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The murky future of buying or building trading technology

Waters Wrap: It’s obvious the buy-v-build debate is changing as AI gets more complex, but Anthony wonders how trading firms will keep up.

Georges de La Tour
Credit: Georges de La Tour

As the calendar flipped over to 2025, there was general optimism that M&A would pick up in the new year.

“After three years of underwhelming M&A activity, 2025 may finally be the year that the M&A market breaks through,” is how Bain & Company put it.

“For 2025, we anticipate that macroeconomic tailwinds will likely prompt increased M&A activity, building on the measured rebound we forecasted, and then experienced, during 2024,” Deloitte wrote.

And in a Q1 2025 prospectus for clients, M&A investment

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‘Vibe coding is burning us out’

Vibe coding is rapidly spreading throughout the capital markets, and some are unhappy about it, while others believe the genie is out of the bottle. Engineers spoken to for this story share some choice words—and several expletives—about this new form of coding.

DTCC dives into public cloud

The clearing house has begun migrating its equities clearing and settlement systems to AWS, while its tokenization systems have migrated to Microsoft Azure ahead of their launch this fall.

Solving the last line of latency

Repurposed copper cables and hollow-core fiber can optimize latency even for firms who feel they’ve hit a ceiling, writes Vahan Sardaryan in this guest column.

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