U.S.-based fintech Broadridge Financial Solutions announced on Wednesday it has created a new artificial intelligent (AI)-driven digital execution platform, LTX, to bring next-generation liquidity to corporate bonds. According to Broadridge, LTX combines AI with digital execution protocol that enables broker-dealers to significantly improve market liquidity, efficiency, and execution for their buy-side customers.
“LTX works by combining powerful AI to locate and connect natural counterparties with a new digital protocol, RFX®, that enables dealers to efficiently aggregate liquidity across multiple counterparties and create trading opportunities in seconds. These new technologies amplify the critical role dealers play, enabling them to solve a key need for the buy-side.”
While sharing more details about the platform, Tim Gokey, Broadridge CEO, stated that he and his team have been working with a number of dealers and their buy-side customers to develop the platform in order to create liquidity, digitizing workflows, as well as increasing efficiency in corporate bond trading. Broadridge further explained:
“LTX’s RFX protocol allows dealers to unlock more value from their data and customer network by smartly identifying and efficiently aggregating liquidity across multiple buyers bidding for their desired amount, which in turn helps improve BestEx for their customers. In addition, LTX AI and the new LTX Liquidity Cloud® provide a more complete view into pre-trade and post-trade liquidity, further enhancing dealers’ ability to aggregate liquidity from natural counterparties and better servicing their customers.”
Broadridge has partnered with Jim Toffey, founder of Tradeweb Markets, to create LTX. Toffe leads LTX alongside Vijay Mayadas, President, Global Fixed Income, and Analytics at Broadridge.