The new service will offer insights to hedge funds, asset managers and other buy-side based off real-time liquidity mapping. It claims to be the only service of its kind, leveraging private and public data to understanding the liquidity landscape, including potential dark fil locations.

Broadridge said its approach identifies “ideal algorithmic execution” for orders and reduces outliers to improve trading costs. 

The service includes real-time alerts and in-trade analysis, allowing for in-flight adjustments.

The service is now available to NYFIX routing customers in the US equities market, with future plans to extend access to clients on other order routing networks.

“Algo traders will now have a quantitative, data-driven service to power critical trading decisions,” said George Rosenberger, head of NYFIX, Broadridge Trading and Connectivity Solutions. 

“By harnessing the power of AI and historical insights, we’re giving our clients the tools they need to navigate complex markets with greater precision and confidence. This innovative solution not only optimises trading strategies, but also reduces costs, making it an invaluable asset for the buy-side.”

The post Broadridge launches buy-side AI-powered algo service appeared first on The TRADE.

Named Tbricks, Broadridge’s multi-asset trading and market making solution will now offer traders the opportunity to quote a greater number of structured products across markets and distribution channels.

“The enhancements to the platform have enabled us to better serve our clients with our Marex-issued structured products in a dynamic market condition,” said Mehdi Mlaiki, head of trading, Marex Solutions.

The firm said the move evidenced its commitment to providing infrastructure across the trading lifecycle.

“Banks and broker/dealers have long struggled with the complexity and scale of structured product quotations, which span multiple markets and various quoting modes,” stated Konstantin Romanov, global head of principal trading products, Broadridge Trading and Connectivity Solutions.

“Tbricks directly addresses this critical issue, empowering banks and broker/dealers globally to quote at unprecedented scales and unlock new efficiencies through an intuitive, consolidated user interface.”

The post Broadridge expands structured product offering appeared first on The TRADE.

Broadridge has launched a global futures and options (F&O) software-as-a-service (SaaS) platform, aimed at expanding derivatives trading capabilities.

The full hosted platform has been designed for futures commission merchants (FCMs) and agency brokers. The move comes in response to “a lack of customised solutions for each workflow, leading to fragmented experiences for buy-side clients and challenges for sell-side firms in gaining a comprehensive view of trading activity and risk management,” said the firm.

Ray Tierney, president of Broadridge Trading and Connectivity Solutions, said: “While existing systems often lack the flexibility required, Broadridge’s futures and options platform stands out for its modular and flexible deployment capability, addressing industry demands head-on.

“We strongly believe this fully hosted solution is a significant step change in order and execution management for the derivatives markets, helping firms simplify and optimise trading.”

According to Broadridge, a top three futures commission merchant has signed as an anchor client.

The platform offers a distributed architecture that enables operations from any jurisdiction, providing robust order and execution management capabilities, access to a diverse range of global listed derivatives markets, and provides a comprehensive pre-trade risk management and middle office functionality.

The post Broadridge launches global futures and options trading platform appeared first on The TRADE.

Tbricks provides a modular trading platform with a flexible user interface, built-in functionality and customisability.

The platform will be integrated with existing systems at Danske, allowing the bank to scale operations, creating the ability to focus on strategic initiatives as opposed to technology management, alongside providing long-term cost predictability.

“Implementing a managed solution of Broadridge’s Tbricks for multi-asset trading and market making presents us with the latest in trading technology, as well as a long-term partner which over time can expand our offerings within the equities and derivatives trading space,” said Claus Harder, global head of markets and transaction banking at Danske Bank.

“After a thorough review of other fintech and capital markets solution providers, we are excited to expand our longstanding relationship with Broadridge.”

Tbricks claims to allow clients to utilise systems that enable increased interoperability, allowing them to rapidly adapt to change, employ sophisticated trading strategies and capitalise on business opportunities.

“At Broadridge, we’re committed to building a leading suite of innovative and scalable solutions across the trade lifecycle,” said Ofir Gefen, managing director EMEA and APAC at Broadridge Trading and Connectivity Solutions.

The post Danske Bank adopts Broadridge’s Tbricks to support multi-asset trading appeared first on The TRADE.

Back in 2020, we said the race for speed was over, and the global race for quality data and analytics was on. We see this continuing, and the industry-wide lack of quant resources – critical for researching, analysing and understanding market behaviour – adds both complexity and urgency to this race. The quest for quality historical market data, without gaps and spikes, will intensify. The market has been dominated by real-time firms whose historical product is little more than their exhaust! If historical content is driving decision-making, then quality becomes the most important aspect, whatever your firm’s level of sophistication.

Market participants need global data-driven content to enhance their own products and gain deeper understanding of market shifts and liquidity dynamics, and to identify opportunities for better trading outcomes. Crucially, they need their data to be ready for use without the burden of data engineering and infrastructure on their P&L. We expect an acceleration in firms moving away from heavily investing in aggregating, owning, storing and engineering these data sets, time and time again when high-quality, curated and maintained historical data and analytics are available for all. Market participants will differentiate themselves by what they do with data, not by owning it! 

Ray Tierney, president of Broadridge Trading and Connectivity Solutions (BTCS) 

Data driven thinking and the integration of digital technology will reshape industries and propel companies forward heading into 2024. As data driven and digital technologies continue to become more integrated into the market, managers at all levels need to keep these factors in mind when they develop strategies, allocate resources and set goals.

The combination of data driven thinking and the integration of digital technology necessitates a cultural change. It starts at the top and requires organisations to continually challenge the status quo, experiment, and get comfortable with failure. Organisations must rethink old operating models and test new ones to become more agile in their ability to respond to customers and rivals. The overarching trend is a shift that prioritises data and analytics, automation, and AI-assisted technologies that will fundamentally change how organisations operate and deliver value to customers.

Michelle Tran, president, TMX Datalinx

Demand for high-quality and differentiated data products will intensify in 2024. High interest rates, trading volume volatility and the overall uncertainty that impacted markets in 2023 and led to widespread corporate cost-cutting are likely to continue into 2024. As a result, investment firms will employ a more stringent vetting process as they evaluate their data needs. There will be a focus on reliable and proven data sets that both optimise returns while reducing risk, and that are applicable to portfolios across many asset types and multiple geographies.

We anticipate equity and options traders will lean into quality core data sets such as forward-looking corporate events data, and robust alternative data sets around ESG and private assets. On the fixed income front, the rates transition happening globally will lead market participants to look for benchmarks that streamline the transition to new reference rates. Information businesses will need to tightly align their data strategy with these client needs. This means having a diversified data strategy that includes investment, innovation, expansion, partnerships and acquisitions, to ensure that we continue to support our clients’ entire investment lifecycle needs.

Karen Geiger, co-general manager, SS&C Wealth & Investment Technologies

The key to navigating 2024 will be access to data you can trust. There will be an intense focus on connecting the front- and back-office through modern technology. Enabling real-time data access across the firm is the goal. The increased demand for real-time data comes from two ongoing trends: regulation and asset class diversification. Preparing for T+1 is a priority for all market participants. To prepare, firms will need access to the data even faster than today. Ahead of the May 2024 deadline, more are tapping outsourced specialists for help.

You will also continue to see a push to modernise the loan market, whether through digitised loan data or electronic trading. As firms continue to diversify into this high-yield asset class, there will be a desire to create efficiencies and automate paper-based, manual market processes. Machine learning can help alleviate operational headaches and accelerate processing and settlement times.

Every asset manager is looking to rationalise its technology footprint and spend. The aim in 2024 isn’t merely tech consolidation for consolidation’s sake, it’s about collapsing silos and creating a connected investing experience. Firms will be looking for interoperable solutions with seamless and automated access to real-time data to make fast and informed investment decisions.

The post The TRADE predictions series 2024: Utilising data for better outcomes appeared first on The TRADE.

Justin Llewellyn-Jones, head of capital markets, North America (equities, FX and derivatives) and chief product officer for capital markets at fintech firm Broadridge announced his departure after more than four years with the business. Prior to Broadridge, New-York based Llewellyn-Jones worked as global head of derivatives at ION. Before Fidessa’s acquisition by ION back in 2018, he held several positions across the business, including: senior vice president, managing director, and most recently chief operating officer – Americas. His new role – so far unconfirmed – is set to be product focused, with an update expected 4 December.

Ronan McMahon was appointed algorithmic sales trader at CLSA, following his departure from Morgan Stanley back in May. Hong-Kong based McMahon has ten years’ experience in the industry and was previously at Morgan Stanley for four and a half years where he worked as a program trader. Before that, he spent for seven years as a centralised dealer at State Street, working across: India, Indonesia, Pakistan, Philippines, Sri Lanka, Thailand and Vietnam. Previously in his career, McMahon worked as a centralised dealer at Bank of Ireland Asset Management, working on the multi-asset global trading desk.

The post People Moves Monday: Matrix Executions, Broadridge and CLSA appeared first on The TRADE.

Speaking in an announcement on social media, Llewellyn-Jones said: “I am tremendously grateful for the opportunity that I was given to drive the product strategy and revenue growth for Capital Markets, and incredibly proud of everything we achieved.

“I will very much miss working with that fabulous team, but will enjoy watching from the sidelines as they continue their successes driving simplification and modernisation across the trade lifecycle.”

Prior to Broadridge, New-York based Llewellyn-Jones worked as global head of derivatives at ION. Before Fidessa’s acquisition by ION back in 2018, he held several positions across the business, including: senior vice president, managing director, and most recently chief operating officer – Americas. 

His new role – so far unconfirmed – is set to be product focused, with an update expected 4 December.

The post Broadridge capital markets head to depart appeared first on The TRADE.

It is the second entity to go live since the sponsored repo solution’s launch in early October.

Users are set to see significant reduction in settlement costs, as well as streamlined processes and enhanced operational efficiency and scalability.  

John Farrell, Americas head of markets operations at HSBC, said: “Digitising our existing sponsored repo trade flow and seamlessly integrating it into Broadridge’s DLR tech stack empowers us to enhance efficiencies, mitigate risks of transaction failures, and significantly lower settlement costs.

“We are committed to exploring innovative avenues to reduce operational risks, and we believe this platform will be instrumental in achieving our objectives.”

Read more: UBS conducts cross-border intraday repo trade on Broadridge DLT platform

As the DLR platform grows – across the sell- and buy-side – a network effect is being set in motion, encompassing more transaction types and amplifying benefits. 

In the repo sphere, Broadridge’s monthly volume captured $1 trillion dollars.

“This marks another significant milestone in our journey to revolutionise global repo market infrastructure, underscoring the immense value and transformative potential of DLR,” said Horacio Barakat, head of digital innovation at Broadridge. “We are equipping leading financial institutions with the capability to profoundly lower risks and operational expenses, while unlocking enhanced liquidity.”

The post HSBC goes live on Broadridge’s distributed ledger repo platform appeared first on The TRADE.

Fragmented liquidity, reduced balance sheet on the sell-side, and increased regulatory burdens have continued to drive change in the market. The fixed income community has had to innovate to remain competitive in an increasingly evolving space. 

Among the key players in this competitive landscape, The TRADE has selected Broadridge’s LTX, FlexTrade Systems, Liquidnet, and Wavelabs.

Broadridge, LTX

Broadridge Financial Solutions subsidiary LTX has made strides over the last 12 months in its mission is to further electronify the corporate bond market. The electronic trading platform enables participants to address challenges associated with accessing liquidity and executing efficiently.

In March, LTX successfully completed the migration of its corporate bond e-trading platform to Amazon Web Services (AWS), allowing LTX to leverage the security and scale of AWS cloud services alongside allowing the firm to better optimise its data science processes. Following this, in June, the business launched BondGPT, an application powered by OpenAI GPT-4 which answers bond-related questions and helps users identify corporate bonds on the LTX platform. Most recently, the business launched an enterprise version of its BondGPT application, named BondGPT+, offering new capabilities focused on the needs of its enterprise client base. The new offering, unveiled earlier this month, incorporating Broadridge technology and OpenAI GPT-4 to answer complex bond-related questions.

In the last year, the data-driven e-platform also launched RFQ+, an enhanced RFQ protocol which combines pre-trade dealer selection analytics with liquidity aggregation capabilities. In July, LTX integrated with BlackRock’s end-to-end investment management and operations platform Aladdin as part of the next phase of the pair’s multi-year partnership.

FlexTrade Systems

Over the past 12 months, multi-asset execution and order management systems provider, FlexTrade has made gone from strength to strength in this space, continually developing its offering to better meet the needs of the market. The business has continued to build out its fixed income execution management system capabilities for its FlexFI solution which can be deployed either standalone or within its integrated multi-asset solution, FlexTRADER EMS.

In December, UBS AM and JP Morgan executed the first EU bilateral trade on FlexFI, made possible through JP Morgan’s ability to provide its electronic liquidity directly into UBS AM’s FlexFi solution. The businesses are working together to provide a transparent way of streamlining workflows and simplifying interactions between the buy- and sell-side in fixed income trading.

In July, FlexTRADER was onboarded by Amundi Asset Management’s execution subsidiary, Amundi Intermédiation to consolidate its trading across asset classes, including fixed income, derivatives and equities.

Liquidnet

Liquidnet has developed its notable work in this space, continuing on with its focused work for the global buy-side community. Last November, Liquidnet expanded its primary markets offering with the addition of live market deals from buy-side order and execution management systems (OEMS) to participating syndicate banks.

Since the initial launch, participant syndicate banks have more than doubled to over 30 who are now sending EMEA deal announcements to Liquidnet. The business has also captured over 1660 new bond deals to trade, with more than 300 traders engaged with the order book, and received $22 billion in order. Invesco Asset Management and Charles River Development (CRD) were the first to facilitate the new functionality following an initial testing period. In January this year, Liquidnet and BondAuction announced their intention to partner to provide their mutual clients access to BondAuction’s offering from their Order Management System. 

Wavelabs 

Fixed income trading technology specialist Wavelabs has been highly active in the market over the last 12 months, working to improve the industry ecosystem, empowering specialists through technological innovation. The business is focused on buy-side fixed income trading and works to facilitate a liquidity-driven marketplace.

Wavelabs’ flagship offering is eLiSa, the execution management system (EMS) is centred around artificial intelligence-based predicative analytics aimed at automating the liquidity seeking process. This June, Wavelabs announced it was set to offer modular version of eLiSA EMS AI-based analytics tools to traders, providing access to eLiSA’s analytics in modular format including its artificial intelligence-based fair value calculator for bonds. Among the key products to now be available in a modular format is the EMS’ predictive fair value (FV) model. ELiSA has seen increasing interest from the buy-side in recent months, onboarding its first hedge fund client the same month.

The post Leaders in Trading 2023: Meet the nominees for… Outstanding Innovation in Fixed Income appeared first on The TRADE.

Tokyo Stock Exchange (TSE) and Broadridge Financial Solutions have launched a new direct connection, between TSE’s ETF trading platform, CONNEQTOR, and Broadridge’s EMS, Xilix.

Broadridge’s EMS solution provides a request for quote (RFQ) functionality for institutional investors looking to trade a particular ETF at a particular quantity. Users can send out RFQ’s to a large number of market makers through the offering.

The move is set to enable asset management businesses to reach the ETF trading platform directly from Xilix, allowing for increased efficiency in their processes.

Hiroki Kawai, senior executive officer at TSE, said: “CONNEQTOR was developed as a platform to enable investors to trade ETFs ‘faster and better priced’ and this launch of a direct connection with Xilix, Broadridge’s EMS, will allow institutional investors to trade with even greater convenience.

“We will continue our efforts to further develop an even more highly convenient market environment that enables smoother execution and better pricing for investors.”

Read more – Broadridge and CQG partner to integrate EMS and OMS

Raymond Tierney, president of Broadridge trading and connectivity solutions highlighted the importance of this move given the complexity of global markets.

“Businesses require solutions that enable automated workflow, capture growth opportunities, integrate seamlessly with internal and external systems, meet regulatory obligations, and streamline operations and we will continue our efforts to solve the issues faced by institutional investors,” he said.

The post Tokyo Stock Exchange and Broadridge unveil direct EMS connection for ETF trading appeared first on The TRADE.