Frank Troise replaces Ray Tierney at Broadridge

Broadridge Financial Solutions has announced Frank Troise as the new President of Broadridge Trading & Connectivity Solutions and Vice Chairman of Broadridge Capital Markets.

Taking over from Ray Tierney, who is moving into an advisory role after three years at the helm, Frank Troise is set to lead the company’s Trading & Connectivity division into a new era focused on streamlining and enhancing trading operations across the globe.

Broadridge aims to further enhance trading optimization for a wide range of clients including global banks, broker-dealers, and independent trading entities.

Frank Troise is celebrated for his extensive background of over 35 years in trading and technology. His recent role as Co-Chief Executive Officer and Board Member at Pico Quantitative Trading showcased his ability to drive growth and scalability. His career also includes significant leadership positions at Investment Technology Group (ITG), J.P. Morgan, Barclays, and Lehman Brothers, and consultancy roles at Booz Allen and Andersen Consulting (now Accenture).

Ray Tierney departs after successfully integrating Itiviti

Vijay Mayadas, President of Capital Markets at Broadridge, said: “We are thrilled to welcome Frank, whose appointment symbolizes the latest step in our journey as a Capital Markets business and underscores our commitment to delivering leading-edge solutions that help to optimize trading for global banks, broker-dealers, and independent trading firms. We thank Ray for his years of leadership and help successfully integrating the Itiviti acquisition and continued focus on delivering simplification and driving innovation across the trade lifecycle, with global, multi-asset class, modular solutions that equip our clients with the agility to grow.”

It was in May 2021 that Broadridge Financial Solutions acquired the provider of cross-asset trading solutions covering the full trade lifecycle in a $2.5 billion deal.

A few months later, under the leadership of Ray Tierney, Itiviti integrated its NYFIX Matching solution with the portfolio, order, and investment management system from Broadridge. That was only the first of many product integrations between Itiviti and Broadridge.

Broadridge launched Futures & Options platform for brokers

The last assignment of Ray Tierney before taking off was launching Broadridge’s global Futures and Options Software-as-a-Service (SaaS) platform as part of its efforts to expand its existing derivatives trading capabilities.

The Futures and Options Software-as-a-Service (SaaS) platform enables the delivery of new functionalities for global institutions operating in the Futures & Options agency execution business, offering a distributed architecture that enables operations from any jurisdiction and benefitting from Broadridge’s broader multi-asset class trading and operations offering.

The firm claims its F&O platform simplifies trading activities while driving scale and growth for the listed futures and options marketplace. As a comprehensive solution tailored for futures commission merchants (FCMs) and agency brokers, the platform provides order and execution management capabilities, access to a diverse range of global listed derivatives markets along with comprehensive pre-trade risk management and middle office functionality.

Broadridge argues that sell-side firms have typically offered customized solutions for each workflow, resulting in fragmented experiences for buy-side clients and challenges for sell-side firms in gaining a comprehensive view of trading activity and risk management.

The F&O platform addresses these issues globally by enabling sell-side firms to customize each workflow channel while ensuring a consistent experience for buy-side clients, regardless of asset type. The seamless integration of workflows and data coupled with rich automation is designed to not only reduce the burden related to regulatory changes but also allow for greater transparency and utilization of analytics.