September 15, 2022 - Broadridge Financial Solutions has announced a partnership with Coinbase, offering interoperability between Coinbase Prime and Broadridge Trading and Connectivity Solutions' NYFIX order-routing network.
"Despite short-term cycles, momentum in institutional adoption is trending one way – toward more exploration and more interest," said Greg Tusar, Vice President of Institutional Products at Coinbase. "Utilizing the NYFIX order-routing network, this partnership puts deep, multi-venue crypto liquidity on more buy-side traders' desks, lowering barriers for participation in this growing asset class."
Coinbase Prime provides a trading platform, custody and prime services to manage crypto assets in one place. Coinbase Prime offers access to the majority of the market's crypto liquidity via a market-leading smart order router, but also provides full prime brokerage capabilities to the buy-side.
This integrated solution allows NYFIX clients to route order flow to Coinbase Prime via FIX, an industry standard protocol. It also allows buy-side traders to source crypto liquidity from Coinbase and trade right from their OMS. The solution is now offered to US domestic clients and will roll out to additional regions as regulations allow.
"Institutions are increasingly interested in the crypto space but trading assets has remained a challenge because messaging is only available through proprietary API interfaces," said Ray Tierney, President of Broadridge Trading and Connectivity Solutions. "Now, through Coinbase's deep access to liquidity and NYFIX's extensive market reach, we can integrate more than two thousand clients to bring crypto trading to the institutional market."
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