Bloomberg has announced the successful completion of its acquisition of Broadway Technology, a company specializing in high-performance front-office financial technology solutions. This acquisition is significant as it combines Bloomberg’s Electronic Trade Order Management Solutions (ETOMS) with Broadway’s low-latency execution management solution, resulting in a comprehensive, low-latency order and execution management solution designed for the credit and rates markets.
Electronic trading in fixed income has been steadily evolving, with increasing digitization of workflows. Market participants are seeking scalable solutions to remain competitive in this changing landscape. The union of Bloomberg and Broadway’s solutions aims to provide clients with innovative, multi-asset low-latency technologies in a highly competitive space.
The acquisition will drive the development of comprehensive execution management solutions that offer extended asset coverage, enhanced connectivity, automation, and integration with pre- and post-trade workflows. This move is in response to the growing demand for more electronic and automated solutions. The August 2023 analysis by Coalition Greenwich highlights that the future of electronic trading in US credit and rates markets is centered on innovation and evolution, reflecting an increase in electronic trading over the past year in these markets.
Ben Macdonald, Global Head of Enterprise Products at Bloomberg, expressed excitement about the acquisition, emphasizing the ability to deliver innovative multi-asset solutions in a rapidly evolving and interconnected fixed income market. Bloomberg remains committed to investing in its business to provide clients with cross-asset interoperability and enhance the value of its products and services.
Michael Chin, CEO of Broadway, also noted the synergies between the two companies, highlighting shared values of transparency, collaboration, fairness, and employee well-being. As part of Bloomberg, Broadway looks forward to leveraging its expanded capabilities to bring a wider range of innovative solutions to existing and future customers.
Clients of both Bloomberg and Broadway’s technology solutions can expect to continue receiving high levels of service and support, ensuring a smooth transition and ongoing satisfaction with their financial technology solutions.