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Report once: will Esma’s €1bn reforms deliver the full picture?
Critics say plan to merge three reporting regimes will see scant returns, and won’t mesh with single-sided reporting.
Navigating the MarketAxess ICE storm
The Waters Wrap: Most of the discussion surrounding ICE’s MarketAxess buy has focused more on benefits for the front office than the data possibilities.
Reasoning agents enter the onboarding process for banks
The next phase for banks in the KYC/AML space will be using agentic AI to replace sequential, siloed checks with orchestrator agents, IBM technologists say.
Citi reveals Custody+, AI API security scare, 23/5 trading in Canada, and more
The Waters Cooler: A recap of the major tech and data news from the past week in the capital markets.
API security flaw highlights AI model vulnerabilities
Researchers uncover a way to make weaker AI models reveal the hidden reasoning of more powerful systems.
On vibe coding, no/low-code dev, and some potential misconceptions
The Waters Wrap: Is no-code/low-code even a thing anymore? Not really. But the companies that championed those terms just a few years ago tell Anthony they aren’t going anywhere.
Editor's choice
CTA, UTP to merge into single Consolidated Tape Plan under DataCT
Randall Hopkins, former head of market data at Nasdaq, will join the new company to build and run it.
SEC gunning to take over CAT in 2027
Chairman Atkins has plans for the SEC to run the Consolidated Audit Trail directly. Industry participants are split on the idea.
Repo tokens won’t be cleared. Or will they?
Uncertainty lingers over clearing status of tokenized Treasuries, with decision likely devolved to DTCC.
Stopgaps and fail-safes: How trading vendors guard against rogue AI agents
TradeStation’s newest trading tool, Titan-X, uses agentic tools to help plan, execute, and collect data on trades.
Artificial intelligence
Navigating the MarketAxess ICE storm
The Waters Wrap: Most of the discussion surrounding ICE’s MarketAxess buy has focused more on benefits for the front office than the data possibilities.
API security flaw highlights AI model vulnerabilities
Researchers uncover a way to make weaker AI models reveal the hidden reasoning of more powerful systems.
On vibe coding, no/low-code dev, and some potential misconceptions
The Waters Wrap: Is no-code/low-code even a thing anymore? Not really. But the companies that championed those terms just a few years ago tell Anthony they aren’t going anywhere.
The complexity of using AI to tackle compliance
The Waters Wrap: Law firms are introducing new tools to help with regulatory compliance, potentially encroaching on regtech vendors’ territory, Wei-Shen writes.
Podcasts
Waters Wavelength Ep. 356: When software fails
This week, Tony and Shen discuss a recent trade surveillance software failure.
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Waters Rankings 2026 winner’s interview—FundGuard
Solving the entity resolution problem that’s costing firms millions
Women in Technology & Data Awards 2026 winner’s interview—Kate Stepp (FactSet)
Women in Technology & Data Awards 2026 winner’s interview—Rita Chiu (SS&C Advent)
From latency to flexibility: The evolution of LSEG’s real-time data business
Apac buy-side firms embrace AI and automation to bolster the business
The road to alpha is paved with hardware
Pricing fixed-income securities: Light at the end of the tunnel?
