Broadridge teams up with NYSE, Clear Street goes in-house, and more

If anyone has any leftover Milky Ways, Jolly Ranchers, M&Ms, or Sour Patch Kids from Halloween, please send me an email. I will gladly eat it.

Announced this week

Tradeweb launches Muni Sweep protocol

Tradeweb has launched Muni Sweep, a session-based trading protocol for the municipal bond market.

Muni Sweep brings municipal inventory into a short, defined trading window, concentrating interest into a single event so participants can review opportunities, accept relevant interest and compare levels against Tradeweb composite pricing before the session closes.

Market participants can bring inventory to a Muni Sweep session with Cusip, size and an optional mark yield or price. Tradeweb provides a composite price, allowing users to quickly review levels, accept relevant interest and commit risk within the session window. The protocol also supports upload of inventory and filtering, sorting, and Excel import and export to help users assess large numbers of line items.

Trading Technologies expands institutional digital asset access

Trading Technologies and crypto exchange Bitstamp have announced a partnership that will allow institutional clients to trade Bitstamp digital asset markets through the TT platform.

Through this connection, institutional market participants can access Bitstamp by Robinhood’s crypto spot and derivatives markets alongside other asset classes, including futures, fixed income and foreign exchange within TT’s multi-asset environment. The integration delivers institutional-grade risk controls and unified post-trade workflows to firms expanding their digital asset operations, particularly across high-growth markets in Asia-Pacific and North American regions, subject to local availability.

Broadridge partners with NYSE on tokenized securities platform

Broadridge will bring on-chain shareholder governance and digital transfer agency services to New York Stock Exchange’s tokenized securities platform, scheduled to launch following regulatory approval.

NYSE will leverage Broadridge’s governance smart contracts, connecting tokenized securities to meeting agendas, voting rules and verifiable results. The framework supports proxy material distribution and digital wallet authentication linked to verified voting entitlements, helping investors exercise their shareholder rights as ownership moves on-chain. Investors can participate in Broadridge’s on-chain governance services through supported wallets, broker interfaces or ProxyVote, based on their preferences.

Separately, Broadridge and Dinari, a financial infrastructure company enabling the issuance, distribution and trading of tokenized equities, have launched an integration enabling eligible holders of Dinari’s dShares to exercise shareholder voting rights through Broadridge’s established proxy infrastructure.

Apex Group, Chainlink, T-Rex Network and the ERC-3643 Association implement framework for on-chain bonds

Apex Group, Chainlink, T-Rex Network and the ERC-3643 Association have implemented a modular compliance framework aligned with Swift standards for on-chain bonds, demonstrating how established financial market standards can be combined with programmable compliance and interoperable blockchain infrastructure.

As part of the initiative, Swift has joined the ERC-3643 Association, further supporting the convergence of established financial market standards and open, on-chain compliance frameworks.

Synova Global partners with Eventus to leverage Validus trade surveillance platform for its markets

Eventus, a provider of trade surveillance and financial risk solutions, and Synova Global, a newly launched exchange-as-a-service company, have announced that Synova will leverage the Eventus Validus platform as part of its exchange infrastructure offering. The partnership will kick off with the deployment of Validus for compute marketplace NativX, Synova Global’s first market.

Synova Global markets will leverage Validus’ real-time monitoring and advanced surveillance tools. The company expects that NativX will use the Frank AI solution Eventus introduced last fall into Validus as relevant use cases permit the exchange to further automate and enhance its surveillance operations.

TradeStation integrates with QuantWheel

TradeStation Securities has integrated with QuantWheel, an options trading platform for directional and income-focused traders.

Through the integration, TradeStation clients can analyze opportunities, trade, and track positions without leaving QuantWheel. Directional traders can review dealer positioning and live options flow, then find calls, puts, and spreads, while income-focused traders can screen for cash-secured puts, covered calls, and credit spreads and see which positions are near assignment. Trader-approved orders go directly to TradeStation for execution, with spreads and poor man’s covered calls (PMCCs) sent as a single order, and positions sync to QuantWheel’s options journal.

What you might have missed from us

Asia’s T+1 journey splinters as Hong Kong delays and Malaysia mulls

As the UK and Europe look toward T+1 next fall, Asia is considering its own transition in bits and pieces. While India has already moved to T+1, countries like Malaysia have yet to finalize a date, while Hong Kong is looking toward 2028. Deutsche Bank is mulling an “earlier certainty mechanism” to address the lessons already learned from the transition in the US and make them applicable to Asia.

Who’s counting the agent army?

In this week’s Waters Wrap, Wei-Shen tackles the topic du jour that is AI agents. She cites a potentially startling data point from Michael Yeo, head of capital markets at advisory IDC: there will be more than 600 million active agents in financial services by 2030, up from eight million agents in 2025, a 75-fold increase. But there’s a downside: the controls needed by firms to deploy agents may not be on track to keep up with that much innovation.

Mercury rising as Cboe shutters Trade Alert

In the wake of Cboe shuttering Trade Alert, the order flow management software and unusual-trade alert solution it acquired in 2020, a startup vendor is looking to fill its shoes. That startup, Mercury Alerts, was founded by Harmeet Goindi, Trade Alert’s former chief data officer.

Compute is leaving land. Recoverability isn’t following.

In this guest op-ed, Vishal Gupta, a technology executive at Mizuho Americas, considers where datacenters should be built. Land? Outer space? The sea? And if datacenters do start appearing in the sky or underwater, how should they be managed?

Clear Street building execution platform to replace vendor systems

Eliot Raman Jones reports that brokerage Clear Street is rebuilding its execution infrastructure from scratch to replace what it calls “fragmented, vendor-dependent solutions,” according to a job posting on the firm’s careers page. The new system, detailed in the job posting, will be a low-latency platform written in C++, with integration across US exchanges and dark venues.

In other news

Goldman Restricts Traders and Bankers From Using Some AI Tools, Bloomberg

Vibe coding is out at Goldman Sachs. Bloomberg reported this week that the bank has banned non-engineers from using Anthropic’s Claude Code and Microsoft’s GitHub, and traders are frustrated, with some saying the tools were very useful for monitoring client trading flows, modeling market changes and positions, and creating written content.

The pivot is a bit of a head scratcher as the bank’s CIO, Marco Argenti, previously raved about vibe coding this summer and what it had allowed non-technical employees to do. Bloomberg cites productivity and risk concerns as reasons for the ban.

So much for the democratization of AI. On the other hand, maybe Goldman’s bankers were too busy messing around with AI to make deals? This is yet another chapter in the “Wall Street Tries To Figure Out What To Do With AI” saga.