Ion’s Broadway Deal Leaves Banks in a Bind

Barclays and Nomura among banks that had moved from Ion to rival it now controls.

London's One New Change development, where Ion Group has its headquarters
Martin Deutsch

Banks that had ditched Ion Group trading software in favor of its rival Broadway Technology now have to decide whether—and how—to do it again, after Broadway’s surprise decision to sell out to the fast-growing tech giant. The deal was announced on February 14.

The tie-up removes what is seen as Ion’s main competitor in fixed income trading technology. Both companies offer a range of services, including must-have connections to scores of trading venues—Broadway is particularly strong in foreign

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