Bloomberg to acquire fintech solutions provider Broadway
Bloomberg has signed an agreement to acquire Broadway Technology, a provider of front-office fintech solutions, for an undisclosed sum, subject to regulatory approvals.
The firm says there is a “commensurate need” for solutions that cater to a range of client workflows and trading, including across fixed-income asset classes, as electronic trading volumes in rates and credit markets grow.
The acquisition will enable Bloomberg to provide a low latency execution management offering optimised for rates trading, and deliver further innovations in multi-asset software.
“Broadway’s best in breed fixed income market making software will fill a gap in our product portfolio, enabling customers to interact with the market with more speed and agility,” says Ben Macdonald, global head of enterprise products at Bloomberg.
“This will position us well for future growth in highly liquid interest rate and government debt markets that trade on both exchanges and venues.”
Michael Chin, CEO of Broadway, says its platform’s universal interoperability is “pivotal” in enabling more integration opportunities that will benefit customers using Broadway’s solutions.
Broadway was founded in 2003 and has offices in the US, UK and India.