Bloomberg Completes Acquisition of Broadway Technology
NEW YORK, Oct. 3, 2023 /PRNewswire/ -- Bloomberg today announced the completion of its acquisition of Broadway Technology, a provider of high-performance front-office financial technology solutions. The transaction brings together two highly complementary businesses, Bloomberg's Electronic Trade Order Management Solutions (ETOMS) and Broadway's low-latency execution management solution, and will help further the development of a comprehensive, low-latency order and execution management solution for the credit and rates markets.
Electronic trading in fixed income continues to mature and as workflows become more digitized, market participants are looking for scalable solutions that enable them to remain competitive. Together, Bloomberg and Broadway's solutions will offer clients innovative multi-asset low latency technologies in an increasingly competitive area.
The acquisition will help to further the development of comprehensive execution management solutions that provide greater asset coverage, connectivity, automation, and integration with pre-and post-trade workflows in response to demand for increasingly electronified and automated solutions. According to Coalition Greenwich's August 2023 Spotlight on US credit and rates markets, the future of e-trading will focus on innovation and evolution rather than just on growth. The analysis also found a year-over-year increase in electronic trading in US rates and US credit.
"W are excited to welcome the entire Broadway team to Bloomberg. 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," said Ben Macdonald, Global Head of Enterprise Products at Bloomberg. "We remain committed to investing in our business, and capitalizing 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 ."
"Bloomberg and Broadway are synergistic, and this is an enormous opportunity as both companies value transparency, collaboration, fairness, and being employee-first," said Michael Chin, CEO of Broadway. "As part of Bloomberg, we are excited about our expanded capabilities to bring to market a wider breadth of innovative solutions for existing and future customers."
Clients of Bloomberg and Broadway's technology solutions will continue to experience the same high-levels of service and support.
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