Bloomberg has entered into an agreement to acquire front-office fintech solutions provider Broadway Technology.
Terms of the acquisition have not been disclosed and the transaction is subject to customary regulatory approvals.
The transaction will equip Bloomberg will the ability to provide a low latency execution management offering optimised for rates trading, alongside the ability to deliver improved innovations in multi-asset software.
“Broadway’s best in breed fixed income market making software will fill a gap in our product portfolio, enabling customers to interact with the market with more speed and agility,” said Ben Macdonald, global head of enterprise products at Bloomberg.
“This will position us well for future growth in highly liquid interest rate and government debt markets that trade on both exchanges and venues.”
With the ever-increasing electronic trading volumes in the rates and credit markets, the two firms state that there is a commensurate need for solutions that meet the demands of a broader variety of client workflows and trading, including across fixed-income asset classes.
“At Broadway, we are passionate about enabling change through continuous innovation. Bloomberg will give us even greater scale to meet the evolving needs of our customers,” said Michael Chin, CEO of Broadway.
“Our platform’s universal interoperability is pivotal in enabling more integration opportunities that will ultimately benefit customers using Broadway’s low-latency and highly customisable workflows.”