Bloomberg has entered into an agreement to acquire Broadway Technology, a fixed-income execution management system (EMS) provider. This acquisition will help Bloomberg to support a low-latency execution management offering optimised for rates trading, and deliver further products in multi-asset software.
The firm said in a statement, “As electronic trading volumes in the rates and credit markets continue to grow, there is a commensurate need for solutions that meet the demands of a broader variety of client workflows and trading, including across fixed-income asset classes.”
Ben Macdonald, Global Head of Enterprise Products at Bloomberg, said “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. 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, said, “At Broadway, we are passionate about enabling change through continuous innovation. Bloomberg will give us even greater scale to meet the evolving needs of our customers. Our platform’s universal interoperability is pivotal in enabling more integration opportunities that will ultimately benefit customers using Broadway’s low-latency and highly customizable workflows.”
The acquisition follows the recent acquisition of EMS provider AxeTrading, by Trading Technologies.
