just now
July 12, 2023 - LTX, a subsidiary of financial technology provider Broadridge Financial Solutions, has progressed its multi-year partnership with Aladdin, investment management giant BlackRock's end-to-end investment management and operations platform used by institutional investors. This collaboration is set to refine corporate bond trading workflows and expand its network by integrating platforms.
The integration incorporates LTX's Liquidity Cloud and actionable pre-trade Cloud Match Scores into the Aladdin platform, offering Aladdin technology users a method to enhance liquidity discovery and improve trading efficiency through data-driven capabilities.
LTX's Liquidity Cloud is a network of real-time anonymous buy and sell-side indications of interest. The system performs a proprietary analysis to identify Cloud Matches - real-time indications of natural contra interest in the Liquidity Cloud, whose strengths are gauged by Cloud Match Scores that update dynamically to reflect real-time available natural liquidity.
"Some of the world's largest institutional investors use Aladdin for their end-to-end trading workflows, and we are pleased that this integration enables common clients of LTX and Aladdin to seamlessly access trading functionalities of both platforms," said Jim Kwiatkowski, CEO of LTX.
Kamya Somasundaram, Managing Director, and a General Manager within Aladdin at BlackRock, voiced her support of the initiative. She said, "We look forward to empowering our users with innovative pre-trade liquidity discovery capabilities and trading solutions like LTX for more seamless and efficient corporate bond trading workflows."
This development in the strategic partnership between BlackRock Aladdin and LTX allows shared clients to view Cloud Match Scores directly within the Aladdin application OEMS. It also enables them to interact directly with trading opportunities in the Liquidity Cloud without needing a staging area. The first phase of integration, released in early 2022, allowed shared clients to stage orders on the LTX platform through a standard FIX integration.
Over 30 dealers and more than 80 asset managers have joined the LTX platform, signifying a potentially substantial liquidity pool. LTX reported over $7 billion in initiated firm orders and an average daily volume of over $27 billion in the Liquidity Cloud in June 2023.
LTX, a division of Broadridge Business Process Outsourcing LLC, is an electronic trading platform that combines artificial intelligence with innovative e-trading protocols to enhance liquidity, efficiency, and execution in corporate bond market trading.
