TD Bank Joins LTX, A Broadridge Company, As a Liquidity Provider

Rhea-AI Summary

LTX, an AI-powered corporate bond trading platform backed by Broadridge Financial Solutions (NYSE: BR), has announced that TD Bank has joined its e-trading platform through its subsidiary TD Securities Automated Trading TD Bank will contribute axes to LTX's Liquidity Cloud and use the RFQ+ protocol to provide Investment Grade and High Yield bond liquidity to institutional clients.

LTX aims to address corporate bond market challenges by using patented AI and execution protocols to improve liquidity and efficiency. Recent innovations include BondGPT, a generative AI application, and RFQ+, an enhanced RFQ protocol for facilitating larger trades. The platform's mission is to lower trading costs and deliver best execution to clients.

Positive

• TD Bank joining LTX platform as a liquidity provider
• Expansion of LTX's network of buy-side clients
• Introduction of innovative AI-powered solutions like BondGPT and RFQ+

Negative

• None.

Insights

Financial Analyst

TD Bank joining LTX as a liquidity provider is a positive development for Broadridge Financial Solutions. This partnership enhances LTX's platform by adding a major player to its network, potentially increasing trading volume and attracting more institutional clients. The integration of TD Bank's liquidity into LTX's Liquidity Cloud and RFQ+ protocol should improve execution efficiency for buy-side clients, which could lead to increased adoption of the platform. LTX's focus on addressing corporate bond market challenges through AI-powered solutions and innovative protocols like BondGPT and RFQ+ positions Broadridge well in the evolving fintech landscape. While the immediate financial impact may be , this partnership strengthens Broadridge's competitive position in the electronic bond trading market, potentially driving long-term growth in its capital markets technology segment.

Market Research Analyst

The addition of TD Bank to LTX's platform is indicative of a broader trend towards electronification and AI adoption in fixed income markets. This move aligns with the industry's push for more efficient, transparent and cost-effective trading solutions. LTX's innovative approach, combining AI with relationship-based trading, addresses key pain points in the corporate bond market, such as liquidity challenges and high trading costs. The platform's ability to facilitate larger trades through its RFQ+ protocol could be particularly attractive to institutional investors, potentially expanding Broadridge's market share. The integration of generative AI applications like BondGPT demonstrates Broadridge's commitment to staying at the forefront of fintech innovation, which could lead to increased client acquisition and retention in a competitive market landscape.

NEW YORK, Oct. 22, 2024 /PRNewswire/ -- LTX, an AI-powered corporate bond trading platform backed by global Fintech leader, Broadridge Financial Solutions, Inc. (NYSE: BR), today announced that TD Bank has joined its e-trading platform through its subsidiary TD Securities Automated Trading LLC. TD Bank will contribute axes, or pre-trade indications of interest, to LTX's Liquidity Cloud and utilize LTX's RFQ+ protocol to provide Investment Grade and High Yield bond liquidity to its institutional clients.

"LTX's value proposition demonstrates the company's commitment to providing innovative solutions to corporate bond market structure challenges and more efficient execution for the buy side," said Marty Mannion, Managing Director and Co-Head, TDS Automated Trading at TD Bank. "We are excited to be joining LTX to deepen connectivity with our clients."

"We're thrilled that TD Bank has joined LTX, making our platform even more valuable to our growing network of buy-side clients," said Jim Kwiatkowski, CEO of LTX. Our mission is to lower costs of trading corporate bonds to deliver best execution to clients, and we're pleased that our value proposition resonates with the dealer community."

LTX was formed to address corporate bond market challenges that have arisen due to lack of innovation and electronification, including the disruption of relationship-based e-trading, high trading and data costs, as well as limited e-trading options for large trades. LTX is uniquely positioned to address these industry pain points by using patented AI and execution protocols to improve liquidity and efficiency, facilitating connections between dealers and buy-side clients and enabling direct, fully disclosed trading.

Recent innovations from LTX include the generative AI application BondGPT and enterprise version BondGPT+, which assists users in identifying corporate bonds and answers complex bond-related queries in seconds, as well as RFQ+, an enhanced RFQ protocol that combines patented dealer selection score technology with patented liquidity aggregation technology to facilitate larger trades.

About LTX
LTX is an electronic trading platform that enables corporate bond market participants to trade smarter, combining powerful, patented artificial intelligence with innovative e-trading protocols to improve liquidity, efficiency, and execution. The Liquidity Cloud is the LTX network of anonymous real-time buy- and sell-side indications of interest which include CUSIP, direction, price, and size. LTX is a division of Broadridge Business Process Outsourcing LLC, the broker-dealer subsidiary of Broadridge Financial Solutions.

For more information about LTX, please visit www.ltxtrading.com.

About Broadridge
Broadridge Financial Solutions (NYSE: BR), is a global technology leader with the trusted expertise and transformative technology to help clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences. 

Our technology and operations platforms process and generate over 7 billion communications per year and underpin the daily trading of more than $10 trillion of securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries. For more information, please visit www.broadridge.com. 

Broadridge Contacts:

Investors:
Edings Thibault
Head of Investor Relations, Broadridge
broadridgeir@broadridge.com

Media:
Gregg Rosenberg
Corporate Communications
Gregg.rosenberg@broadridge.com 

 

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SOURCE Broadridge Financial Solutions, Inc.

FAQ

What is LTX and how is it related to Broadridge (BR)?

LTX is an AI-powered corporate bond trading platform backed by Broadridge Financial Solutions, Inc. (NYSE: BR). It aims to address corporate bond market challenges using patented AI and execution protocols to improve liquidity and efficiency.

How will TD Bank contribute to the LTX platform?

TD Bank will contribute axes (pre-trade indications of interest) to LTX's Liquidity Cloud and utilize LTX's RFQ+ protocol to provide Investment Grade and High Yield bond liquidity to its institutional clients.

What are the recent innovations introduced by LTX?

LTX has recently introduced BondGPT, a generative AI application that assists users in identifying corporate bonds and answering complex bond-related queries, and RFQ+, an enhanced RFQ protocol that facilitates larger trades using patented technologies.

What challenges in the corporate bond market does LTX aim to address?

LTX aims to address challenges such as the disruption of relationship-based e-trading, high trading and data costs, and e-trading options for large trades in the corporate bond market.