Waters - Q3 2025
Articles in this issue
Speakerbus ceases operations amid financial turmoil
Sources say customers were recently notified that the trader voice vendor was preparing to file for administration and would no longer be operational.
Fintech powering LSEG’s AI Alerts dissolves
ModuleQ, a partner and investment of Refinitiv and then LSEG since 2018, was dissolved last week after it ran out of funding.
Overbond’s demise hints at cloud-cost complexities
The fixed-income analytics platform provider shuttered after failing to find new funding or a merger partner as costs for its serverless cloud infrastructure “ballooned.”
LSEG files to dismiss MayStreet lawsuit, citing no evidence of fraud
In its response to MayStreet’s complaint filed in May, lawyers for the exchange group characterize Flannery as having “seller’s remorse.”
The TNS–Radianz deal hints at underlying issues in trader voice
Waters Wrap: As part of its cost-cutting program, BT shipped its Radianz unit to TNS, but the deal didn’t include its Trading & Command trader voice property. Anthony finds that interesting.
The great disappearing internet—and what it could mean for your LLM
AI-generated content, bots, disinfo, ads, and censorship are killing the internet. As more of life continues to happen online, we might consider whether we’re building castles atop a rotting foundation.
The industry is not ready for what’s around the corner
Waters Wrap: As cloud usage and AI capabilities continue to evolve (and costs go up), Anthony believes the fintech industry may face a similar predicament to the one facing journalism today.
Agentic AI comes to Bloomberg Terminal via Anthropic protocol
The data giant’s ubiquitous terminal has been slowly opening up for years, but its latest enhancement represents a forward leap in what CTO Shawn Edwards calls, “the way we should talk to the world.”
The Model Context Protocol brings agents to life—along with risk
Waters Wrap: From chat to infrastructure modernization, Anthropic’s MCP offers a ‘bridge’ to agentic AI, but its early days may prove disillusioning.
LSEG officially sunsets Eikon
The exchange operator withdrew the platform from its product lineup this week.
CAT on life support after appeals court ruling
Ahead of a comprehensive review promised by the SEC, lawyers believe that the recent overturn of the Consolidated Audit Trail’s funding order could herald its demise.
CAT funding plan struck down by US appeals court
The 11th Circuit court ruled that the SEC had not established a sufficient precedent to pass the costs of the Consolidated Audit Trail on to broker-dealers.
Northern Trust Asset Management enlists network theory to construct alpha signals
The $1.3 trillion asset manager will publish a paper later this year detailing how measuring network effects helps it better understand persistent drivers in trends.
Citi gears up for EU T+1 climb
The bank has a dedicated team examining what it needs to do to ensure a successful transition to T+1 in Europe.
Standard Chartered’s AI Factory applies the ‘repeatability’ principle
The AI Factory will be a library of transversal services of AI capabilities for the bank to use, like a tree that continually bears fruit.
Man Group sees alpha-generating strategies from agentic AI
The firm is seeing actionable use cases from AI agents, said CTO Gary Collier, speaking at a conference in London hosted by Bloomberg.
M&G Investments replaces research platform with Bloomberg’s RMS
The chief investment officer of the London-based asset manager explains why the firm opted to use Bloomberg’s RMS platform for its research capabilities.
Messaging’s chameleon: The changing faces and use cases of ISO 20022
The standard is being enhanced beyond its core payments messaging function to be adopted for new business needs.
Technical and regulatory questions surround Europe’s T+1 move
The EU roadmap mirrors the UK’s goal of an October 2027 move. With more than two years to prepare, firms must consider how to implement the non-prescriptive guidelines and weigh where to automate.
EU, US consolidated tape efforts pass important milestones
The IMD Wrap: Europe is setting up its first consolidated tapes of data, while the US is revamping its tapes into one. Both initiatives should bring greater transparency and efficiency to the capital markets.
DORA delay leaves EU banks fighting for their audit rights
The regulation requires firms to expand scrutiny of critical vendors that haven’t yet been identified.
Wall Street hesitates on synthetic data as AI push gathers steam
Deutsche Bank and JP Morgan have differing opinions on the use of synthetic data to train LLMs.
BlueMatrix acquires FactSet’s RMS Partners platform
This is the third acquisition BlueMatrix has made this year.
Paxos files to become SEC-registered clearing agency
The application comes after the blockchain infrastructure company completed a pilot in 2021 to test its settlement service.
Industry vets ally to launch full-service data consultancy
The new company combines the skills and experience of individuals and firms that each serve different needs of the data industry.
