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.

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