LTX, A Broadridge Company

What LTX, A Broadridge Company does

LTX, A Broadridge Company, is an AI-powered electronic trading platform for US corporate bonds, operating as a wholly-owned division of Broadridge Financial Solutions Inc. (NYSE: BR). Founded in June 2020 by Tradeweb founder Jim Toffey in partnership with Broadridge, the platform serves two primary customer segments: buy-side institutional investors (90+ asset managers including BlackRock, PIMCO, AllianceBernstein, and Invesco) and sell-side dealers (35+ including Goldman Sachs, J.P. Morgan, Morgan Stanley, and Bank of America). LTX addresses structural inefficiencies in the $10.3 trillion US corporate bond market, where less than 50% of investment-grade and 33% of high-yield bonds trade electronically, by combining proprietary AI with patented trading protocols to improve liquidity discovery and execution.

The platform's core technology stack is built on Amazon Web Services (since March 2023) and centers on two product layers. The trading protocol layer includes the patented RFX dealer-centric protocol (US Patent No. 10,922,773), the RFQ+ enhanced request-for-quote protocol with liquidity aggregation, and the Liquidity Cloud network of anonymous real-time indications of interest (currently $39B+ as of May 2024). The AI layer features BondGPT, a generative AI application powered by OpenAI GPT-4 and protected by US Patent No. 12,061,970 on LLM orchestration of machine learning agents, with an enterprise version (BondGPT+) offering custom data integration and a proactive workflow-embedded intelligence layer (BondGPT Intelligence). The platform supports US IG corporates, US HY corporates, and US EM sovereigns and corporates, and distributes through integrations with all major OEMS providers (Charles River, Aladdin, FlexTrade, SS&C Eze, TS Imagine) and connectivity networks (NYFIX, TransFICC, MultiLynq).

LTX operates as a SEC-registered broker-dealer (via Broadridge Business Process Outsourcing LLC, FINRA member) and pursues a quote-based enterprise SaaS pricing model with annual billing cadence, generating revenue from platform subscriptions/licensing and transaction-based fees. Revenue is not separately disclosed as LTX is consolidated within Broadridge's financial reporting. Go-to-market is direct enterprise field sales targeting large financial institutions, supplemented by OEMS partner channels for buy-side distribution. The leadership team is headed by CEO Jim Kwiatkowski (appointed November 2022, previously at London Stock Exchange, Refinitiv, and Thomson Reuters), with founder Jim Toffey serving as President and Art Certosimo as Chairman of the Board.

Name

LTX, A Broadridge Company

Legal name

Broadridge Business Process Outsourcing, LLC

Website

https://ltxtrading.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

101–250 employees

Short description

LTX, A Broadridge Company, operates an AI-powered electronic trading platform for US corporate bonds, combining patented RFX/RFQ+ trading protocols with the BondGPT generative AI application to serve 90+ buy-side asset managers and 35+ sell-side dealers, including Goldman Sachs, J.P. Morgan, and BlackRock.

Ownership category

akta.pro rank

Product category

Corporate Bond Trading Platform

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Services-Computer Integrated Systems Design (7373)

akta.pro primary industry

Corporate Bond Trading Platforms (FSAFACAB)

akta.pro secondary industries

Bond RFQ & Request-for-Stream Platforms (FSAFACAG), Fixed Income Electronic Trading Platforms (Bonds/Credit) (FSAFANAB), Institutional Multi-Asset Trading Platforms (OTC/RFQ) (FSAFAEAB)

Keywords

• Corporate bond trading
• Fixed income platform
• Electronic bond trading
• Bond liquidity aggregation
• AI bond analytics

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Platform Subscription/ Licensing: B2B SaaS platform providing access to AI-powered trading tools and protocols for corporate bond trading. Revenue derived from licensing the platform to buy-side asset managers and sell-side dealers. Platform processes and facilitates trades in the $10.3 trillion US corporate bond market.
2. Transaction-based Fees: Revenue generated from trade execution through the platform's protocols (RFX, RFQ+). Facilitates block trades and larger size transactions with aggregation capabilities.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

LTX operates an AI-powered electronic trading platform for US corporate bonds that combines patented artificial intelligence with proprietary trading protocols (RFX, RFQ+) to enable buy-side asset managers and sell-side dealers to discover liquidity, execute block trades with reduced information leakage, and leverage natural language bond analytics via BondGPT. The platform serves the $10.3 trillion US corporate bond market through the Liquidity Cloud real-time indication network and AI-driven analytics, including Liquidity Scores, Dealer Selection Scores, Bond Similarity, and Cloud Match Scores.

Product overview

LTX, A Broadridge Company, operates as an AI-powered electronic trading platform for corporate bonds, combining powerful patented artificial intelligence with innovative e-trading protocols. The platform is architected as a unified platform with integrated modules: the core LTX Trading Platform serves as the foundation, powered by the Liquidity Cloud for real-time liquidity discovery. Key AI-powered products include BondGPT (generative AI for natural language bond queries), BondGPT+ (enterprise version with custom data integration), and BondGPT Intelligence (proactive workflow-embedded AI). Trading protocols include the patented RFX protocol for dealer-centric block trading with price improvement, RFQ+ for enhanced request-for-quote with aggregation capabilities, and List Trading for GenAI-powered multi-directional trade list execution. Supporting analytics include Liquidity Scores, Dealer Selection Scores, Bond Similarity Technology, and Cloud Match Scores. The platform supports US IG Corps, US HY Corps, and US EM Sovs and Corps, with integrations to leading OEMS providers including Charles River, FlexTrade, Eze OMS, and TS Imagine.

Differentiator

Problem solved

Functional benefit

Brands

• BondGPT: Generative AI application for corporate bond trading that answers complex bond-related questions and assists in bond identification on the LTX platform.
• BondGPT+
• BondGPT Intelligence
• Liquidity Cloud
• RFX
• RFQ+

Products and services

• LTX Trading Platform AI-powered electronic trading platform for US corporate bonds that combines patented artificial intelligence with innovative e-trading protocols to improve liquidity, efficiency, and execution. Supports US IG Corps, US HY Corps, and US EM Sovs and Corps. Built on Broadridge's US Fixed Income post-trade processing platform and deployed on AWS.
• BondGPT Generative AI application powered by OpenAI GPT-4 that answers complex bond-related questions in seconds and assists users in identifying corporate bonds. Uses natural language to query 12+ datasets including 30,000+ US bonds, TRACE data, ratings, index data, evaluated pricing, 10-K and 10-Q filings, 13F holdings, treasury data, LTX Bond Similarity Model, LTX Dealer Selection Score, LTX relative value model, and real-time liquidity data from the Liquidity Cloud.
• BondGPT+ Enterprise version of BondGPT that allows clients to securely integrate their own data, third-party datasets, and analytical models. Offers multiple implementation options with robust API suite, user-level customization, compliance configuration, AI-powered usage analysis, and the ability to create agents that automatically take user-defined trading platform actions when market conditions are met.
• BondGPT Intelligence Advanced AI capability that integrates generative AI directly within trading platform workflows. Proactively anticipates users' queries based on workflow stage (Watchlist, Trade Ticket, Trade Blotter) and delivers contextual insights as in-platform pop-ups at strategic phases of their workflow.
• Liquidity Cloud Network of anonymous real-time buy- and sell-side indications of interest including CUSIP, direction, price, and size. Provides real-time view of liquidity with instant alerts on trading opportunities. Powers Liquidity Cloud Scores that update dynamically to reflect changes in liquidity conditions. Average IG size $4.5MM and HY size $2.6MM as of May 2026, with over $39B in the cloud as of May 2024.
• RFX Trading Protocol Patented dealer-centric digital trading protocol (U.S. Patent No. 10,922,773) that enables dealers to aggregate liquidity across multiple counterparties. Provides transparency and price improvement through real-time visibility into market depth, allowing participants to see the Stack develop and monitor real-time price formation while limiting information leakage.
• RFQ+ Trading Protocol Enhanced version of the industry standard RFQ protocol combining pre-trade dealer selection analytics with liquidity aggregation capabilities. Facilitates larger size trades by allowing multiple dealers to respond with different sizes and enabling the buy-side to select multiple winning responses to aggregate block trades.
• List Trading GenAI-powered functionality that allows users to leverage GPT technology to generate and execute multi-asset class, multi-directional trade lists seamlessly via RFQ+. Traders can define rules for auto-execution for greater workflow efficiency; BondGPT+ users can enhance portfolio management by using GenAI on inventory and positions.

Quantifiable outcome

• Responses to complex bond questions delivered in less than 30 seconds
• +4 more outcomes

Named customers14 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability10 records

Feature9 records

Partnerships

14 partnerships are on record, tiered core and supporting.

• Goldman SachscoreStrategic or Co-development Partner · 7 May 2026Goldman Sachs joined LTX in May 2026 as a major dealer/liquidity provider. Representatives from Goldman Sachs and other major banks joining LTX's board of directors.
• TransFICCcoreTechnology or Integration · 25 November 2024Strategic partnership announced November 25, 2024 to improve connectivity and onboarding speeds. Sell-side clients benefit from simplified integration and connectivity to LTX, reduced operational risk and implementation costs, and improved time-to-market.
• TD BankcoreStrategic or Co-development Partner · 22 October 2024TD Bank joined LTX as a liquidity provider in October 2024, contributing to the platform's growing dealer network.
• MultiLynqcoreTechnology or Integration · 9 May 2024Integration announced May 9, 2024 to deliver accelerated trading connectivity. MultiLynq's APIs and technology remove barriers and create greater efficiency for fixed income market participants accessing LTX.
• TS ImaginecoreTechnology or Integration · 25 March 2024Integration announced March 25, 2024 to improve fixed income liquidity access for mutual buy-side clients. Access LTX from TradeSmart EMS, the all-asset class OEMS.
• Charles River Development (State Street)coreTechnology or IntegrationIntegration with Charles River Investment Management Solution enables OEMS users to access aggregated liquidity and leverage transparency and price discovery within existing workflows through existing dealer relationships. Full integration completed March 2022.
• Aladdin (BlackRock)coreTechnology or IntegrationIntegration enables access to LTX from Aladdin, an end-to-end investment management and operations platform used by institutional investors. Integration completed July 2023.
• FlexTradecoreTechnology or IntegrationIntegration enables access to LTX from FlexTrade's global leader in high performance multi-asset execution management and order management systems.
• SS&C EzecoreTechnology or IntegrationIntegration enables access to LTX from Eze OMS, a single cross-asset class system.
• NYFIXcoreTechnology or IntegrationConnect to LTX through NYFIX, one of the largest and most established order routing networks in the capital markets.
• 7 ChordsupportingTechnology or IntegrationSelected as third-party pricing provider in October 2020. BondDroid AI-generated prices integrated into LTX's pre-trade analytical tools, providing independent assessment of current market value. At no additional cost to LTX users.
• Jim Toffey (Founder)coreStrategic or Co-development PartnerCo-founder of LTX along with Jim Kwiatkowski. Previously founder of Tradeweb Markets. Served as CEO and Co-founder of LTX leading the company's innovative approach to AI-powered bond trading.
• OpenAIcoreTechnology or IntegrationBondGPT built on OpenAI GPT-4 models. LTX leverages GPT technology combined with proprietary AI architecture and curated financial data for bond trading applications.
• ICE Data Pricing & Reference DatasupportingTechnology or IntegrationProvides Continuous Evaluated Pricing (CEPTM) data for emerging market bonds on LTX platform at no additional charge.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Trumid: Trumid is an electronic trading platform for corporate bonds focused on the buy-side with protocols for natural counterparty matching and all-to-all liquidity. It is a direct emerging competitor to LTX in US credit electronic trading.
• OpenFin (now part of NEX/CME): OpenFin provides technology infrastructure for deploying trading applications across institutional desktops, with a growing role in fixed income workflow and AI-enabled trading tools. It is an emerging competitor in adjacent trading technology relevant to LTX's workflow strategy.

Direct peers

• MarketAxess: MarketAxess operates the leading electronic trading platform for corporate bonds and other fixed income instruments, with deep Open Trading all-to-all liquidity and a strong dealer network. It directly competes with LTX in US IG and HY credit trading.
• Liquidnet (TP ICAP): Liquidnet operates institutional block trading platforms across equities and fixed income, including credit markets. Its Fixed Income trading platform offers block-sized liquidity discovery and AI-driven dealer selection, overlapping directly with LTX's value proposition.
• Tradeweb Markets: Tradeweb is the leading institutional electronic trading platform for fixed income, derivatives, and ETFs, including dominant share of US credit electronic trading. It is the most direct competitor to LTX in corporate bond trading and was founded by LTX co-founder Jim Toffey.
• MarketAxess (CP+ and All-to-All): MarketAxess's CP+ all-to-all credit trading protocol and Open Trading platform represent its strongest direct competition with LTX's RFX and RFQ+ protocols, particularly around dealer-intermediated block trading and pre-trade analytics in US credit.
• BGC Group (Fenics UST and Credit): BGC Group operates Fenics, an electronic trading platform offering direct market access and analytics across fixed income including credit. Its Fenics Pro and Fenics UST platforms compete with LTX in the institutional credit trading market.

Broad incumbents

• CME Group: CME Group operates BrokerTec, one of the largest electronic platforms for fixed income trading, including US Treasuries and repo, and has expanded credit offerings. It is a broad incumbent in fixed income electronic trading competing for institutional flow.
• Intercontinental Exchange (ICE): ICE operates multiple fixed income trading venues and provides pricing, reference data, and analytics to the credit market. ICE Data Pricing & Reference Data is already a LTX data partner, but ICE is also a competitor with its CreditTrade and broker-dealer-facing platforms.
• Bloomberg Tradebook: Bloomberg operates one of the largest fixed income electronic trading platforms integrated with the Bloomberg Terminal, providing deep liquidity and embedded workflow for buy-side and sell-side credit market participants. It competes with LTX for corporate bond flow.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/LTXtrading
• LinkedInlinkedin.com/company/ltxtrading
• YouTubeyoutube.com/channel/UCzBcTvCkbzKD8kiHqQ4zKhA

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LTX, A Broadridge Company