Waters - Q4 2025
Articles in this issue
CME, LSEG align on market data licensing in GenAI era
The two major exchanges say they are licensing the use case—not the technology.
MayStreet founder says LSEG abandoned integration in new court filing
In response to LSEG’s motion to dismiss a lawsuit filed by the founder of one of its acquired companies, lawyers for Patrick Flannery have offered more details around communications between MayStreet and the exchange group.
Former Neudata employee sues for discrimination
The former head of ESG and macro data has claimed unlawful discrimination in violation of New York laws, while Neudata “strongly” disputes the allegations.
Plaintiffs propose to represent all non-database Cusip licensees in last 7 years
If granted, the recent motion for class certification in the ongoing case against Cusip Global Services would allow end-user firms and third-party data vendors alike to join the lawsuit.
Data managers worry lack of funding, staffing will hinder AI ambitions
Nearly two-thirds of respondents to WatersTechnology’s data benchmark survey rated the pressure they’re receiving from senior executives and the board as very high. But is the money flowing for talent and data management?
FCA files to lift UK bond tape suspension, says legal claims ‘without merit’
After losing the bid for the UK’s bond CT, Ediphy sued the UK regulator, halting the tape’s implementation. Now, the FCA is asking the UK’s High Court to end the suspension and allow it to fight Ediphy’s claims in parallel.
Nasdaq’s blockchain proposal to SEC gets mixed reviews from peers
Public comment letters and interviews reveal that despite fervor for tokenization, industry stakeholders disagree on its value proposition.
Chicago datacenter outage forced clearers to turn away clients
Friday’s cooling system failure highlights cracks in tech and concentration risk of big CCPs.
Google, CME say they’ve proved cloud can support HFT—now what?
After demonstrating in September that ultra-low-latency trading can be facilitated in the cloud, the exchange and tech giant are hoping to see barriers to entry come down.
Bank of America’s GenAI plan wants to avoid ‘sins of the past’
Waters Wrap: Anthony spoke with BofA’s head of platform and head of technology to discuss how the bank is exploring new forms of AI while reducing tech debt and growing interoperability.
Robeco tests credit tool built in Bloomberg’s Python platform
This follows the asset manager’s participation in Bloomberg’s Code Crunch hackathon in Singapore, alongside other firms including LGT Investment Bank and university students.
Everyone wants to tokenize the assets. What about the data?
The IMD Wrap: With exchanges moving market data on-chain, Wei-Shen believes there’s a need to standardize licensing agreements.
BlackRock and DRW execs bullish on tokenization potential
DRW’s Don Wilson expects every instrument to be traded on-chain in five years’ time.
Tokenization & Private Markets: Where mixed data finds a needed partner?
Waters Wrap: Reading the tea leaves, Anthony predicts BlackRock’s Preqin deal, Securitize’s IPO, and numerous public comments from industry leaders are just the tip of the iceberg.
TMX’s CEO wonders if tokenization is a ‘solution looking for a problem’
While acknowledging the potential of tokenizing securities, John McKenzie said regulators shouldn’t move too fast, and let customer demand drive adoption.
Citadel Securities, BlackRock, Nasdaq mull tokenized equities’ impact on regulations
An SEC panel of broker-dealers, market-makers and crypto specialists debated the ramifications of a future with tokenized equities.
Experts urge banks to prep for quantum’s reckoning
Mathematicians across the world warn that current encryption methods will be crackable by quantum computers inside the current decade, but banks have been reluctant to prepare.
New horizons: What the Nordic Cap-BMLL tie-up hints at for market data’s future
The IMD Wrap: Reb looks at Nordic Capital’s announcement last week of it purchasing BMLL to read some tea leaves.
TCB Data-Broadhead pairing highlights challenges of market data management
Waters Wrap: The vendors are hoping that blending TCB’s reporting infrastructure with Broadhead’s DLT-backed digital contract and auditing engine will be the cure for data rights management.
S&P shutters NMRF solution amid audit questions
Vendors face adverse economics due to a low number of IMA banks and prospects of regulatory easing.
As outages spread, it’s time to rethink how we view infrastructure technology
Waters Wrap: First AWS and then Azure. And these are only the most recent of significant outages. Anthony says a change is needed when it comes to calculating server migrations.
New GPU indexes to provide transparency into AI compute
Silicon Data, a company backed by DRW and Jump Trading, has launched its H100 and A100 indexes, providing transparency into the economics of AI compute.
The US Treasury market preps for plumbing overhaul
Changes are coming to the US Treasury market with potential new clearing houses, access models, and more flow as the industry gets ready to meet the SEC’s first deadline for central clearing.
Can AI be the solution to ESG backlash?
AI is streamlining the complexities of ESG data management, but there are still ongoing challenges.
Jump Trading spinoff Pyth enters institutional market data
The data oracle has introduced Pyth Pro as it seeks to compete with the traditional players in market data more directly.
