Munish Gautam is Global Head of Trading Platforms Product Management at Broadridge.
What were the key theme(s) for your business in 2025?
Trade tariffs, increasing adoption of AI, and continued geo-political risks led to exploding trading volumes and extreme volatility this year. Modular and horizontally scalable OMS and EMS components were helpful for clients to cope up with volume and regulatory change. Additionally, relentless pressure from shrinking commissions and multi-asset desks drove greater opportunities for internalization, automated risk and increased agency and principal flows interaction. An integrated multi-asset trading platform across connectivity, agency OMS and principal EMS enabled seamless convergence here.
What was the highlight of 2025?
Apart from the record-breaking trading volumes across asset classes and large market markers generating more trading revenues than most investment banks, prediction-based markets quadrupling in trading volumes and new firms entering the industry including market makers was a key highlight. Tokenisation and digital assets adoption also went mainstream in some areas. Broadridge saw exponential increase in our flagship digital asset solution, Distributed Ledger Repo (DLR), with monthly volumes totaling $7.4 trillion as of November 2025.
What are your expectations for 2026?
We expect the liquidity triangle of ETFs, Futures and Options, Underlying stocks to drive multi-asset OMS and EMS adoption further, opening further opportunities for agency and principal interaction. Bilateral and direct liquidity from sell side to buy side and execution by buy side is also increasing rapidly leading to further OMS and EMS convergence. Trading platforms with modular components covering end to end trading lifecycle will be well placed to cater to the needs of the industry.
2026 will also be the year when extended / overnight trading for equities gets widely accepted. Operationalising and integrating AI and digital assets in trading workflows will also gather steam. On the operations side, European T+1 support efforts will ramp up as the late 2027 implementation timeline approaches. APAC markets should also firm up their plans to move to T+1. AI driven settlement fails prevention and management solutions, like Broadridge’s OpsGPT, will add operational alpha and help with increased productivity as well as timely responses to such regulatory changes.
