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NEW YORK – October 6, 2020 – Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader, today announced that it selected 7 Chord, an independent predictive pricing and analytics provider, as the source for intraday corporate bond prices on its new artificial intelligence (AI)-driven, digital corporate bond trading platform, LTX®. Advanced analytics sit at the core of LTX, and the integration with BondDroid®, 7 Chord’s award-winning predictive pricing engine for bonds, provides buy-side firms and dealers with an independent assessment of current market value to inform critical investment decisions.
BondDroid’s AI-generated prices are integrated directly into LTX’s pre-trade analytical tools, giving dealers and institutional investors a complete view into actual market liquidity before they trade, while controlling information leakage and at no additional cost to LTX users.
“The LTX platform empowers dealers and institutional investors to better connect and trade corporate bonds digitally using AI that offers greater insights into pre-trade price transparency and liquidity,” said Vijay Mayadas, President, Capital Markets at Broadridge. “BondDroid’s AI provides our clients with a more reliable baseline to measure the quality of execution they achieved through our digital trading protocol, RFX®.”
LTX works by combining powerful AI to connect natural counterparties with a new digital trading protocol, RFX, that enables dealers to efficiently aggregate liquidity across multiple counterparties in seconds. Identifying the natural counterparties for a trade depends on a realistic understanding of fair market value. Built on streaming data and optimized for live trading, BondDroid uses AI to quickly adapt its behavior in real-time to variations in pricing.
“BondDroid is a next-generation pricing solution built for a modern institutional fixed income trader,” said Kristina Fan, CEO and Founder, 7 Chord. “2020 provided us with the ultimate test, and BondDroid passed with flying colors. While many traditional vendors struggled to produce accurate prices in March in a timely manner, BondDroid had no issues handling elevated transaction volume, wildcard events and unprecedented volatility.”
The LTX platform uses its patent-pending AI (LTX AISM) to create liquidity, digitize workflows and increase efficiency in the corporate bond market and is being embraced by leading broker-dealers and asset managers.
About 7 Chord
7 Chord, Inc. is an independent provider of predictive pricing and analytics. BondDroid®, its award-winning proprietary AI engine, is used by traders and investors to stream predictive prices and signals for bonds. Optimized for the live trading environment, BondDroid Auto-Pricer can be installed as a customizable software package that extracts signals from public, vendor, and a client’s proprietary data without ever leaving their corporate environment. Don’t want to manage AI in house? We offer a cloud solution that streams prices and signals while leveraging 7 Chord’s computing power and curated data sources. www.7-chord.com.
Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with $5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers, and public companies. Broadridge’s infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than U.S. $9 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries.
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