Bloomberg Announces Acquisition of Broadway Technology

Bloomberg has agreed to acquire Broadway Technology, LLC ("Broadway"), a leading provider of high-performance front-office solutions, the company said in a statement.

The acquisition will allow Bloomberg to enhance its offering of low-latency execution management products optimized for rates trading, enabling its further innovation in multi-asset software. The transaction is currently subject to customary regulatory approvals.

Bloomberg said in the 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."

Broadway is an industry-leading technology provider which has partnered with companies such as Eris Innovations​, MarketAxess and BrokerTec​ for technology integration and optimization over the past year.