NEW YORK, April 22, 2021 /PRNewswire/ -- Leveraging
next-gen technology, AllianceBernstein made fixed income trading
history by becoming the first buy-side firm to receive aggregated
liquidity from multiple buyers on the same block trade. The trade
was enabled by LTX, A Broadridge Company (NYSE:BR), and
powered by LTX's patented RFX protocol. AllianceBernstein tapped
into its dealer's customer network to sell a large block of bonds
and access aggregated liquidity from four buyers at once and in
real time.
"A challenge facing many asset managers is how to trade blocks
of bonds more efficiently," said Tim
Kurpis, Head of Investment Grade Trading, AllianceBernstein.
"Most electronic solutions focus on smaller sizes and liquid bonds,
but 70-75% of the corporate bond market still trades over the
phone. LTX brings a different approach for accessing liquidity that
offers new protocols to better match potential counterparties and
allow multiple bids or offers for a bond."
Instead of putting dealers in competition, LTX enables dealers
to distribute bonds across their customer network, amplifying the
buy-side's opportunity to maximize liquidity and achieve improved
best execution. Using LTX's powerful artificial intelligence,
AllianceBernstein's dealer identified the potential natural buyers
of the bond within their customer network, leading to the RFX
trading invitation. Customers invited to participate in the RFX
were able to bid for their preferred amount of bonds and improve
their price as needed to fulfill their order.
"This is a major milestone for the fixed income market," said
Jim Toffey, CEO of LTX. "This is the
latest example of how our next-gen RFX protocol benefits market
participants and goes beyond electronifying the phone call to
create a digital liquidity pool of natural counterparties that will
move the bond market forward."
To date, over 10 dealers and 40 asset managers representing a
significant liquidity pool have joined the LTX platform, with an
additional 50 firms in the pipeline to join at midyear. The number
of RFX sessions on the platform has steadily increased since
January 2021, and the platform
recently surpassed the half-billion mark in total amount of bonds
offered.
About Broadridge
Broadridge Financial Solutions (NYSE: BR), a global Fintech
leader with over $4.5 billion in
revenues, provides the critical infrastructure that powers
investing, corporate governance, and communications to enable
better financial lives. We deliver technology-driven solutions to
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. In
addition, Broadridge's technology and operations platforms underpin
the daily trading of on average more than U.S. $10 trillion of equities, fixed income and
other securities globally. A certified Great Place to
Work®, Broadridge is a part of the S&P
500® Index, employing over 12,000 associates in 17
countries. For more information about us and what we can do for
you, please visit www.broadridge.com.
Investors:
W. Edings Thibault
Investor Relations
+ 1 516-472-5129
Edings.thibault@broadridge.com
Media:
Tina
Wadhwa
Broadridge Financial Solutions
+1
212-973-6164
tina.wadhwa@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.