Broadway Technology Taps Asia-Pacific with Westpac Partnership

US based technology firm looks east as Asia is expected to dominate growth in the FX markets by partnering with

Broadway Technology, a leading US based technology and software provider to banks and brokerages has signed up with Australia’s leading banking firm, Westpac, to provide technology for its FX division. The deal allows Broadway, whose investors include Goldman Sachs, an entry into the Asia-Pacific region and establish its footprint in the continent of growth.

Westpac will benefit from a range of solutions offered by Broadway including; manual and automated trading; global market aggregation with dynamic smart order routing; auto-hedging; model-driven trading; low-latency pricing; real-time price streams to external venues; real-time risk management; e-commerce, and a single visual interface for all FX trading. The trading platform provides aggregation in the liquid FX markets and thus tighter and more efficient pricing for the Australian bank.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

westpacSpeaking about the partnership, Hugh Killen, Managing Director and Global Head of FX at Westpac, said in a statement to the media: “As the clear leader in Australian dollar and New Zealand dollar FX products, Broadway’s superior technology helps us provide deeper support for both international and domestic customers as their trading volumes in these currencies increases”.

Australia is regarded as the 7th largest foreign exchange market according to volumetric data from the Bank of International Settlement and central bank figures who publish their semi annual report. In the recent Australian Foreign Exchange Committee report average daily volume in FX Spot stood at $42 billion in Australia.

Suggested articles

The Rising Star of the DeFi Project, GIBXSwap, Passes CertiK Security AuditGo to article >>

Broadway Technology is bullish on growth in FX markets in Asia and Australia, they expect global flows to increase up to five times over the next three years in AUD, NZD, G3 as well as key Asian currencies. Broadway’s Chief Executive Officer Tyler Moeller, said in the official press briefing: “In such a high volume market, which turns over an excess of US$4 trillion in FX per day, access to high performance technology gives our customers a critical advantage; automation and the use of advanced technology has never before been so critical to reduce complexity and operational risk while dramatically increasing operational efficiency.”

Mr. Moeller added, “As the international pace of currency trading advances, we are leading an industry change in FX technology with a flexible, customizable solution that can be implemented at a fraction of what it costs major banks to build in-house trading systems. We’re pleased to be partnering with Westpac, an established leader in FX, to expand on their global trading platform.”

The US based technology firm that was founded by MIT graduates has been profitable every year since its launch in 2003, with revenues having grown more than 50% for each of the past four years and tracking for a fifth consecutive year, thus showing promising results in times where firms are desperate to break even.

The Australian dollar has been facing volatility in light of domestic and intentional forces. The Aussie dollar has weakened 5% against the USD and 3-4% against other major currencies in the past few months. Analysts at  Credit Suisse believe the Aussie could fall to US85c in 12 months.

Got a news tip? Let Us Know