Nasdaq Europe to Launch PureStream-Based Trajectory Trading in November

Nasdaq Europe plans to launch a new trajectory trading service in November 2026, using PureStream technology to help institutional investors execute large European equity orders while reducing market impact and information leakage. The service will match trading interest based on a specified percentage of future market volume, allowing orders to execute progressively at volume-weighted average prices (VWAP).

It will operate through Nasdaq Investment Firm B.V., which received authorisation from the Dutch Authority for Financial Markets on 26 October. Trades will be formalised and published on Nasdaq’s regulated trading venues.

Initial coverage will include selected equities listed on Nasdaq Copenhagen, Helsinki and Stockholm, including constituents of the OMXC25, OMXH25 and OMXS30 indices, alongside stocks from nine other European markets. Nasdaq expects to add approximately 1,200 European equities in January 2027. The service forms part of its Digital Liquidity Networks business, with institutional onboarding beginning through a phased rollout.

Plus500 Becomes First External FCM to Offer Kalshi Perpetual Futures

Plus500 has launched Kalshi perpetual futures through its US Futures Commission Merchant (FCM), becoming the first FCM outside Kalshi Prime to offer the contracts to its customers. The launch extends Plus500’s existing partnership with Kalshi, which already covers prediction markets, and provides access to perpetual futures across its B2B and B2B2C distribution channels.

Perpetual futures are derivatives without expiry dates, allowing traders to maintain positions without rolling contracts forward. Kalshi introduced CFTC-regulated perpetual futures in May 2026 and has since expanded its offering to cryptocurrencies, commodities and indices. Plus500 will provide execution, order routing, clearing and risk management through its proprietary infrastructure, clearing transactions directly as a member of Kalshi Klear.

The company plans to expand its offering as additional contracts become available, strengthening its US exchange-traded derivatives business and providing institutional partners with access to a broader range of regulated trading products.

Baton Systems Launches Portfolio-Wide Collateral Optimisation Capability

Baton Systems has introduced an advanced portfolio optimisation capability designed to help collateral managers, treasury teams and clearing operations allocate cash and securities more efficiently across multiple clearing venues and margin obligations.

The solution evaluates collateral inventories and obligations simultaneously, rather than optimising individual margin requirements sequentially, with the aim of reducing funding costs, preserving high-quality liquid assets (HQLA) and minimising unnecessary collateral movements.It uses mathematical optimisation techniques, including mixed-integer linear programming, stochastic programming and multi-period optimisation, incorporating eligibility schedules, concentration limits, internal policies and venue-specific delivery constraints.

Users can compare allocation scenarios and prioritise different objectives before passing selected allocations into Baton’s automated instruction and collateral movement workflows.

Built on the company’s Core-Collateral infrastructure, the modular capability initially targets cleared collateral for clearing members, with scope to incorporate bilateral arrangements and institution-specific funding economics.

Belasko Launches Integrated Investor and Fund Manager Platforms for Private Markets

Belasko has launched two connected digital platforms designed to improve information access, communication and operational transparency for investors and fund managers across private markets.

The Investor Experience Platform (IXP) provides limited partners with access to fund information, documents, announcements and investment opportunities, alongside tools for tracking queries, deadlines and upcoming activities. The Client Experience Platform (CXP) gives general partners greater visibility into fund operations, investor engagement and service interactions, supporting investor relations and operational planning.

Both platforms are integrated with Belasko’s fund administration services, bringing data, communications and workflows into a shared environment intended to reduce reliance on disconnected systems and email-based processes.

The launch follows a period of testing and pilot programmes, with Belasko planning further automation and AI-enabled capabilities. Belasko, which administers more than $29 billion in assets, positions the investment as part of its strategy to modernise technology-enabled fund administration across UK and European private markets.

TTI Cats: Post Trade, Clearing & Settlement; Trading Systems & Workflow
Brief – S&P Global Expands AI and Analytics Capabilities Across Private Markets
S&P Global has expanded the AI, valuation and analytics capabilities of its iLEVEL private markets platform, introducing new tools for portfolio monitoring, data management and investment workflows. The enhancements include a native iLEVEL Agent, AI-powered data ingestion and natural-language search, enabling investment teams to automate data-intensive processes and retrieve portfolio information more efficiently.
An iLEVEL Model Context Protocol (MCP) server also allows clients to connect governed platform data and capabilities to external AI applications, including Microsoft Copilot and Claude, while retaining existing permissions and access controls. Enhanced integration with S&P Global Private Market Valuations streamlines third-party valuation workflows, while additional functionality supports private credit covenant monitoring and early identification of portfolio risks.
S&P Global has also expanded performance analytics datasets covering private credit, real assets and private equity, alongside integrations with Capital IQ, WSO and other enterprise solutions. The developments extend iLEVEL’s role beyond portfolio reporting towards integrated data, analytics and AI-enabled workflows across the private investment lifecycle.

S&P Global Expands AI and Analytics Capabilities Across Private Markets

S&P Global has expanded the AI, valuation and analytics capabilities of its iLEVEL private markets platform, introducing new tools for portfolio monitoring, data management and investment workflows. The enhancements include a native iLEVEL Agent, AI-powered data ingestion and natural-language search, enabling investment teams to automate data-intensive processes and retrieve portfolio information more efficiently.

An iLEVEL Model Context Protocol (MCP) server also allows clients to connect governed platform data and capabilities to external AI applications, including Microsoft Copilot and Claude, while retaining existing permissions and access controls. Enhanced integration with S&P Global Private Market Valuations streamlines third-party valuation workflows, while additional functionality supports private credit covenant monitoring and early identification of portfolio risks.

S&P Global has also expanded performance analytics datasets covering private credit, real assets and private equity, alongside integrations with Capital IQ, WSO and other enterprise solutions. The developments extend iLEVEL’s role beyond portfolio reporting towards integrated data, analytics and AI-enabled workflows across the private investment lifecycle.

Standard Chartered to Acquire Zodia Custody; Spin Out Zodia Solutions

Standard Chartered has entered into definitive agreements to acquire Zodia Custody, including 100% of Zodia Custody UK Limited, the parent company of its regulated operating entities in Singapore, Hong Kong, Australia, the United Arab Emirates and Luxembourg.

Post completion, Zodia Custody’s regulated digital asset custody business will be integrated into Standard Chartered’s existing digital asset custody activities within Securities Services. The move will consolidate Standard Chartered’s digital asset custody businesses and will drive value by unlocking revenue synergies, further strengthening the Group’s digital asset capabilities and supporting its ambition to build a unified client offering that integrates both traditional and digital asset securities services for institutional clients, globally.

As part of the transaction, Zodia Custody will separate its digital asset software and professional services business and transfer the assets relating to that business to Zodia Solutions, an independent entity to be established under SC Ventures. Zodia Solutions will continue to provide bank-grade infrastructure to financial institutions, including Standard Chartered, as they launch and scale digital asset services.

tZERO to Provide Broker-Dealer and ATS Services to Temple Digital on Canton

tZERO Group’s tZERO Securities will provide broker-dealer and alternative trading system (ATS) services to Temple Digital Group to power Temple’s tokenised securities trading platform on the Canton Network.

Under the agreement, Temple will support its trading technology with tZERO Securities’ regulated operating infrastructure, including client onboarding and transaction services. This lets Temple bring tokenised securities trading to its clients without building its own broker-dealer and ATS capabilities.

“Institutions building tokenised markets need a regulated operating foundation that can work with their technology and business model,” says Alan Konevsky, CEO of tZERO. “Temple has developed one of the most powerful trading systems on Canton. By bringing our broker-dealer and ATS capabilities to that system, we can help Temple deliver its offering to clients while expanding the reach of tZERO’s Infrastructure-as-a-Service footprint as we focus on powering broker-dealers and other financial institutions at scale.”

Temple’s trading system includes a proprietary matching engine, an RFQ module and a central limit order book for tokenised National Market System (NMS) securities and exchange-traded products. It also includes a front-end user interface and settlement infrastructure designed to support atomic delivery-versus-payment and repurchase agreement settlement on Canton. Temple has executed over $1.6B in volume for Canton and is the largest platform by transaction volume on the network.

“We’re focused on developing regulated, on-chain trading technologies for tokenised assets,” says Evan Varsamis, CEO of Temple Digital Group. “Working with tZERO allows us to combine our solutions with an established broker-dealer and ATS operator, providing the regulated infrastructure needed to support securities on our platform at scale.”

Ripple and BNY Expand Partnership to New Blockchain Use Cases, Including Tokenised Trade Finance

Ripple and BNY have expanded their strategic partnership to broaden institutional digital asset custody capabilities and explore new blockchain use cases, including tokenised trade finance.

Building on BNY’s existing role as the primary reserve custodian for Ripple’s stablecoin (RLUSD), BNY’s Digital Asset Custody platform now supports both XRP and RLUSD. This integration allows eligible institutional clients to securely safekeep, hold, and transfer these digital assets within BNY’s established governance and resiliency controls.

The collaboration aims to transition institutional blockchain use from basic asset issuance to functional application within capital markets. Beyond custody support, the two companies plan to enable BNY clients to directly mint and redeem RLUSD.

Monica Long, President of Ripple, and Carolyn Weinberg, Chief Innovation and Market Transformation Officer at BNY, both emphasise that connecting traditional financial infrastructure with the XRP Ledger (XRPL) will drive greater connectivity, continuous efficiency, and broader adoption across payments, liquidity, and collateral workflows.

A key future focus of this expanded partnership is the advancement of tokenised trade finance on the XRPL to simplify how assets like receivables are managed and distributed. As an initial step, Ripple and BNY are exploring a supply chain finance initiative with the global working capital platform C2FO. This initiative will leverage the XRPL, and its three-to-five second transaction settlement times, to explore new financing models for approved receivables, aiming to expand investor access to the asset class while maintaining trusted customer relationships.

AWS Blog Post Documents Digital Assets CEX Reference Architecture

A blog post authored by three Amazon Web Services technologists documents a reference architecture for a centralised exchange (CEX) for digital assets.

The blog post, titled “Build a digital assets exchange on AWS: A reference architecture“ notes that the reference architecture “aggregates the architectural decisions that recurred across CEX deployments that AWS Solutions Architects have supported in the field.” The blog post documents “how the stack fits together on Amazon Elastic Kubernetes Service (Amazon EKS),Amazon Elastic Compute Cloud (Amazon EC2), and Amazon Aurora,” and explains the rationale behind each component choice.

The blog post can be viewed here.

Brickwood Asset Management Selects FinScan for Sanctions and Adverse Media Screening

Brickwood Asset Management has selected FinScan for ongoing sanctions and adverse media screening of issuers held within its funds and their directors. The UK-based independent value equities boutique was founded by a team from UK and international asset managers.

FinScan, an Innovative Systems solution, provides name screening for corporate entities and individuals through a single platform. It supports real-time and ongoing checks against global sanctions lists, politically exposed person data and adverse media.

FinScan says its customisable matching technology improves accuracy and explainability while suppressing duplicate and low-value alerts. The platform produces a documented record of each review.

Claudia Ripley, CEO at Brickwood Asset Management, said: “Screening the issuers we hold against global sanctions is a core regulatory requirement, and ensuring that process is supported by a high-quality screening solution was an important consideration for us. Adverse media screening is a step we chose to take beyond that requirement. FinScan gives us ongoing coverage across both, with a clear audit trail behind every review.”

“We’re delighted to welcome Brickwood Asset Management as a FinScan customer,” said Ben Sher, Chief Revenue Officer of Innovative Systems, Inc. “Asset managers face real scrutiny from allocators and regulators, and Brickwood Asset Management has responded by building best-in-class controls. Adding adverse media screening alongside sanctions, across both their holdings and the directors of those companies, is a considered choice, and one we expect to see more of across the asset management market.”