LONDON, Dec 13 (Reuters) - Goldman Sachs and BNP Paribas have invested in U.S. trading technology firm Broadway Technology as big banks look to grab a trading advantage while profits and costs get squeezed.
Broadway supplies banks and hedge funds with tools to develop speedy technology to trade bonds and foreign exchange, and cost pressures at banks are prompting more to use independent IT platforms they can customise.
Broadway said Goldman had invested alongside another unnamed investor. That is France’s BNP Paribas, people familiar with the matter said, although BNP and Broadway declined to comment.
The investors had taken a minority stake, but Broadway declined to provide further financial details.
The company was formed eight years ago by Tyler Moeller and Joshua Walsky, a pair of algorithmic traders with advanced degrees in computer science.
Chief executive Moeller told Reuters he planned to use the investment to expand in Europe and Asia and into other asset classes, such as equities and commodities. (Reporting by Steve Slater; Editing by Helen Massy-Beresford)