Exegy Whitepaper Highlights Rising Infrastructure Tax of Continuous Global Trading

A new whitepaper from Exegy reveals that trading firms face mounting operational complexity and an “infrastructure tax” as capital markets expand across geographies, asset classes, and continuous trading hours. With technical debt already consuming an estimated 21% to 40% of enterprise IT budgets, firms are under pressure to scale market access without compounding their operational overhead.

The report identifies several key drivers behind this burden. Overnight US equity volumes regularly surpass 600 million shares during volatile periods, whilst MOON ATS notional activity surged 200% between late 2025 and early 2026 amidst an absence of regulatory frameworks. Concurrently, growth in the MENA, APAC, and LATAM regions, alongside digital asset initiatives from DTCC, Nasdaq, and ICE, is increasing data normalisation and connectivity requirements.

Regulatory developments are also accelerating, with the launch of the UK consolidated tape and the imminent EuroCTP forcing simultaneous migration projects. Exegy concludes that while bespoke in-house infrastructure escalates maintenance costs, specialist vendor products allow firms to prioritise agility.

Xceptor Launches Sovereign-Grade SaaS in Switzerland and Japan

Xceptor has expanded its sovereign-grade SaaS offering into Switzerland and Japan, adding dedicated hosting regions on Microsoft Azure to satisfy local data residency and regulatory requirements. The rollout allows capital markets firms in both jurisdictions to deploy data automation, artificial intelligence, and trade confirmation tools within dedicated, encrypted client environments.

Globally, the SaaS platform supports data automation, confirmations, tax, and reconciliation workflows. Its current operational volume includes processing billions of data rows, ingesting terabytes of data, transferring over 70,000 SFTP files monthly, and handling more than one million inbound client emails each week across the US, EMEA, and APAC.

The service is ISO 27001 and SOC 2 certified. System maintenance, security patching, performance monitoring, and software upgrades are managed directly by Xceptor, eliminating costly upgrade cycles and reducing the need for specialised in-house infrastructure teams.

Your Bourse Releases MCP for Trade Server to Automate Brokerage Operations

Your Bourse has launched Model Context Protocol (MCP) for Trade Server, enabling brokers and proprietary trading firms to automate daily operations and query backend data through natural language. The feature is available immediately and allows firms to connect compatible AI assistants, such as Claude or ChatGPT, directly to Trade Server on their own infrastructure using existing user credentials.

The integration supports both data queries and operational actions within existing user permissions. Teams can generate ad hoc reports, investigate trade complaints against server journals, cross-reference account balances, and monitor exposure without manual data exports or custom API builds. Dealers and risk managers can also initiate hedges, close positions, or modify accounts via natural-language prompts. To maintain operational control, any instruction affecting positions or funds generates a preview requiring human confirmation before execution.

Additionally, brokers can extend MCP access to their own clients under defined permissions, providing traders with a streamlined route to deploy API tools, develop AI-driven strategies, and interact with the brokerage’s infrastructure.

ADX Launches First MENA Integration of Live Market Data into Conversational AI Platforms

The Abu Dhabi Securities Exchange (ADX) has become the first stock exchange in the MENA region to provide direct access to official live market data through conversational artificial intelligence platforms, including ChatGPT and Claude. Delivered via a governed Model Context Protocol (MCP) server, the framework enables investors, developers, and institutions to query exchange data using plain language, removing the need for specialist terminals, complex APIs, or technical intermediaries.

Through this integration, users can retrieve per-symbol market depth, bid-ask spreads, segmented trading statistics, machine-readable XBRL financial disclosures, and index reference data. To serve different market participants – including retail investors, fintech developers, brokers, and institutions – ADX has introduced four subscription tiers ranging from a free tier up to AED 49.99 per month, structured by usage volume, refresh frequencies, historical depth, and concurrent connections.

Xceptor Expands SaaS to Switzerland and Japan

Xceptor has launched sovereign-grade software-as-a-service in Switzerland and Japan, expanding access to data automation, artificial intelligence and confirmations solutions to align with local requirements.

The move reflects tighter data sovereignty regulations that are being drafted and implemented around the world.

“Financial institutions operating in markets like Switzerland and Japan often have to navigate strict data sovereignty and technology outsourcing rules,” said Dan Reid, chief technology officer and co-founder at Xceptor.

“The new SaaS regions give our clients greater flexibility to automate mission-critical operations while ensuring data remains within their desired local jurisdictions. This represents an important milestone in our global SaaS strategy, focused on supporting clients wherever they operate.”

Delivered via Microsoft Azure, the service builds on existing hosting across the US, Europe, Middle East, and Africa, while the company previously launched a pre-configured tax option.

Polymath is Going Public via Reverse Acquisition

Canadian tokenisation technology company Polymath is going public via a reverse acquisition with TruGolf Holdings. Focused on token issuance, compliance and lifecycle management of digital assets, Polymath recently acquired the Polymesh Layer-1 blockchain. Polymesh is built specifically for regulated assets, embedding compliance, identity verification and governance into the base layer.

Trugolf is a sports simulation business, which will continue its original focus within the combined Nasdaq-listed company. In exchange for acquiring Polymath, it will provide common and preferred stock to Polymath shareholders.

Polymath is involved in tokenisation across many asset classes, including real estate, private equity, debt, intellectual property and art. The company reported $4.2 million in revenue for 2025 and assets totaling $21 million. Polymath CFO Natalie Hirsch will serve as CFO and COO of the combined company after the closing.

Napier AI and Delta Capita Link KYC and AML Workflows

Napier AI and Delta Capita have formed a partnership that combines client onboarding and Know Your Customer (KYC) processes with anti-money laundering (AML) screening and transaction monitoring.

The companies will connect Delta Capita’s Karbon client lifecycle management platform with Napier AI Continuum. Napier’s contribution covers client screening, transaction monitoring and transaction screening. Delta Capita will provide KYC technology, advisory expertise and managed services.

The combined proposition is intended to support financial institutions from initial onboarding through ongoing monitoring and investigation. It targets a common operational problem: KYC and AML functions often rely on separate systems, teams and processes, creating manual handovers and duplicated work.

According to the announcement, connecting these functions could reduce onboarding delays and investigation volumes. The companies also expect the partnership to help institutions lower false positives, establish more consistent processes and maintain clearer audit trails. The release does not provide performance data or implementation examples supporting these expected benefits.

Greg Watson, chief executive officer of Napier AI, said: “Financial institutions are under pressure to manage increasingly complex fincrime risks while simultaneously deliver faster, more accurate and seamless experiences for customers. Our partnership with Delta Capita brings together complementary technology and expertise to give institutions a more connected approach across the compliance lifecycle. By reducing manual handovers, this enables institutions to focus their resources on genuine risk, meaning they can achieve stronger customer, operational and regulatory outcomes.”

The partnership also gives institutions the option to combine technology with advisory and outsourced operational support, rather than procuring each component separately. The companies said this would allow firms to adapt the service to their operating requirements.

Sean Vickers, CLM Chief Commercial Officer and Global Head of CLM advisory at Delta Capita, said “Institutions crucially must understand who their customers are and maintain this understanding as relationships and risks evolve. Through our partnership with Napier AI, combining Continuum with our Karbon platform, we’re able to create a compelling offering for institutions to transform both their systems and operating models, simplifying complex processes, improving processes and building compliance operations that are more efficient, accountable and scalable.”

S&P Global Expands Collaboration with Microsoft to Integrate AI Data into Microsoft 365 Copilot

S&P Global has announced an expanded collaboration with Microsoft to integrate its AI-ready data, analytics, and insights directly into Microsoft 365 Copilot workflows and agentic tools. Powered by the S&P Global AI Data Portal’s Deterministic Retrieval solution – also known as the Kensho LLM-ready API – the system enables users to access verifiable and cited content within their standard Microsoft productivity applications.

Building upon an existing integration of S&P Global Energy data, this expanded capability includes a Copilot in Excel connector for financial modelling and reporting, alongside a plugin for agentic experiences in Copilot Cowork. Users can perform company research, financial analysis, peer benchmarking, competitive analysis, and transcript intelligence without leaving Microsoft 365, streamlining multi-step analytical processes and reducing manual data preparation while maintaining source attribution.

The update follows the recent evolution of S&P Global’s Market Intelligence operating model and the creation of its Kensho Data Platforms vertical. These structural changes combine data, AI, and software capabilities to deliver AI-native user interfaces that make proprietary intelligence easier to connect, access, and act upon.

Buy-Side Firms Seek FX and Listed Derivatives EMS Consolidation for Real-Time Risk View

Demand is growing among buy-side market participants to consolidate foreign exchange (FX) execution management systems (EMS) with listed derivatives workflows. According to a survey by Acuiti on behalf of Trading Technologies, conducted across 65 hedge funds, proprietary trading firms, and asset managers, achieving a unified, real-time view of risk is the primary motivation for integrating these platforms.

Historically, FX execution has operated on distinct infrastructure due to the fragmented nature of over-the-counter liquidity. Consequently, 69% of surveyed firms currently run separate management systems for FX and listed derivatives. However, rising operational complexity and cross-asset desk management are driving appetite for unified workflows. Participants prioritised non-cost advantages, with 69% targeting real-time risk visibility, 52% seeking enhanced execution quality, and 46% desiring expanded algorithmic capabilities.

Despite the clear benefits of combining position views and order routing, adoption is tempered by operational concerns. Migration risk remains the single largest barrier, cited by nearly half of respondents as the main reason for delaying system consolidation.

Exegy to Distribute EuroCTP’s Real-Time Shares and ETF Feed

Exegy will distribute EuroCTP’s real-time multicast FIX SBE feed, the EU’s first real-time pre- and post-trade Consolidated Tape for shares and ETFs, when it goes live on September 14th. Building on a technology partnership established in 2024, Exegy will serve as a redistribution partner for the feed. This includes the European Best Bid and Offer (EBBO), which is calculated using Exegy’s market data technology platform.

The EuroCTP feed will be accessible via Exegy Ticker Plant (XTP) appliances and the Axiom consolidated market data feed. Incorporating EuroCTP adds consolidated trading activity from approximately 130 European trading venues and reporting platforms to Exegy’s broader platform, which already provides access to real-time market data from over 300 global venues.

The real-time feed will be available on Axiom immediately upon launch, allowing firms to stream market access and receive normalised European market data without incurring additional operational overhead.