SEF Liquidity Aggregation from Broadway Technology


Broadway Technology, is set to launch a SEF Liquidity Aggregation, STP and e-commerce solution for IRS markets.

According to Joshua Walsky, Chief Technology Officer:

Our technology allows our customers to effectively trade in regulated markets and adapt quickly as they evolve. I’m proud to announce that we will be launching IR Swaps in June and we have already been selected to be an integral part of the SEF strategy for top-tier financial institutions.”

What does this mean for bank Single Dealer Platforms? 

My view: This solution from Broadway, will make it far easier for banks to enhance the value proposition of their single dealer platforms. Delivering greater value to clients, by providing greater liquidity, more transparency, and tools to optimise execution and risk management. Much of this is covered in Caplin’s recent white paper Single-Dealer platforms in a Cleared World.

On the same single dealer platform, clients should be able to select either traditional risk based bilateral execution (where permitted), as well as view aggregated SEF liquidity, and through the use of smart order routing algorithms, optimise the execution of trades, across SEF/OTF venues. For more recent posts on SDPs and SEF aggregation look: here, here, and here.

The proposed Functionality for IR Swaps from Broadway, will include:

Sophisticated smart order routing among click to trade, central limit order book and RFQ destinations STP, market data aggregation, spread trading, pre-trade risk limits, pricing and price distribution, and auto/manual rules-driven quoting.

All of Broadway’s trading capabilities are accessible via a single multi-asset class, multi-market trading GUI and accessible via The TOC, which provides a single API for companies to build their own integrated applications

Story here and PR here

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