Broadridge’s New Algo Co-Pilot Set to Go Live in March

The co-pilot aims to allow the buy-side to make more informed decisions on which algo strategy to use in a bid to reduce their implicit costs according to a story in The Trade news. Broadridge is set to go live with its new algo co-pilot offering in the next few weeks, aimed at helping the buy-side route their orders better. Named NYFIX Algo Co-Pilot, the new product uses AI to build a picture of fils in the market to better inform traders when they look to select an algorithmic strategy, all in a bid to reduce the implicit cost of trading. Broadridge has partnered with Babelfish.com to power the AI element and Google for the cloud requirements. “This is the first time we’re really seeing AI in practice in trading. Everyone’s talking about use cases but here’s a scenario where it actually works,” says George Rosenberger, general manager of NYFIX, Broadridge, speaking the FIX EMEA Trading Conference 2025. “Implicit costs are 85% of the cost of trading. Our goal is to reduce that implicit cost of trading by using these recommendations based on our understanding of how brokers source liquidity from each strategy. We’re using AI to look at all of the dark fils that are going off in the market.” The co-pilot segments algo offerings in liquidity buckets based on the correlation of how specific securities trade. Within each bucket, it ranks the broker algos based on historical near time performance.