Bloomberg Completes Broadway Purchase
Posted by Colin Lambert. Last updated: October 5, 2023
Bloomberg says it has completed its acquisition of Broadway, allowing the latter’s previous owner, Ion Group, to fulfill one of the conditions of its own acquisition of the business in 2020.
In 2020, Ion recapitalised Broadway but only won regulatory approval by agreeing to sell Broadway’s fixed income technology business. Ion is the largest provider of fixed income technology and at the time Broadway was seen as one of just two competitors.
Bloomberg says the transaction brings together two “highly complementary:” businesses, in its Electronic Trade Order Management Solutions (ETOMS) and Broadway’s low-latency execution management solution. “This will help further the development of a comprehensive, low-latency order and execution management solution for the credit and rates markets,” Bloomberg says.
“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,” says Ben Macdonald, global head of enterprise products at Bloomberg. “We remain committed to investing in our business, and capitalising 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.”