The collaboration is intended to bring interoperability across networks and standardization for exchange-traded derivatives.
A technology provider for the futures industry, FIA Tech will be using the connectivity, onboarding, and monitoring service (COMS) and the NYFIX Order Routing Network from Broadridge Financial Solutions to provide clients interoperability across networks and standardization for exchange-traded derivatives (ETD), officials say.
The embrace of the Broadridge offerings will also enhance FIA Tech’s Trade Data Network (TDN) for post-trade processing for ETDs, officials add.
“TDN unifies ETD trade data from buy-side, brokers, clearinghouses and clearing members into a common, secure, standards-based ledger, creating a shared golden source of trading activity for participating firms and a cloud-based platform to identify and resolve bottlenecks in trade processing across the industry,” according to FIA Tech.
TDN was developed with help from banks, brokers, more than 40 buy-side firms, and independent software vendors (ISVs). TDN offers allocation management and” trade lifecycle transparency, coupled with benchmarking, metrics, and reporting to drive standards and best practices across the ecosystem,” according to FIA Tech.
“Broadridge and FIA will streamline onboarding for brokers and clients to the Trade Data Network (TDN),” officials say.
The additional support is intended to streamline processing with Broadridge’s network of broker counterparties and the NYFIX network.
“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,” says Michael Torretta, head of strategic alliances at FIA Tech, in a prepared statement.
FIA Tech, which is owned by a consortium of 12 leading clearing firms and the Futures Industry Association (FIA), works with exchanges, clearinghouses, clearing firms, other intermediaries, ISVs, buy-side firms, and end-users.
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