Front office solutions vendor and fixed income specialists Broadway Technology has partnered with MarketAxess, the fixed income electronic trading platform operator and post-trade service provider, to build and support a Request for Quote (RFQ) workflow feature for the MarketAxess US Treasuries marketplace.
Broadway’s fixed income business was spun off by ION in January 2021 and since then the company has bolstered its leadership team. The partnership with MarketAxess is the latest step in Broadway’s aim to provide its clients with best-of-breed solutions.
“Although RFQ responses have been live on MarketAxess for some time, they wanted to be able to distribute that innovation to the wider marketplace,” says Dan Romanelli, Head of Relationships at Broadway. “And the approach that Broadway has been taking with venues like MarketAxess is to work with them proactively to understand what their goals are and what products and features they’re releasing, to ensure that we align our roadmaps along with them.”
The new RFQ integration builds on Broadway’s existing MarketAxess Live Markets Rates partnership, and enables mutual dealer clients to respond directly to US Treasury enquiries from MarketAxess’ customer base.
“Any partnerships that we enter, we want both sides to have value,” says Romanelli. “In this case, MarketAxess benefits from greater distribution of the US Treasury RFQ capability, and Broadway’s customers benefit because now they can respond to those types of workflows in one of the deepest UST liquidity pools.”
The new feature is currently live and available to all joint Broadway and MarketAxess customers.
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