Waters Rankings 2025: All the winners and why they won
WatersTechnology readers voted to determine the winners in 35 technology and data categories comprising this year’s virtual Waters Rankings.
This video clip features the winners of the 35 categories that make up the 2025 Waters Rankings. As with past editions of these awards, this year’s Rankings feature a number of multiple-category winners, including Bloomberg, S&P Global Market Intelligence, FactSet, Symphony-Cloud9, Nasdaq, SS&C Advent and SmartStream. Below are the winners with their respective products or services in parentheses.
Waters Rankings 2025 Category Winners
- Best agency broker – Interactive Brokers (IBKR Platform)
- Best crossing network provider – Liquidnet
- Best algorithmic trading provider – Trading Technologies (TT Premium Order Types)
- Best clearing house – LCH
- Best artificial intelligence (AI) technology provider – S&P Global Market Intelligence (S&P Capital IQ Solutions AI-Powered features)
- Best sell-side order management system (OMS) provider – Bloomberg (Bloomberg TOMS)
- Best buy-side order management system (OMS) provider – Bloomberg (Bloomberg AIM)
- Best portfolio management system provider – RiskVal Financial Solutions (RVPortfolio)
- Best execution management system (EMS) provider – SS&C Advent (RealTick [Eze EMS])
- Best performance measurement and attribution system provider – FactSet (FactSet Performance Solutions)
- Best transaction-cost analysis (TCA) system provider – 3forge (3forge for Transaction Cost Analysis)
- Best enterprise data management (EDM) system provider – Finbourne Technology (Finbourne EDM+)
- Best market data provider – S&P Global Market Intelligence (S&P Capital IQ Pro)
- Best reference data provider – The Association of National Numbering Agencies (ANNA) (ANNA Service Bureau)
- Best alternative data provider – FactSet (Alternative Data)
- Best ESG data provider – FactSet (ESG Investing Solutions)
- Best corporate actions solution provider – SIX (Global Corporate Actions)
- Best low-latency data feed provider – Exegy (Axiom)
- Best data analytics provider – JP Morgan (Fusion by JP Morgan)
- Best managed data service provider – SmartStream Technologies (Reference Data Services)
- Best distributed-ledger technology provider – DTCC (DTCC ComposerX)
- Best AML compliance solution provider – Nasdaq (Nasdaq Verafin)
- Best market risk solution provider – Numerix (Numerix Oneview for Market Risk)
- Best credit risk solution provider – Moody’s (Moody’s CreditView with Research Assistant)
- Best market surveillance provider – Nasdaq (Nasdaq Market & Trade Surveillance)
- Best reporting system provider – Regnology (Regnology Reporting Hub)
- Best accounting system provider – SS&C Advent (Advent Geneva & Advent Portfolio Exchange [APX])
- Best cyber-security provider – ID Dataweb
- Best reconciliation management provider – Duco (Duco)
- Best outsourcing service provider – SmartStream Technologies (SmartStream Managed Services)
- Best trading floor communication system provider – Symphony-Cloud9
- Best network provider – Anova Financial Networks
- Best mobile solutions provider – Symphony (Symphony Messaging)
- Best cloud-based application provider – AiMi Technologies (Exchange Change Management)
- Best cloud infrastructure provider – Colt Technology Services (Market Prizm to the cloud)
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More on Awards & Rankings
Best private markets data provider—MSCI
MSCI’s Private Capital Transparency standardises manager‑reported and independent private‑asset data, linking private and public markets.
Most innovative market data project/initiative—firmfact
Firmfact automates market‑data contracts, invoices and entitlements for banks and asset managers. Its AI reads documents, matches invoices line‑by‑line and verifies licences with minimal keying.
Best market data newcomer (vendor or product)—Octaura
Octaura’s Insights Platform is an integrated market intelligence and analytics offering purpose-built for the leveraged loan market.
Best market data provider (broker)—Fenics Market Data & Analytics
FMD’s Broker Data service draws on BGC Group’s global brokerage operations to provide pricing, trade and order-flow information across FX, rates, fixed income, commodities and derivatives.
Best evaluated pricing service provider/vendor—Infront
Infront Quant supplies independent, cross‑asset valuations with a “white‑box approach”, offering level 1 and 2 transparency.
IMD & IRD Awards 2026 winner’s interview—Smartstream
Smartstream wins Best reference data managed service at the IMD & IRD Awards 2026
Best reference data integration vendor—Gresham
Gresham’s AI-native EDM Suite combines data from disparate sources and systems and provides user-firms with a single point of integration across the data life cycle.
Best ESG data initiative—Bloomberg
Bloomberg’s Impact and Allocation dataset provides investors with a consistent means of assessing how proceeds are being deployed and what outcomes issuers report.
