Propellant and Tradeweb expand partnership; NYSE data on Pyth, and more

How about that Nvidia news, huh? A great reminder that every celebrity’s public image is carefully manicured, everyone has secrets, and a career dedicated to finding out those secrets is a worthwhile endeavor. To distract yourself from your portfolio cratering, why not watch a movie like Spotlight, All The President’s Men, or She Said and raise a glass to the Fourth Estate?

Announced this week

Pyth adds NYSE data to its marketplace

Pyth Network has added NYSE BQT, the New York Stock Exchange’s real-time top-of-book product for US equities, to the Pyth Data Marketplace. The feed carries best bid and offer quotes, trades, closing prices and market-status messages from NYSE Group’s five equity markets. Clients license the data directly from NYSE.

FactSet brings Carbon Arc’s alt data into MCP ecosystem

FactSet has partnered with Carbon Arc to bring more than 500 alternative data assets from over 60 providers into its Workstation and Model Context Protocol (MCP) ecosystem. The datasets, which span credit card transactions, retail foot traffic, digital advertising, web and app traffic and housing permits, will be available as an optional add-on.

DTCC launches its EU-MiFID ARM

The Depository Trust and Clearing Corporation has launched its EU Markets in Financial Instruments Directive (MiFID) approved reporting mechanism (ARM), following the European Securities and Markets Association’s authorization of the service. The UK version went live in May, and clients can reach both ARMs, along with DTCC’s Global Trade Repository, through a sign-on portal.

Propellant expands its agreement with Tradeweb

Propellant Digital has signed an expanded multi-year agreement, which began in 2022, with Tradeweb to extend the use of its technology across Tradeweb’s automated pricing engines, execution tools and analytics workflows. The deal covers EU and UK MiFIR post-trade data from approved publication arrangements and trading venues, the UK bond consolidated tape, the EU bond consolidated tape once it launches (expected in the first quarter of 2027) and subject to licensing, Finra Trace and CFTC-regulated swap data repositories.

FIA Tech plugs its Trade Data Network into Aladdin

FIA Tech has integrated its Trade Data Network (TDN) with BlackRock’s Aladdin platform, bringing a standardized post-trade model for exchange-traded futures and options into Aladdin workflows for clients of both firms. TDN pulls post-trade data from executing brokers, clearing brokers and clearinghouses into a single trade record, and the firms are pitching it as a way to resolve trade and fee breaks in real time, on the trade date. 

Tradeweb adds BNY’s LiquidityDirect to ICD Portal

Tradeweb has announced a strategic collaboration with BNY’s LiquidityDirect to expand the investment options available through ICD Portal, its multi-fund platform for corporate treasury clients trading money market funds and other short-term investments.

Finastra, Coefficient Markets partner to accelerate loan trade booking

Finastra and Coefficient Markets have partnered to modernize corporate loan trading workflows. The collaboration links Coefficient’s dealer workflow system, Epic, with Finastra’s Loan IQ to automate loan trade capture and booking, improving connectivity between trade and downstream operations.

As part of the partnership, Epic will integrate directly with Finastra’s Loan IQ Nexus APIs, allowing trades captured in Epic to flow automatically into Loan IQ for booking. Supporting single-trade, bulk and portfolio trade bookings, Epic aims to create a more efficient process from trade capture through back-office processing.

What you might have missed from us

Data vendors are vagueposting about MCP prices

Exchanges and data providers are charging for AI access to their data, and talked about it on their third-quarter earnings calls. However, none of them will say how much.

Goldman’s shift on AI highlights the gap between prototype and production

Goldman Sachs has reportedly pulled AI coding tools from its traders and bankers, leaving them mainly with the engineers and strategists who sit between the desks and technology.

AI for data quality control catches on at institutions

Data managers are testing whether AI can strengthen their data quality controls. Of 10 banks and asset managers surveyed, three senior data executives said they had used AI in the past 12 months to fix quality issues or discrepancies in market data feeds, and five said they were working on such projects.

Americans voted against datacenters. Datacenters may still win.

In this week’s Waters Wrap, Rebecca Natale looks at what the US midterms mean for datacenters, after voters in dozens of states opposed them.

In other news

Kalshi Lets You Bet on Stocks. Exchanges Are Livid, The New York Times

Prediction markets cut their teeth on elections and sports. Now Kalshi wants to help you short a stock, and not everyone is happy about it.

The Commodity Futures Trading Commission said on Nov. 3 that perpetual futures on individual stocks could trade on US exchanges for the first time. The same day, the Capital Markets Alliance, a group backed by Cboe, Citadel Securities and the Healthy Markets Association, sued to stop it, arguing the contracts are security-based swaps that belong to the Securities and Exchange Commission. Kalshi, Coinbase, and Kraken’s parent, Payward, have lined up behind the CFTC.

Whoever wins decides which regulator polices a whole new class of stock derivatives. Very exciting.

US regulator postpones Wall Street push to trade AI computing futures, The Financial Times

One more for good measure. The Financial Times reported that the CFTC has extended its review of futures contracts tied to AI chip rental prices by at least 60 days, citing people familiar with the matter. That means trading can’t start until early 2027 at the earliest. CME Group had hoped to launch futures on the rental prices of Nvidia’s H100 and B200 chips as early as October, using indices from start-up Silicon Data. The Intercontinental Exchange and Kalshi have announced similar products.

If this interests you, you may enjoy WatersTechnology’s two-part feature from September, which delves into this new market and the grand plans various parties have for it. Find part 1 here.