Trading Tech
Money.Net files Chapter 7 bankruptcy amid lawsuit
Despite a series of ambitious content expansion projects and senior hires, the low-cost vendor failed to win over institutional clients.
Symphony suspends Sparc pending registration talks with CFTC
The comms provider may have to register its RFQ workflow and messaging tool as a Sef, or perhaps permanently shut down the business line.
Bloomberg’s new data retention policy vexes buy-side firms
Impacted users will have to pay extra costs to retain communications data for longer than two years.
People Moves: Symphony, BMLL, HKEX, CloudMargin, Tora, Baton, and more
A look at some of the key people moves from this week, including Brad Levy (pictured), who will take the reins at communications platform Symphony in June, after joining the vendor in July last year.
Waters Wrap: Would DLT really have prevented Archegos? (And thoughts on Itiviti)
While Christopher Giancarlo says distributed ledger technology could’ve helped prime brokers better monitor their risk exposures to Archegos Capital Management, Anthony (and others) are not so sure about that. He also looks at the Broadridge-Itiviti deal.
This Week: TP Icap, Confluence, Bloomberg, Iress-Cosaic, Tradeweb, SmartStream, and more
A summary of some of the past week’s financial technology news
Banks, asset managers weigh trade-offs in third-party tools for machine learning
Although many banks and asset managers still prefer to build models in-house, off-the-shelf products are maturing.
Bridging the gap: Broadridge looks front-to-back with acquisition of Itiviti
The deal signals a transformative move for Broadridge into the front-office space to help clients simplify their front-to-back technology stack. But some industry observers are skeptical about how it will achieve this.
Small alt data providers feel pressure to specialize
GTCOM-US, once a bespoke alt data shop for the buy side, has narrowed its offering to focus on Chinese datasets as the largest alt data players get even bigger.
‘Crypto Dad’ Giancarlo says DLT could have aided in Archegos
The former CFTC chair says managing collateral by using distributed ledger technology would enable the better oversight of risks.
BMLL partners with quants for HFT regulation
Researchers from a Paris university are using the provider’s data and coding environment to build models for more efficient regulatory approaches.
People Moves: Nomura; Goldman Sachs/Talos; Rathbone Brothers; and More
A look at some of the key people moves from this week, including Sameer Jain (pictured), who has been appointed to oversee Nomura’s IT and operations for its global wholesale business.
Waters Wrap: Big Tech takes control of cutting-edge encryption (And consortium flat circles)
In addition to growing their cloud presence in the capital markets, Big Tech companies are, unsurprisingly, taking the lead on encryption and security in the cloud. Anthony sees positives and negatives. He also looks at bank-led consortiums.
This Week: Refinitiv; State Street/BlackRock; SteelEye; SimCorp; FEX Global/TT
A summary of some of the past week’s financial technology news.
What the inevitable ‘publicizing’ of private markets means for investors and exchanges
As markets for trading stock in privately-held companies become more prevalent and exchange-like, and potentially attract more investors, Max questions what impact this will have on fully-fledged exchanges and their offerings.
IBM lures banks’ critical workloads to financial cloud as ‘threat’ from big tech looms large
Having signed a trio of new banks to its financial services-specific cloud, the computing giant is betting on cutting-edge technologies like confidential computing to entice banks threatened by big tech firms.
Citi, other banks set to ink ‘Octopus’ deal for new multi-bank CLO platform
Sources say initiative is designed to fend off higher fees and disintermediation in case established multi-dealer platforms start trading CLOs.
Waters Wrap: The nature of data and information (And Ion-List thoughts)
Anthony takes a look at the alternative data industry post-GameStop, and wonders about Ion Group’s strategy going forward after recent acquisitions.
People Moves: LSEG; Broadway; Pirum; CFTC/Citadel Securities; SEC/Coinbase
A look at some of the key people moves from this week, including Sabrina Bailey (pictured), who has been appointed by LSEG to lead its wealth solutions business in the US.
Users clash with ASX over changes to its DLT settlement system
Industry groups and tech experts are worried that proposed last-minute changes will introduce new risks.
This Week: Google Cloud/Commerzbank, SmartStream, Anna DSB, and more
A summary of some of the past week’s financial technology news.
IHS Markit soft launches more Risk Bureau capabilities ahead of Libor transition
The newly-acquired data giant targets the sell side with a suite of new risk-based applications meant to help banks with the transition from Libor, which is expected for the end of this year.
A kick in the privates: In-demand unlisted stock trading faces tech, transparency challenges
Private stocks are opaque, illiquid, behave differently from public markets, and lack the same infrastructure as public marketplaces, creating back-office integration challenges for firms that want to trade these stocks in a more liquid manner. But as…
IPC adapts business lines for interoperability push
The communication software provider is containerizing its trading ecosystem for apps to play nicely with each other.