United States (US)
Start-up uses ‘Magic’ to democratize access to AI for hedge funds
Spun out of Brevan Howard five years ago, SigTech hopes its new no-code generative AI offering can help smaller buy-siders even the odds with AI models.
$135.6m fines prompt Citi to modernize infrastructure, controls
The bank was hit with a combined $135.6 million fine on Wednesday for failing to resolve “longstanding internal controls and risk issues,” amid continued internal work across the enterprise.
This Week: IPC extends Google Cloud partnership, BlackRock/AIA, DTCC and more
A summary of the latest financial technology news.
Finra clears hurdle with CAT launch, but several others remain
Two major components of the consolidated audit trail are now in place. But wrangling over the CAT’s future continues.
Bloomberg, industry bodies push back on Cboe’s proposed OEMS rule change
Some industry bodies disagree with the options exchange’s proposal to carve its Silexx OEMS out of the SEC’s definition of an exchange facility and place it into a separate business line.
GenAI: US Fed reveals its five use cases
Internal sandbox used to assess viability and risks; coding and content generation on the agenda.
US banks seek to open vendors’ black box on green data
Inaugural Fed climate scenario analysis flags lack of transparency around third-party models.
Zeros and ones: Industry contemplates T+0 as the next step
With the North American transition to T+1 settlement complete, same-day settlement could be the next goalpost set, though skeptics are many.
FRTB data quality issues persist amid shifting implementation dates
Banks are finding market and reference data challenges posed by the FRTB’s standardized model tricky, compounded by uncertainty over when the regulation will take effect.
Cboe pushes rule change to make way for proprietary Opra alternatives
As US options data has grown in volume and cost, Cboe says changing the public feed's governing document would make way for more competition from private alternatives, including its Cboe One Options Feed, launched in 2023.
The coming AI revolution in QIS
The first machine learning-based equity indexes launched in 2019. They are finally gaining traction with investors.
Start-up FinChat aims to disrupt research space using GenAI
Since launching amid the GenAI mania last spring, FinChat has been buoyed by its use of AI in sourcing its data.
GoldenSource joins Snowflake’s native app ecosystem with Omni
The enterprise data management platform is teaming up with the data cloud provider to streamline data integration for the buy side, adding to its expanding library of native applications.
People Moves: IPC, State Street, Finra and more
A look at the past month’s people moves in the capital markets technology and data space.
Leading the charge: Nitin Tandon spearheads Vanguard’s tech ambitions
The asset manager’s CIO is drawing on his past experiences to propel the 49-year-old firm into the future.
Lightning strikes: Options boom threatens data overload
Concerns over creaking infrastructure in US options markets are fueling talk of measures to limit the exponential amount of data being generated.
All eyes turn to North America as T+1 arrives
As T+1 settlement becomes a reality in North America, long-lingering questions will get their answers.
Caveat creator: GenAI giants’ pledges won’t pre-empt copyright suits
Tech vendors offer indemnities on generative output, but end-users need to check the fine print, warn IP lawyers
Nasdaq to market new options strike listing tech to other exchanges
The exchange operator is experimenting with emerging technologies to determine which options strike prices belong in a crowded market, with hopes to sell the tech to its peers.
Former Goldman analyst aims to blend GenAI and synthetic data with start-up
Synthera.ai is taking a novel approach to calculating risk. While promising, industry observers are skeptical.
This Week: First Trust/Bloomberg/New Constructs, Cboe/Metaurus, LTX/MultiLynq, and more
A summary of the latest financial technology news.
Ice moves to meet demand for greater cloud, AI capabilities
The exchange also outlined competitive advantages behind managing its data and cloud strategy internally during its Q1 earnings call on Thursday.
Consortium backs BGC’s effort to challenge CME
Banks and market makers—including BofA, Citi, Goldman, Jump and Tower—will have a 26% stake in FMX.