Waters Wrap
How long will AI tokenomics matter?
The Waters Wrap: Banks and asset managers are rethinking the economics of AI. Wei-Shen examines how firms will manage token costs.
Can AI beat exceptions out of the back office?
The Waters Wrap: Agentic AI can help operations teams tackle exceptions. But first, they need to get their house in order, writes Wei-Shen.
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.
Navigating the MarketAxess ICE storm
The Waters Wrap: Most of the discussion surrounding ICE’s MarketAxess buy has focused more on benefits for the front office than the data possibilities.
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.
The complexity of using AI to tackle compliance
The Waters Wrap: Law firms are introducing new tools to help with regulatory compliance, potentially encroaching on regtech vendors’ territory, Wei-Shen writes.
Is this tokenization’s golden opportunity?
The Waters Wrap: More initiatives around tokenizing assets are coming to fruition. Nyela asks: Is the market ready?
The danger of prediction markets is precisely how useful they are
The Waters Wrap: Prediction markets may seem like a gamer’s paradise or a honey pot for those looking to corrupt betting. But they have another use in forming institutional prices. At least, that’s what Max Bowie is putting his money on.
Are recordkeeping rules ripe for updates?
The Waters Wrap: SEC Rule 17a-4 appeared back on the SEC’s 2026 agenda two weeks ago. Some in the industry are hoping for relief, Reb writes.
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?
The first overnight trading puzzle pieces fall into place
The Waters Wrap: The NSCC moved to 24x5 clearing hours last week. What comes next is worth paying attention to, Nyela writes.
The CAT’s health crisis continues
The Waters Wrap: As the comment period for changes to the Consolidated Audit Trail ends, where does the path lead to now?
Where a US antitrust case and a data law meet
The Waters Wrap: Regulators’ choice not to endorse a securities identifier under a new law keeps business as usual for firms required to pay Cusip license fees—but Reb isn’t ruling out a shake-up just yet.
M&As, MCPs and why clean data is essential
The Waters Wrap: Financial firms are racing to adopt AI—but the payoff depends on having the right foundations, particularly clean, normalized data, writes Wei‑Shen.
Is alt data betting on prediction markets?
The Waters Wrap: Prediction markets are riddled with legal uncertainties, but they also might be one of the richest new data sources seen in years, writes Nyela.
The enshittification of AI
The Waters Wrap: AI may look good to its developers, but there are a few problems lurking below the surface that might cause problems. Max Bowie explains.
MCP is dead, long live MCP
The Waters Wrap: Reb dives into the trenches of the online developer community to see whether its reputation as the great enabler of the AI age is justified.
Is a 2027 T+1 move too soon for Hong Kong?
The Waters Wrap: Wei-Shen examines HKEx’s discussion paper on moving to T+1 in Q4 2027. A move so soon has its benefits but still requires careful consideration, she says.
DeFi and TradFi firms are borrowing each other’s benefits
The Waters Wrap: As blockchain tech gains a small foothold in market data, Nyela says the thing separating blockchain’s previous craze and its second wind is choice.
The race to ‘financialize’ GPU compute set to ratchet up
The Waters Wrap: Anthony looks at two companies aiming to bring efficiency and transparency to the GPU compute market.
24X National Exchange faces uphill battle in exemption fight
The Waters Wrap: 24X wants exemption from the requirement that the SIP be operational during overnight hours for its overnight session to proceed. Nyela explains why that’s asking a lot.