CUSIP Collaborates with MSCI on Private Markets

CUSIP Global Services has begun a collaboration with MSCI to expand coverage to late-stage, venture-backed private companies among its security identification numbers.

MSCI provides access to data on US-domiciled private companies with at least one share class. The collaboration supplies attributes including domicile jurisdiction, dividend details, company name, asset type, and sector classifications alongside identifiers.

“Through this breakthrough collaboration with MSCI, we’re making it possible for investors to participate in private markets using the comparable, trusted standard for identity resolution that public markets have relied upon for decades to track the movement of securities throughout financial markets,” said Managing Director and Global Head of CUSIP Global Services, Scott Preiss.

Moody’s Harnesses Allvue Data for Private Credits Stress Indicator Model

Moody’s Corporation’s launched the Moody’s Analytics EDF-X Private Credit Model to measure credit risk for the private credit market using performance data supplied by Allvue Systems.

The model evaluates private credit performance by tracking indicators of borrower stress such as covenant waivers and payment-in-kind arrangements.

Moody’s Analytics Chief Executive Christina Kosmowski said: “By combining Allvue’s private market data with Moody’s credit intelligence, we can help customers identify borrower stress earlier and bring greater transparency and insight to a rapidly growing market.”

The tool estimates the likelihood of both missed payments and early indicators of financial distress. The software relies on anonymised performance data from Allvue Systems, LLC and joins an existing suite of private credit products, including the EDF-X CreditGradient tool.

Gresham Clients Given Access to New Reconciliation Product

Control Studio, an artificial intelligence-enabled application for Gresham’s Control reconciliation product has been launched, enabling business users to create and maintain reconciliation controls without requiring coding or technical configuration skills.

The software uses generative artificial intelligence to translate business requirements into configuration rules for matching, validation and exception workflows.

“Control Studio puts the people who understand the data in control of the process, using generative AI to turn business requirements into the rules and configuration needed by Control,” said Neil Vernon, Gresham Global Head of Product – Control and Data Service.

Users can configure controls using sample data and identify correlations across multiple datasets.

Fitch Adds BMI Data to its Fitch Nexus MCP

Fitch Solutions has introduced BMI data to its Model Context Protocol connector, Fitch Nexus along with expanded capabilities for its CreditSights and Fitch Ratings Research & Data units.

The connector links data into enterprise workflows, delivering authenticated and source-attributed credit insights through a single interface.

The platform functions as a hub accessible through clients’ internal AI applications and large language models.

Fitch Chief Product Officer Tom Bradley said: “Bringing BMI into the fold means clients can move fluidly between country risk, credit ratings, and independent credit research.”

The update expands coverage across the firm’s Credit & Market Insights and Ratings & Risk units.

OpenAssets and Sui Advance Institutional Tokenisation Standards Under Linux Foundation Decentralized Trust

Digital Assets infrastructure provider OpenAssets is collaborating with blockchain project Sui to advance the development of the Open Tokenised Asset Standard (OTAS) within the Linux Foundation Decentralized Trust (LFDT) organization.

OTAS is designed as a neutral, auditable foundation for identity, compliance, asset representation, and reporting, that institutions can build on rather than adopting wholesale. The collaboration focuses on making tokenised financial assets interoperable, so they can be readily moved and verified across different networks.

An open standards lab, OTAS is hosted at LFDT, was initiated by OpenAssets and is sponsored by the Sui Foundation.

“Financial markets have always depended on trusted standards,” says Daniela Barbosa, General Manager, Decentralized Technologies, Linux Foundation, and Executive Director, LF Decentralized Trust. “OTAS applies that principle to tokenised assets by creating an open framework that the broader industry can shape together. Sui and OpenAssets are key collaborators helping shape the neutral governance of this LFDT lab as a model for the next generation of digital capital markets.”

OKXICE Joint Venture to Launch TSV for US-listed Equities

OKXICE, the recently formed 50-50 joint venture between Intercontinental Exchange and crypto market OKX, has filed to launch a round-the-clock Tokenised Securities Venue (TSV) under the US Securities and Exchange Commission’s new five-year “Innovation Exemption.”

When authorized, the platform will list more than 60 major US-listed equities, distinguishing itself by offering tokens designed to represent direct backing by underlying shares, ensuring that investors preserve their traditional dividend and voting rights rather than just tracking price movements.

For its infrastructure and settlement, OKXICE will use permissioned Uniswap v4 liquidity pools deployed on X Layer, OKX’s proprietary Layer-2 blockchain. Transactions on the network will be executed against prominent stablecoins, including USDC, USDT, and USDG, to facilitate continuous liquidity and decentralised settlement.

PhillipCapital Extends Eventus Trade Surveillance Partnership

Phillip Capital Inc. has extended its long-standing relationship with Eventus, continuing to use the vendor’s Validus platform for trade surveillance across its expanding range of markets. The US-based futures commission merchant and broker-dealer uses Validus to monitor activity across US equities, options, fixed income and global futures, as well as the rapidly developing prediction markets sector.

PhillipCapital said its combination of clearing, broker-dealer and FCM activities creates differing surveillance requirements across markets, making flexibility and the ability to configure alerting particularly important. The firm highlighted the need for detailed visibility without generating excessive volumes of alerts requiring manual investigation.

The renewed agreement extends an established relationship between the companies as PhillipCapital broadens its activities across asset classes. Eventus said the platform is designed to support evolving compliance requirements through configurable surveillance and financial risk capabilities across multiple markets.

Rothera Automates High-Volume Derivatives Reconciliations with Smartstream

Rothera has deployed Smartstream’s Air platform to automate high-volume reconciliations across its CFTC-regulated event contract exchange and clearinghouse operations.

The implementation uses Air’s Cash and Data modules to replace manual processes and support reconciliation of around 1.7 million transactions each day within an automated, fully audited environment.

The initial deployment covers two reconciliation processes, Exchange-to-Clearing Instruments and Exchange-to-Clearing Trades, with additional workflows planned as the rollout continues. Smartstream’s AI-powered platform ingests, matches and reconciles high-volume data flows with minimal manual intervention. Rothera said the implementation has reduced manual effort, accelerated the identification of exceptions and provided a complete audit trail across its operations.

The deployment comes as rising transaction volumes increase the operational demands on Rothera’s post-trade infrastructure. The exchange plans to extend automation into further reconciliation workflows as its markets grow.

Liquidnet Launches SuperBlock TI for Large Block Liquidity Discovery

Liquidnet has launched SuperBlock Targeted Invitations (TI), extending its liquidity discovery capabilities to help buy-side traders source counterparties for exceptionally large equity orders while controlling how trading interest is distributed.

The new functionality builds on Liquidnet’s existing Targeted Invitations capability, allowing traders to share SuperBlock interest with a broader group of potential counterparties while limiting information leakage. Each invitation is backed by a live client order, providing greater confidence that the liquidity opportunity is actionable.

The SuperBlock initiative, launched in 2024, has facilitated more than 1,500 trades globally. Between January 2025 and June 2026, Liquidnet says SuperBlock generated 64.5 basis points, or $55 million, in total savings for buy-side members. During 2025, Targeted Invitations helped clients access more than $3.8 billion in liquidity.

Bloomberg Automates Market-on-Close Trading for Japanese Government Bonds

Bloomberg has introduced an automated Market-on-Close workflow for Japanese Government Bonds (JGBs), completing the first fully automated trade using the new functionality.

Available through Bloomberg Electronic Markets, the workflow aligns execution with BB3P (Hikene Trading), the Market-on-Close reference rate for JGBs, giving traders greater certainty of execution at a specified close time while helping minimise tracking error.

The functionality combines Bloomberg’s Bid/Offer List Trading with Rule Builder, its trade automation tool. Clients can define execution criteria and automatically route orders when predefined conditions are met within Bloomberg’s integrated TSOX order and execution management workflow.

BlackRock collaborated with Bloomberg on the new protocol, which is intended to reduce manual intervention and transaction costs while supporting more systematic execution, particularly during high-volume periods.

The JGB addition extends Bloomberg’s Market-on-Close capabilities, which already cover US Treasuries, Canadian government bonds, UK Gilts and European government bonds.