Waters - Q3 2026
Articles in this issue
The GPU compute index race begins
Major exchanges are partnering with a new crop of benchmark providers to create a tradable asset class around GPU compute.
GPU compute derivatives are put to the test
Interest rates and onions of the past haunt what could be a booming new index market.
BlackRock aims to transform data quality checks with AI
Engineers at the firm are experimenting with harnessing the power of AI to improve data quality, and early results are promising.
MUFG builds internally compliant version of Claude Code
Japanese bank says Anthropic’s coding and productivity tool is effective at obtaining information but bucks compliance guardrails, prompting the creation of an in-house alternative.
A tidal wave of token costs threatens landfall
Budgeting for AI was never “easy,” but as financial firms rely more heavily on agents, soaring token usage is forcing them to rethink the economics of modern enterprise AI.
Intraday pricing: Fixed income’s next frontier
With firms looking to price fixed-income securities on an intraday basis, specialist pricing providers such as LSEG help address cost, complexity and time-to-market challenges.
Photonics: time for trading tech to see the light
The Waters Wrap: While the sector is dominated by Big Tech, photonic-based solutions could one day help trading firms take more control over their AI ambitions, Anthony says.
Red alert: how Nasdaq’s Smarts became surveillance blind spot
Software that looks for shifty trades has been asleep on the job, affecting alerts for hundreds of products.
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.
Firms look to AI and automation to enhance corporate actions processing and increase STP rates
AI and automation are modernizing corporate actions processing, improving STP rates and reducing operational complexity
Federal court moves to certify class in Cusip antitrust suit
The SDNY judge has handed a procedural win to plaintiffs, allowing swaths of end-user firms and third-party data vendors to join the class action.
LSEG–MayStreet lawsuit may have precedent in Delaware court
Lawyers for Patrick Flannery argue that a recently settled case in Delaware sets precedent for his ongoing battle with the exchange group.
SEC denies 24X’s requested SIP exemption, for now
Start-up exchange cannot begin its overnight market session before the equity data plans’ hours are scheduled to be extended on December 6. But that’s only half of it.
Trusted data fundamental to AI efficacy across the capital markets
As firms modernize infrastructures and embed AI into critical workflows, high-quality pricing and reference data will continue its evolution from operational necessity to competitive advantage
API security flaw highlights AI model vulnerabilities
Researchers uncover a way to make weaker AI models reveal the hidden reasoning of more powerful systems.
Bankers question value of round-the-clock trading
BNY and State Street execs predict the arrival of extended-hours trading will come with a hefty price tag for industry firms.
Ethereum rebuild casts doubt on banks’ QC prep
The Waters Wrap: Q-Day may be approaching faster than some realize. As Ethereum embarks on a major overhaul, Wei-Shen asks: just how prepared are banks?
Buy-side firms warn semantic layers not a quick fix for AI integration
Semantic layers promise to teach AI what a firm’s data means. Keeping that meaning current is the part that may get overlooked, tech heads warn.
BlackRock Aladdin prioritizing semantic layer for agentic AI
The asset manager’s tech platform is spending “a lot of time thinking about” semantics before it rolls out AI for a variety of tasks, says Aladdin exec.
ICE buys MarketAxess to create ‘common rails’ for fixed income
The deal, which is expected to close early next year, will further establish ICE in the fixed-income market.
Bloomberg acquires Canoe Intelligence, expanding private markets prowess
In a rare acquisition, the data giant is looking to add to its established private markets intelligence and add more functionality for client workflows.
TS Imagine launches new agentic platform
TSIQ can act based on client queries, using built-in agent “personas” that can be modified by users on a case-by-case basis.
Davy enjoys efficiency gains in wake of FIS back-office implementation
How FIS helped Davy future proof operations through automation, data and scale.
SIX launches market data platform designed for accessibility
SIX Market Signal aims to bring price transparency, ease of use, and reduced administrative burden to the maddening world of market data.
After funding boost, Databento preps data expansion
After recently announcing $97 million in funding, the vendor is pressing ahead with global expansion plans.
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.
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.
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.
UK asset manager fixes data then brings in AI
Now that Omba Advisory & Investments has consolidated its data, it can leverage new AI tools.
