Bloomberg to Acquire Broadway Technology
Posted by Colin Lambert. Last updated: March 13, 2023
Bloomberg has announced plans to acquire fixed income technology provider Broadway in a deal that will help Broadway’s owner Ion Group, meet one of the terms of its 2020 purchase of the firm.
In 2020, Ion recapitalised Broadway but only won regulatory approval for the deal by agreeing to sell the latter’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.
In a release, Bloomberg says the acquisition will enable it to provide a low latency execution management offering optimised for rates trading, and deliver further innovations in multi-asset software.
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, it adds.
“Broadway’s 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, adds, “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 customisable workflows.”
The transaction is subject to customary regulatory approvals.