DTCC launches tokenization service, TRG debuts market data terminal monitor, and more

End of October: officially spooky season. That it is just far enough away from November is enough to give me chills.

Announced this week

HKEX expands integrated fund platform

Hong Kong Exchanges and Clearing (HKEX) has launched platform and nominee services on its integrated fund platform (IFP). Building on the fund repository launched in December 2024 and the order routing service in July 2025, these new services expand IFP’s capabilities across the fund distribution lifecycle through master distribution and nominee and administrative services.

The new services seek to address market fragmentation by providing a more streamlined operating framework, aiming to improve efficiency across onboarding, order processing, settlement, payments, reconciliation and reporting.

DTCC’s tokenization service goes live

The Depository Trust Company (DTC), a subsidiary of the Depository Trust and Clearing Corp., has launched the DTCC Tokenization Service (DTS). The service brings tokenized securities into regulated financial markets, enabling investors to move assets more efficiently, access new liquidity pools and mobilize collateral within minutes.

DTS enables the minting of tokenized representations of real-world assets held at DTC. Eligible users can take advantage of DTC-tokenized securities entitlements that can be converted between traditional and tokenized forms and delivered to users’ digital wallets of choice. Tokenized securities, or digital twins, retain the ownership rights, investor protections and economic entitlements of their traditional counterparts.

To date, 20 DTC participants have signed agreements to access DTS, including Alpaca, Apex Clearing Corporation, Barclays, Bank of America, BNP Paribas, Brown Brothers Harriman, Citadel Securities, Citi, Clear Street, DriveWealth, Edward Jones, Fidelity Investments, Interchange Clearing, JP Morgan, Marex, Mirae Asset Securities (USA) Inc., Morgan Stanley, State Street, UBS and Velocity Capital LLC.

LSEG expands private markets research and benchmarking

London Stock Exchange Group (LSEG) has expanded its private markets offering in LSEG Workspace, giving institutional investors enhanced tools to discover funds, evaluate managers and compare performance across private and public markets.

The update builds on its partnership with Nasdaq and the availability of Nasdaq eVestment private markets datasets earlier this year. It expands how clients use these datasets in Workspace through enhanced fund screening, investor and manager insights, and broader benchmarking capabilities.

Deutsche Börse launches 24/7 trading for DAX 40 equities

Deutsche Börse Group has launched 24/7 trading coverage for DAX 40 equities through off-hours execution on 360X’s regulated multilateral trading facility.

360X facilitates request-for-quote (RFQ) execution during overnight hours and weekends, while Xetra continues to provide institutional benchmark liquidity during core European market hours, Monday to Friday from 9 am to 5:30 pm CET, and extended retail service on T7 from Monday to Friday from 8 am to 10 pm CET.

This allows clients to trade DAX 40 equities settled in euro outside regular exchange hours.

Baton Systems introduces advanced portfolio optimization capability

Baton Systems, a post-trade processing solutions provider, announced an advanced portfolio optimization capability for collateral managers, treasury teams and clearing operations. The capability evaluates cash and securities across multiple obligations simultaneously.

The advanced optimizer uses multiple optimization models, including mixed-integer linear programming, stochastic programming and multi-period optimization. The new capability’s initial focus is cleared collateral for clearing members.

Clearstream to enable asset managers to issue tokenized funds

Clearstream, Deutsche Börse Group’s post-trade business, will enable asset managers to securely issue tokenized fund shares using distributed-ledger technology. This capability is backed by regulatory authorization from the Commission de Surveillance du Secteur Financier for Clearstream to act as a control agent under Luxembourg’s Blockchain Law IV.

The control agent acts on behalf of the fund issuer to oversee the integrity of tokenized issuance. It maintains the central issuance account on a distributed ledger, tracks the holding chain across participating account keepers, and ensures continuous reconciliation between the total volume issued and the positions held.

Established fund ecosystem partners—including transfer agents, fund administrators, custodians, and depositaries—can continue their core servicing roles, while Clearstream provides the compliant DLT-based issuance and control layer.

Ripple expands digital assets collaboration with BNY

Ripple and BNY have expanded their strategic collaboration to broaden institutional digital asset custody capabilities and explore new institutional use cases for blockchain technology, including tokenized trade finance. The collaboration brings together Ripple’s digital asset solutions and the XRP Ledger (XRPL), a public blockchain, with BNY’s scale, servicing model and digital capabilities.

In addition to BNY’s role as primary reserve custodian for Ripple’s stablecoin, RLUSD, and its custody relationship with Ripple Prime, BNY now supports XRP, the native digital asset of the XRP Ledger, and RLUSD on its digital asset custody platform.

TRG Screen introduces Activity Monitor

TRG Screen, a provider of market data and subscription cost management solutions, has introduced Activity Monitor, giving financial institutions a clearer picture of how their market data terminals are used and where to find hidden savings.

Activity Monitor shows which services on market data terminals are accessed, how frequently and for how long. It also analyzes usage duration, interactions and data consumption by individual, team or department, and allows for easy tracking of savings realized.

What you might have missed from us

Kalshi recruits TradFi partners for institutional build-out

Andy Ross has joined prediction markets platform Kalshi after 25 years in the capital markets, with time spent at LSEG and Standard Chartered. Ross now runs Kalshi’s institutional business as the company looks to cater to asset managers, hedge funds, and banks interested in adding prediction markets to their trading portfolios.

Tokenization moves into production at US banks

A key takeaway from recent Q3 earnings calls is that major US banks are using tokenization in production. Wells Fargo launched tokenized deposits last month, Citi has tied its tokenized deposit service directly into its traditional infrastructure, and BNY plans to put digital cash and tokenized deposits onto its settlement platforms.

The SEC’s innovation exemption is facing its first test

In this week’s Waters Wrap, Nyela Graham writes about the US Securities and Exchange Commission’s five-year innovation exemption allowing NMS stocks to be traded on tokenized securities venues using distributed-ledger technology. But issuers don’t seem to be on board with the idea.

JP Morgan retools Isda’s CDM for an AI world

JP Morgan has rewritten parts of Rune DSL, the domain-specific language that underpins the Common Domain Model (CDM). It aims to simplify data mapping and make the CDM more AI-native, with the goal of driving broader CDM adoption across the industry.

Private credit has outgrown its spreadsheets

Daniel Hellwig, who leads Kepler Cannon’s AI and analytics practice, writes in this guest column that if private credit is to keep growing without adding middle-office staff with every deal, it will have to apply a lesson from banking: Standardize the processes that support the product.

In other news

AI Hacks Are Coming Thick and Fast and Overwhelming the Internet, The Wall Street Journal

In the spirit of Halloween, here’s one that might send a chill down your spine.

Hackers are increasingly using agents and AI hacking tools that make intrusions faster and harder to track than ever before. Robert McMillan reported that as new tools speed up hackers, cyber defenders are also racing to fix security bugs discovered by AI before hackers can exploit them.

This story reminds me of the work being done in Anthropic’s Project Glasswing, which welcomed several finance firms earlier this year. Who will win the race? The good guys or the bad guys?