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DTCC launches tokenization service, TRG debuts market data terminal monitor, and more
The Waters Cooler: A recap of the major tech and data news from the past week in the capital markets.
JP Morgan retools Isda’s CDM for an AI world
The trade repository runs on a niche programming language, to which the bank has made new contributions that could help raise adoption.
Private credit has outgrown its spreadsheets
Private credit severely lacks operating leverage, writes Daniel Hellwig, but standardizing how terms are recorded and applying AI could inch it toward maturity.
The SEC’s innovation exemption is facing its first test
Waters Wrap: With more than 20 issuer companies submitting objections to OKX and ICE’s new joint venture for tokenizing stocks, Nyela wonders if some cracks are starting to show in the regulator's innovation exemption.
Tokenization moves into production at US banks
US banks are putting tokenization to work across payments, settlement and funds.
AI assistants for human overseers? Or human checks and balances for AI actors?
The Waters Wrap: Speakers at a recent Bloomberg event emphasized the importance of keeping a human in the AI loop—but, Max asks, for how long?
Editor's choice
Tokenization moves into production at US banks
US banks are putting tokenization to work across payments, settlement and funds.
Kalshi recruits TradFi partners for institutional build-out
The prediction market has inked partnerships with Tradeweb, BMLL, and others as it aims to give institutions familiarity in an emerging market.
Off the grid? Dealers mull XVA cloud shift
Benchmarking: 69% of European banks still run core XVA calculations predominantly on-premises, as do 75% of global dealers.
Examining Google’s jump into financial research with enterprise Gemini
Google partners like Deutsche Bank and FactSet are using the offering to augment their own AI strategies.
Artificial intelligence
JP Morgan retools Isda’s CDM for an AI world
The trade repository runs on a niche programming language, to which the bank has made new contributions that could help raise adoption.
Waters Wavelength Ep. 360: Innovation, regulation, and exposure
This week, Tony and Shen talk about the balance between innovation and regulation.
Examining Google’s jump into financial research with enterprise Gemini
Google partners like Deutsche Bank and FactSet are using the offering to augment their own AI strategies.
Barclays built a system to spot AI agents that might go rogue
Research setup ‘reads the mind’ of LLM-based agents and flags if they’re about to do something risky
Podcasts
Waters Wavelength Ep. 360: Innovation, regulation, and exposure
This week, Tony and Shen talk about the balance between innovation and regulation.
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IMD/IRD Awards 2026 winner’s interview—SIX
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