Broadridge’s AI-driven Corporate Bond Trading Platform LTX Selects 7 Chord as Third-Party Pricing Provider
Platform offers greater insights into pre-trade liquidity
Broadridge Financial Solutions, Inc., a global Fintech leader, announced that it selected 7 Chord, an independent predictive pricing and analytics provider, as the source for intraday corporate bond prices on its new artificial intelligence (AI)-driven, digital corporate bond trading platform, LTX. Advanced analytics sit at the core of LTX, and the integration with BondDroid, 7 Chord’s award-winning predictive pricing engine for bonds, provides buy-side firms and dealers with an independent assessment of current market value to inform critical investment decisions.
BondDroid’s AI-generated prices are integrated directly into LTX’s pre-trade analytical tools, giving dealers and institutional investors a complete view into actual market liquidity before they trade, while controlling information leakage and at no additional cost to LTX users.
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“The LTX platform empowers dealers and institutional investors to better connect and trade corporate bonds digitally using AI that offers greater insights into pre-trade price transparency and liquidity,” said Vijay Mayadas, President, Capital Markets at Broadridge. “BondDroid’s AI provides our clients with a more reliable baseline to measure the quality of execution they achieved through our digital trading protocol, RFX.”
LTX works by combining powerful AI to connect natural counterparties with a new digital trading protocol, RFX, that enables dealers to efficiently aggregate liquidity across multiple counterparties in seconds. Identifying the natural counterparties for a trade depends on a realistic understanding of fair market value. Built on streaming data and optimized for live trading, BondDroid uses AI to quickly adapt its behavior in real-time to variations in pricing.
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“BondDroid is a next-generation pricing solution built for a modern institutional fixed income trader,” said Kristina Fan, CEO and Founder, 7 Chord. “2020 provided us with the ultimate test, and BondDroid passed with flying colors. While many traditional vendors struggled to produce accurate prices in March in a timely manner, BondDroid had no issues handling elevated transaction volume, wildcard events and unprecedented volatility.”
The LTX platform uses its patent-pending AI (LTX AI) to create liquidity, digitize workflows and increase efficiency in the corporate bond market and is being embraced by leading broker-dealers and asset managers.
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