Bloomberg Enters Agreement to Acquire Broadway
The aim of the transaction, which is subject to customary regulatory approvals, is to accelerate Bloomberg's multi-asset solutions for rates and credit markets
March 13, 2023 - Bloomberg announced that it has entered into an agreement to acquire Broadway Technology, a provider of front-office fintech solutions. This acquisition will enable Bloomberg to provide a low latency execution management offering optimized for rates trading, and deliver further innovations in multi-asset software.
As electronic trading volumes in the rates and credit markets continue to grow, Bloomberg's aim is for the Broadway solutions to meet the demands of a broader variety of client workflows and trading, including across fixed-income asset classes.
“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.”
“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 customizable workflows.”
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