Broadway 2.0’s Long and Winding Road to Independence

Dec 13, 2021

John Lothian

John Lothian

Executive Chairman and CEO

Michael Chin is the CEO of Broadway Technology, which recently went through a rebrand and is now just Broadway. The path to Broadway 2.0, as Chin called it, was an unusual one. Chin was interviewed recently by John Lothian News about its journey from acquisition to independence. 

Broadway Technology has been working on a renewal since it was spun out of ION Trading after the U.K.’s Competitive Markets Authority told ION it had to spin back out most of Broadway because of overlap in both firms’ fixed income offerings.

Today, ION is a customer of Broadway’s and retains Broadway’s former FX business.

In January of 2021, Broadway was spun out of ION and began anew its journey as an independent company backed by private equity investors.

The 2.0 version of Broadway holds its fixed-income trading platform, the Toc middleware offering and the Greyspan business infrastructure as a business.

The Toc platform is Broadway’s core platform for scalable, high-performance distributed computing and open data access, and low-code business logic that powers advanced trading systems by enabling interoperability among essential trading tools.

The Greyspan business offers trading solutions through full-service co-location, cloud hosting, and system oversight.

Broadway defines its mission and vision as being where tech meets intellect, which also is its new tagline. Chin spoke about the value of the Broadway spreader tool that allows traders to trade spreads in fixed-income cash versus futures, or cash versus cash as a popular item for Broadway customers.

Chin said human-to-human interaction will continue to be a key component for parts of fixed-income trading. Broadway maintains a high-touch approach, he said. And Chin said Broadway plans to increase its headcount from about 100 to 200 in the next two to three years.

Broadway has global coverage of the markets, and is opening a Chicago office to better serve the trading community there, Chin said.

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