SIX x-clear Extends Clearing to US Equities

SIX is expanding its post-trade offering with a new clearing segment for US securities, enabling European clients to trade and clear US instruments through its interoperable central counterparty, SIX x-clear. The service will operate within a European framework, with extended clearing hours aligned with the US market close and settlement through DTCC. Initial coverage will focus on S&P 500 constituents, with scope to expand to additional securities over time.

The move extends SIX x-clear’s capabilities beyond European markets and is intended to provide clients with longer trading and clearing windows alongside streamlined access to US equities and post-trade processing.

Pan-European retail-focused exchange Equiduct is expected to become the first trading venue to launch under the framework. SIX said the initiative is partly aimed at supporting growing European retail investor participation in US equities while allowing its clients to manage those flows through existing clearing infrastructure.

ION and Coinbase Scale Infrastructure for Kalshi Event Contracts

Coinbase has selected ION’s XTP for Event Contracts to support clearing for Kalshi’s prediction market, providing automated, real-time processing for event-based contracts. The platform supports contract creation, resolution and settlement alongside real-time execution processing, with automated 24/7 operations and capacity to onboard tens of thousands of accounts per day.

ION and Coinbase began working together to support Kalshi’s event contract listings in December 2025. During the initial rollout, XTP processed its first one million trades over Super Bowl weekend.

ION said the technology enables Futures Commission Merchants (FCMs) to manage event contracts alongside existing exchange-traded derivatives and cleared OTC business within a single platform, using native reporting, automated settlement and multi-exchange connectivity.

The deployment comes as prediction markets continue to attract greater institutional interest, placing increased demands on the clearing and post-trade infrastructure supporting high-volume, round-the-clock trading.

SIX Launches API-Based European Market Data Service

SIX has launched SIX Market Signal, a new API-based marketplace providing real-time and historical European market data to institutional and retail users. Its core product, 1BBO, provides a real-time European cash equities stream showing best bid and ask prices using order-book data from SIX Swiss Exchange and BME Exchange, alongside 16 European markets covered by Aquis Exchange.

For institutions, SIX is positioning the service as a way to extend market data beyond execution desks into areas including wealth management, benchmarking and compliance. Users are also licensed to use the data for training trading models and AI agents.

The service uses viaNexus technology for real-time distribution, entitlement management and cloud API delivery. SIX Market Signal is available to institutional users and Swiss retail investors now, with retail availability in the EU and UK planned subsequently.

Trading Technologies Adds FairXchange Analytics to FX Platform

Trading Technologies (TT) has integrated FairXchange Horizon into its institutional FX platform, adding independent execution and liquidity analytics across spot FX, forwards, non-deliverable forwards and swaps. The integration gives clients access to FairXchange’s microstructural analytics directly within the TT platform, allowing them to measure execution quality, analyse trading flows and liquidity-provider performance, and assess counterparty relationships.

FairXchange, part of United Fintech, specialises in independent FX liquidity and algorithmic execution analytics. The partnership is intended to address growing institutional demand for greater transparency around execution performance and liquidity optimisation.

FIX Extends Electronic Trading Standards to Securities Lending

The FIX Trading Community has published new guidance for electronic securities lending, establishing common workflow practices designed to support greater automation across the market. The guidelines provide a standard electronic messaging framework for securities lending contracts conducted bilaterally or through trading venues. They cover quote negotiation workflows, last look and Free of Payment (FOP) lending, and build on earlier FIX practices covering US equities, corporate bonds and DTC-eligible DVP US cash collateral contracts.

Developed by a working group spanning buy- and sell-side firms, vendors and venues, the framework is intended to reduce the cost and complexity of integrating different securities lending platforms and workflows.

FIX said a common protocol should also improve operational resilience and make it easier for firms to connect to new venues and trading protocols as securities lending becomes increasingly electronic, while providing a foundation for further market structure and workflow innovation.

Daloopa Opens its AI Excel Agent Scout to General Use

Daloopa has made its artificial intelligence-powered financial modelling agent, Scout, generally available to clients. Scout enables analysts to build and update financial models directly in Excel using plain-language commands.

Models created by the software draw from a structured database containing financial records for more than 6,000 global public companies.

Thomas Li, Chief Executive at Daloopa, said: “Analysts should spend their time applying judgment, not on the manual, error-prone work of building and updating models.”

The product features custom tools to store frequent prompts, automated formatting controls, session history tracking and hyperlinked citations linking figures to original filing sources. The launch builds upon the financial data and AI automation platforms’s broader portfolio of research tools designed to reduce manual data entry during the investment evaluation cycle.

NetApp’s ONTAP Gives Access to VMware Cloud Foundation 9.1

NetApp has validated its ONTAP platform capabilities to support VMware Cloud Foundation 9.1, enabling mutual customers to lower costs, recover from cyber attacks and deploy artificial intelligence software.

First-party cloud storage services from the data infrastructure company are certified to support the cloud platform across major hyperscalers, enabling workload movement without code alterations.

Alvaro Celis, Chief Partner and Ecosystem Officer, said the new support ensures customers can operate across environments while safeguarding operational investments.

Updates include new backup tools, recovery systems and support for containerised Kubernetes workloads within the unified infrastructure. Broadcom and NetApp previously collaborated on private cloud operations, with Broadcom delivering the underlying platform to run traditional and modern software.

Vermeg and CBUAE Select MACH DLT for New Securities Depository

Technology provider Vermeg and the Central Bank of the UAE (CBUAE) have selected Delta Capita’s MACH Distributed Ledger Technology (DLT) to power a new Digital Asset Securities Depository (DASD).

This initiative is part of Vermeg’s broader mandate, awarded by the CBUAE in April 2026, to design and deliver an integrated conventional and digital Central Securities Depository (CSD) platform and unified collateral management solution for UAE government debt and Sukuk. The MACH DLT integration will enable native digital sovereign issuances, tokenisation of existing assets, and real-time T+0 settlement.

AMC, Robinhood Dispute Highlights Equity Token Market Debate

The CEOs of AMC Entertainment and Robinhood are publicly clashing over “tokenised stocks” trading on Robinhood’s blockchain. The conflict got its start when AMC CEO Adam Aron discovered that Robinhood was offering a digital token bearing the movie theatre chain’s name and tracking its stock price – all l without AMC’s permission or involvement.

Robinhood launched a product featuring third-party tokenised real-world assets, which includes synthetic tokens representing AMC and over 190 other companies. These tokens are designed to mirror the price movements of actual stocks on a blockchain, allowing traders to speculate on equity prices.

However, because these tokens are generated by a third party rather than sponsored by the actual companies, Robinhood does not need AMC’s permission to issue its tokens and buyers do not own actual shares of AMC.

AMC CEO Adam Aron used social media to cry foul, calling the practice “contemptible, outrageous, disgusting, detestable, inexcusable, and vile.” His primary arguments against Robinhood’s approach include: (1) it confuses investors; (2) token holders do not possess any voting rights in AMC; and (3) AMC’s ability to raise capital might be impacted.

Aron also issued a cease-and-desist demand and threatened to take the matter directly to the SEC.

 Robinhood has refused to back down. Robinhood’s Chief Legal Officer, Dan Gallagher (a former SEC commissioner), publicly dismissed AMC’s outrage, stating that the firm is fully aware of US. securities laws and effectively dared AMC to “send the lawyers.”

Whatever the details of this particular confrontation, the clash highlights a significant debate in the markets related tokenised equities and whether the best way forward is issuer-sponsored tokens or third-party tokens.

Like a bad horror-movie series, this one could run and run and might well lead to copycat actions. The SEC of late has tended to want to give the tokenisation space some tolerance to work out its own rules. But if enough negative noise erupts around third-party tokens, it may need to step in.

TRG Screen Acquires S4 Market Data to Expand Managed Services

TRG Screen has acquired S4 Market Data, adding specialist vendor management, sourcing and negotiation expertise to its market data managed services business. The deal follows a year-long partnership under which S4 supported TRG Screen clients with vendor negotiations, contract optimisation and complex procurement, and comes in the wake of TRG Screen’s acquisition of market data advisory and consultancy firm BST America in July 2026. S4’s team will now join TRG Screen Managed Services while continuing to support existing customers.

The acquisition expands TRG Screen’s capabilities across vendor management and administration, market data administration, and datafeed and exchange reporting. These services include strategic sourcing and contract negotiation, subscription and inventory management, invoice reconciliation, expense allocation, compliance monitoring and audit support.