighted that while both rates and credit saw an increase in e-trading since last year, according to Coalition Greenwich’s August data spotlights the key takeaway is how development is proceeding in terms of innovation, as opposed to volume.
The business stated: “Together, Bloomberg and Broadway’s solutions will offer clients innovative multi-asset low latency technologies in an increasingly competitive area.”
Following the acquisitions, there will be greater asset coverage, connectivity, automation, and integration which stretches across both the pre-and post-trade workflows.
Michael Chin, chief executive of Broadway, said: “Bloomberg and Broadway are synergistic, and this is an enormous opportunity as both companies value transparency, collaboration, fairness, and being employee-first. As part of Bloomberg, we are excited about our expanded capabilities to bring to market a wider breadth of innovative solutions for existing and future customers.”