Broadridge Financial Solutions (Broadridge) has partnered with Coinbase, to offer clients interoperability between Coinbase’s Prime and Broadridge Trading and Connectivity Solutions’ NYFIX order-routing network.
The integrated trading solution will be available to US domestic NYFIX clients, and allows order flow to be routed to Coinbase Prime using FIX.
The partnership will allow buy-side traders to source crypto liquidity from Coinbase, which they will then be able to trade directly from their order management software (OMS). Through this system, all compliance and regulatory checks will be adhered to.
Coinbase Prime provides a trading platform, secure custody, and prime services to manage crypto assets on a single platform. Access to crypto liquidity is available through a smart order router, while full prime brokerage capabilities are accessible to the buy-side.
Commenting on the partnership, Ray Tierney, president of Broadridge, says: “Institutions are increasingly interested in the crypto space, but trading assets has remained a challenge because messaging is only available through proprietary application programming interfaces. Through Coinbase’s access to liquidity and NYFIX’s market reach, we can bring crypto trading to the institutional market.”
Greg Tusar, vice president of institutional connectivity solutions at Coinbase, says: “Despite short-term cycles, momentum in institutional adoption is trending one way – toward more exploration and more interest. Utilising the NYFIX order-routing network, this partnership puts deep, multi-venue crypto liquidity on more buy-side traders’ desks, lowering barriers for participation in this growing asset class.”
