FIA Tech announced that it will leverage Broadridge Financial Solutions’ COMS (Connectivity, Onboarding, and Monitoring Service) solution along with its NYFIX Order Routing Network to provide clients’ interoperability across networks and promote standardization in the exchange traded derivatives (ETD) space.
Broadridge and FIA will streamline onboarding for brokers and clients to the Trade Data Network (TDN) enhancing operational efficiency and transparency. Clients joining TDN will benefit from faster onboarding of counterparties and streamlined processing with Broadridge’s network of broker counterparties and robust NYFIX Order Routing Network.
“TDN is focused on improving the ETD market structure, simplifying post-trade and enhancing operational resiliency,” said Michael Torretta, head of Strategic Alliances at FIA Tech, in a statement. “Connecting TDN with Broadridge’s widely used network for ETD is an example of our strategy to create value for our partners, their clients and increase interoperability to our network.”
George Rosenberger, general manager for NYFIX at Broadridge Trading and Connectivity Solutions said in a statement that the COMS and NYFIX offerings will move the industry forward.
In an industry where FIX connectivity has become commoditized, outsourcing this critical infrastructure is becoming increasingly beneficial. This partnership highlights the growing trend of financial firms focusing on their core business by leveraging external connectivity solutions.