Broadridge Moves to Acquire CQG to Build End-to-End Futures Trading Platform
What Is Broadridge purchaseing With CQG?
Broadridge Financial answers has agreed to acquire CQG, a long-established provider of futures and options trading technology, as the market infrastructure firm continues its expansion from post-trade services into front-office execution systems.
The deal, announced on Feb. 6, will combine CQG’s execution management systems, algorithmic trading tools, and market connectivity with Broadridge’s order management and client connectivity platforms. Financial terms were not disclosed, and Broadridge said the transaction is not expected to have a material impact on its financial results.
The acquisition is expected to close ahead in Broadridge’s fiscal fourth quarter, which ends June 30, subject to customary closing conditions and regulatory approvals.
Founded in 1980 and headquartered in Denver, CQG is one of the oldest independent firms in the futures industry. It provides direct market access to more than 45 platforms globally and is widely used by , proprietary trading firms, commodity trading advisors, hedge funds, and institutional brokers.
Investor Takeaway
Why Futures Execution Is Hard to Replicate
Unlike many , CQG’s technology was built specifically for listed derivatives. Futures markets impose strict requirements around margining, intraday risk controls, platform certification, and clearing integration, making them hard to support with retrofitted equity infrastructure.
That specialization has assisted CQG retain a loyal client base despite consolidation among trading technology vendors. Its systems are designed to meet the operational demands of derivatives trading, where reliability and risk controls are often prioritized over feature breadth.
This specialization is apparently a key reason Broadridge opted for acquisition rather than internal development as futures trading operates within its own technical and regulatory ecosystem that resists generic platform design.
By acquiring CQG, already embedded in global futures markets, along with established platform relationships that would take years to replicate organically.
How the Deal Fits Broadridge’s Broader Strategy
Broadridge has traditionally been known for post-trade infrastructure, investor communications, and regulatory reporting. Its platforms process billions of shareholder communications each year and support trillions of dollars in daily trading activity.
In recent years, the firm has moved closer to the point of execution. Its 2021 acquisition of Itiviti added a multi-asset order management and trading platform, while continued investment in connectivity services expanded its role in routing, onboarding, and compliance workflows.
Even with those assets, Broadridge lacked a deeply entrenched execution platform in listed derivatives. The CQG acquisition addresses that gap directly, allowing Broadridge to offer a more complete trading workflow to brokers and purchase-side firms viewking to consolidate vendors.
“Our combined capabilities will provide a global multi-asset class trading experience defined by speed, scale and intelligence…” said Ryan Moroney, CEO of CQG. “Broadridge’s deep global reach and front-to-back capabilities and our expertise in front-office execution management and connectivity will enable clients to trade smarter, access new markets and adapt quicker in an increasingly connected futures and options marketplace. The CQG team is truly excited to join a company with the history and successful track record of Broadridge.”
“The acquisition of CQG will accelerate Broadridge’s mission to deliver advanced, highly connected trading answers on a global scale,” said Frank Troise, President of Broadridge’s Trading and Connectivity answers business. “Integrating CQG’s advanced execution management, analytics and connectivity technologies with Broadridge’s leading order management and connectivity answers will create a unified platform in futures and options that simplifies trading complexity, improves transparency and workflow efficiency, and enhances Broadridge’s digital asset trading capabilities.”
Moroney added: “Broadridge has been a terrific partner since we decided to integrate some of our technologies a few years ago, and the team has made it clear they value our talented employees, culture, loyal client base, rapid delivery of new functionality and innovation. In this quick-moving environment, we believe the shared values between our firms, along with our combined global reach, significant resources and complementary technology make this transaction so compelling for CQG and exactly the right step for our employees and customers.”
Investor Takeaway
What Changes for Clients and the Market
The combined platform is expected to serve a broad client base, including futures commission merchants, institutional investors, retail brokers, proprietary trading firms, commodity trading advisors, and hedge funds. For these users, the appeal lies in tighter integration between execution, clearing workflows, and post-trade reporting.
The deal also gives Broadridge exposure to regulated digital asset derivatives. CQG already supports crypto-linked on traditional platforms, aligning with Broadridge’s approach of supporting new asset classes within established market structures rather than operating crypto-native venues.
Broadridge’s comment that the acquisition will not be financially material points to a longer-term view as the value lies in controlling execution, clearing integration, and reporting within a single technology stack, making providers harder to displace.
The transaction comes amid continued consolidation across financial market infrastructure, as platforms, data firms, and technology providers compete to offer end-to-end answers to clients facing higher regulatory costs and margin pressure.
