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Capital markets fintech provider, Blue Ocean Technologies, has entered into a partnership agreement with Broadridge Financial Solutions to offer clients after-market trading access to US equities.
Under the partnership, Blue Ocean Technologies’ after-hours trading system Blue Ocean ATS (BOATS) will integrate with Broadridge’s NYFIX order-routing network, enabling clients to trade US securities during their own regional hours.
BOATS is an alternative trading system that replicates the US daytime trading experience with electronic access, transparent price discovery, the same regulatory requirements, and the same clearing and settlement processes.
According to Broadridge, the partnership will enable Blue Ocean to better serve banks and broker-dealers in North America and APAC regions on the NYFIX network around the clock.
The collaboration provides Blue Ocean Technologies with access to Broadridge’s VeriFIX solution.
Blue Ocean Technologies will be able to simulate FIX order flow in a non-production environment, and leverage Broadridge’s FIX Conductor feature to onboard new clients onto the New York Financial Information eXchange (NYFIX).
Additionally, Blue Ocean will benefit from further client connectivity to manage client order flow through Broadridge’s managed FIX client connectivity layer.
“In today’s environment of extreme volatility, access and transparency are mission-critical to fostering fair markets,” said Ray Tierney, President of Broadridge Trading and Connectivity Solutions.
“Through Blue Ocean’s access to overnight markets and Broadridge’s expansive client connectivity and proven managed services, we will do just that – enabling increased access to markets for global traders.”
Blue Ocean Technologies’ collaboration with Broadridge comes less than a year after the official launch of BOATS in October last year.
In February, Samsung Securities collaborated with Blue Ocean Technologies to enable the former’s clients to trade US equities via the BOATS market centre during local business hours in Korea.
After-hours provides more opportunities
The collaboration between Broadridge and Blue Ocean technologies to bolster the after-hour trading capabilities respond to the growing demand for trading on international exchanges out of local market hours, allowing firms to diversify market access.
The extended period offers investors in different time zones the ability to buy and sell securities that would have otherwise been unavailable to them in real-time.
According to a 2022 report by Acuiti and TMX, a survey of over 100 senior executives from trading firms, hedge funds, asset managers and sell-side revealed that 54% of firms not trading in extended hours sessions had reported significant or some demand to trade outside their time zones during their local trading hours.
The survey also revealed respondents saw the capability to trade after hours as an opportunity to trade new products, hedge risk and optimize trading strategies.
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