Bloomberg acquires Broadway Technology to address electronifying fixed income market

In a significant move to bolster its position in the evolving electronic trading landscape, Bloomberg announced today the completion of its acquisition of Broadway Technology, renowned for its high-performance financial technology offerings.

The fusion of Bloomberg’s Electronic Trade Order Management Solutions (ETOMS) with Broadway’s rapid execution management tool aims to redefine low-latency order and execution management in the credit and rates markets.

Expanded asset coverage, connectivity, pre and post-trade, automation

The fixed-income electronic trading domain is in a continuous evolution, with a marked shift towards digitized workflows. As market participants vie for cutting-edge, scalable solutions to maintain their competitive edge, the combined might of Bloomberg and Broadway is set to provide them with pioneering, low-latency multi-asset technologies.

This acquisition is not just a merger of two companies, but an amalgamation of visions to innovate execution management solutions. The combined entity aims to offer expanded asset coverage, improved connectivity, seamless integration across pre-and post-trade operations, and automation. These enhancements come in response to the growing market appetite for electrified and automated trading tools.

Recent findings from Coalition Greenwich’s August 2023 report shed light on the future trajectory of e-trading, emphasizing its tilt towards innovation and evolution rather than mere expansion. This analysis corroborated the escalating trend of electronic trading in US rates and credit sectors.

“Move will empower us to unveil groundbreaking multi-asset solutions”

Ben Macdonald, Global Head of Enterprise Products at Bloomberg, said: “We are excited to welcome the entire Broadway team to Bloomberg. This acquisition enables us to deliver innovative multi-asset solutions that have a meaningful impact on an increasingly electronified, sophisticated, and interconnected fixed income market. We remain committed to investing in our business, and capitalizing on opportunities that enable us to provide clients with solutions that deliver cross-asset interoperability and enhance the value of Bloomberg’s products and services to our community .”

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.”