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With its acquisition of Itiviti—now rebranded as Broadridge Trading and Connectivity Solutions (BTCS) - Broadridge expands its capital markets franchise by extending into the front office and strengthening multi-asset capabilities.
Broadridge’s innovation roadmap for the front office has an ambitious goal: to develop a truly universal order and execution management system (OEMS) that can accommodate any region and any asset class, all within a unified user experience. While this will require substantial effort and investment, Broadridge sees the transformative value it will bring to its clients and knows that it will be worthwhile.
In today’s complex multi-asset, multi-market trading environment, leveraging modular trading technology and interoperable trading systems, applications have become incredibly important as firms constantly require new capabilities to support their trading needs.
Broadridge sees the market pushing for an OMS multi-asset platform coupled with a derivative EMS platform, particularly to support increasing collaboration between desks at user firms—such as market-making and agency trading desks.
Traditionally, these would live in separate silos, but now, when margins are squeezed, trading desks need to work more collaboratively.
By leveraging Glue42’s technology, Broadridge can link applications together and provide its clients with a framework to link interfaces from multiple Broadridge products, including its OMS and Tbricks. This could mean combining components from separate systems, essentially making workflows between the two more seamless.
According to our latest digital transformation survey, 80% of the respondents believe the financial sector will modernize its tech stack before we land a human on Mars. Ripping out and replacing incumbent technology might be theoretically possible but, as IT Directors or Chief Information Officers would attest, with the exception of non-mission-critical technologies, it’s a practical impossibility.
The answer, therefore, lies in the industry’s inexorable move toward modularization and widespread embracing of the open application programming interface (API) movement. Critically, simplified technology stacks and unified data models allow legacy and proprietary technologies to co-exist alongside vendor-supplied, off-the-shelf platforms, with minimal downside to the business.
Broadridge’s approach is to provide clients with a toolbox from which they can pick and choose the components that suit them, be it for the front office, market-making, the middle office, the back office, regulatory reporting, collateral management, and more.
Our clients can have an agency OMS solution and a market-making solution that they can use interchangeably. It is all connected through a component layer that helps it communicate. This provides great flexibility and scalability for our clients to add new trading and connectivity components as needed.
Read a recent article written by Wei-Shen Wong, Asia Editor at WatersTechnology to learn more about our latest OEMS initiatives and how modular, componentized solutions can help you to accelerate growth.
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