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LTX and BlackRock’s Aladdin Enhance Corporate Bond Trading Workflows Through Platform Integration

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LTX, a subsidiary of global fintech Broadridge Financial Solutions, Inc., has completed the latest phase of its multi-year partnership with Aladdin, Blackrock’s end-to-end investment management and operations platform for institutional investors. This phase focuses on enhancing corporate bond trading workflows and expanding LTX’s network through a platform integration. LTX’s Liquidity Cloud and actionable pre-trade Cloud Match Scores are now available directly from the Aladdin platform, thereby enabling Aladdin users to leverage data-driven capabilities to improve liquidity discovery and trading efficiency.

Liquidity Cloud is a network of anonymous real-time buy- and sell-side indications of interest. Cloud Matches, the strength of which are measured by Cloud Match Scores, are real-time indications of natural contra interest in the Liquidity Cloud, updated dynamically to reflect real-time available natural liquidity.

By allowing mutual clients to view Cloud Match Scores directly within the Aladdin OEMS and interact with trading opportunities in the Liquidity Cloud without a staging area, the strategic partnership between the two companies has reached a new milestone with this latest phase of integration, following the first phase, released in early 2022, which enabled mutual clients to stage orders on the LTX platform through a standard FIX integration.

Speaking to TradingTech Insight, Jim Kwiatkowski, CEO of LTX, elaborates on the benefits of the integration, stating: “Our primary goal is to streamline the trading process. Aladdin, as one of the leading order management systems utilised by large fixed income traders, offers an exciting opportunity for workflow automation. Traders managing a substantial list of orders on their Aladdin blotter can now directly access information about contra-liquidity in the Liquidity Cloud for those orders, with Cloud Match Scores indicating the strength of the match. Traders can react to active trading opportunities with a single click within their Aladdin order management system. This seamless process facilitates efficient liquidity discovery within existing workflows.”

Kamya Somasundaram, Managing Director, and a General Manager within Aladdin at BlackRock, commented: “We look forward to empowering our users with innovative pre-trade liquidity discovery capabilities and trading solutions like LTX for more seamless and efficient corporate bond trading workflows.”

To date, over 30 dealers and more than 80 asset managers have joined the LTX platform, representing a significant potential liquidity pool. LTX has attracted many of the world’s leading asset managers and dealers, with over $7 billion in initiated firm orders and an average daily volume of over $27 billion in the Liquidity Cloud in June 2023.

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