Charles River now leverages Broadridge’s LTX for liquidity and best execution

Rick Steves

“The completed integration seamlessly incorporates LTX into the trading workflows of Charles River users to more effectively source liquidity and achieve best execution.”

Broadridge has completed a successful integration of its artificial intelligence (AI)-driven digital trading platform, LTX, with the Charles River Investment Management Solution (Charles River IMS), enabling the firm’s OEMS users to better access aggregated liquidity and leverage transparency and price discovery within their existing workflows through their existing relationships with their dealers.

The LTX e-trading platform uses data science and its own patented trading protocol, RFX, to provide the buy-side and sell-side with a more complete view into pre-trade and post-trade liquidity, ultimately helping market participants facilitate natural liquidity discovery and find best execution.

Price discovery, differentiated liquidity, and entire trade lifecycle

Vidya Guruju, CFA, Senior Product Manager at Charles River, said: “Trading efficiently in corporate credit markets presents a number of unique challenges for investment firms. The partnership with LTX empowers our buy-side clients with improved price discovery, a new source of differentiated liquidity and the ability to manage their entire trade lifecycle on one platform.”

Jim Toffey, Chief Executive Officer and Co-founder of LTX, said: “The completed integration seamlessly incorporates LTX into the trading workflows of Charles River users to more effectively source liquidity and achieve best execution. Together with Charles River’s capabilities and long-standing reputation in the industry, and LTX’s next-generation execution protocol, we will help institutional investors trade smarter.”

The LTX platform has onboarded two dozen dealers and more than 50 asset managers to date, with the number of RFX sessions on the platform steadily increasing since January 1, 2021, and the total amount of bonds offered on the platform is nearly $3bn.

The already significant liquidity pool has welcomed heavy weight participant Charles River, a subsidiary of State Street that helps investment, wealth and alternative managers, asset owners and insurers to manage USD $36 Trillion in assets.

Charles River helps automate and simplify the investment process across asset classes, from portfolio management and risk analytics through trading and post-trade settlement, with integrated compliance and managed data throughout.

In September 2021, Broadridge announced Ted Bragg and Jim Kwiatkowski joined the leadership team of LTX, working closely with LTX CEO Jim Toffey to accelerate the digitization of corporate bond trading.

Ted Bragg, an industry veteran with more than 30 years of executive leadership in the global markets, will be in charge of further enhancing LTX’s trading capabilities.

He joined Broadridge’s LTX from Nasdaq, where he was Vice President and Head of Fixed Income, where he ran the Execution Access broker-dealer team and the registered ATS, NFI, for US Treasuries.

Prior to that, he was SVP for TP-ICAP Securities USA and was responsible for expanding fixed income initiatives to create liquidity sources for fixed income and credit markets.

Jim Kwiatkowski is also a 30-year industry veteran, but he served as Managing Director and Global Head of Transaction Sales at the London Stock Exchange. At LSE, he was responsible for leading sales of the foremost electronic trading platform for foreign exchange.

Prior to LSE, Kwiatkowski was Global Head of Transaction Sales at Refinitiv, encompassing both client relationship management and new business teams for the buy-side and sell-side client segments, and Global Head of Transaction Sales at Thomson Reuters, which he joined as part of the acquisition of FXall, where he was also Global Head of Sales, through its successful IPO.

Read this next

Retail FX

FF Simple and Smart Trades says Goodbye to CySEC authorization

The Cyprus Securities and Exchange Commission (CySEC) confirmed that it has wholly withdrawn the Cyprus Investment Firm (CIF) licenses of FF Simple and Smart Trades Investment Services Ltd.

Crypto Insider

Shining the Light in Crypto’s Dark Places

Something changed in regulators’ minds after the November crash of the FTX crypto exchange.

Executive Moves

Financial Commission Adds Sam Low to Dispute Resolution Committee

The Financial Commission (FinaCom PLC), a dispute resolution service that caters to the financial services industry, has appointed Sam Low as the newest member of its Dispute Resolution Committee (DRC).

Digital Assets, Uncategorized

De-facto owner of Bithumb exchange arrested in South Korea

South Korean prosecutors have arrested Kang Jong-Hyun, the anonymous chairman and owner of the country’s largest cryptocurrency exchange, Bithumb, on charges of embezzlement and stock manipulation.

Retail FX

Interactive Brokers volumes snap three-month losing streak

Electronic brokerage firm Interactive Brokers LLC (NASDAQ:IBKR) said its trading volumes rose in January, an indication that investor confidence in the financial markets is rebounding after having been fairly mixed over the past few months.

Digital Assets

VVF invests $5 million in Everscale, a potential Layer 2 solution for Venom blockchain

“For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.”

Institutional FX

FXSpotStream volume ends string of declines on January rebound

Trading volumes on institutional FX platforms surged in January as traders increased their bets on central bankers’ policy with evidence mounting that inflation and economic growth are both losing momentum.

Industry News

DeFi firm Aurox launches SEC-compliant crowdfunding campaign on tZERO

“This is a great opportunity for us to raise capital from our community and the broader public on a leading fully regulated platform. We are confident that the tZERO Markets platform will provide us with the exposure and reach we need to attract a diverse investors to support our business growth.”

Industry News

Morgan Stanley launches ETF platform with six ESG-focused products by Calvert

“These new ETFs will resonate strongly with investors who seek competitive investment results while promoting positive change and supporting companies that are leaders in improving long-term shareholder value and societal outcomes.”

<