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October 03, 2023 - Bloomberg has announced today the completion of its acquisition of Broadway Technology, a provider of high-performance front-office financial technology solutions.
The transaction brings together Bloomberg's Electronic Trade Order Management Solutions (ETOMS) and Broadway's low-latency execution management solution. It will help further develop a comprehensive, low-latency order and execution management solution for credit and rates markets.
As electronic trading in fixed income matures and workflows become more digitized, market participants want scalable solutions to stay competitive. Together, Bloomberg and Broadway's solutions will offer innovative multi-asset low latency technologies in an increasingly competitive area.
The acquisition will help develop comprehensive execution management solutions with greater asset coverage, connectivity, automation, and integration with pre-and post-trade workflows. This meets demand for increasingly electronified and automated solutions.
According to Coalition Greenwich, the future of e-trading will focus on innovation rather than just growth. Their analysis found a year-over-year increase in electronic trading in US rates and credit.
"We are excited to welcome the entire Broadway team to Bloomberg. This acquisition enables us to deliver innovative multi-asset solutions that impact an increasingly electronified, sophisticated, and interconnected fixed income market," said Ben Macdonald, Global Head of Enterprise Products at Bloomberg.
Michael Chin, CEO 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.”
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