Behavox Acquires Apiax to Add Cross-Border and Content Compliance

Behavox has acquired Zurich-based Apiax, adding software that converts financial regulation into machine-readable rules for use within firms’ own systems. The deal extends Behavox’s controls platform into cross-border and content compliance, connecting regulatory interpretation with its regulatory change management, surveillance and archiving products.

Apiax’s embedded compliance software applies regulatory rules at the point of business. Its capabilities complement Pathfinder, Behavox’s regulatory change management product, which identifies changes in regulation. Behavox serves banks, asset managers, hedge funds and commodity firms.

According to Behavox, the combined platform links the identification of regulatory changes, their conversion into operational rules, and the monitoring and recording of resulting decisions. The company says this provides a shared evidence trail across processes that firms have typically managed through separate regulatory intelligence, interpretation and surveillance providers.

“This acquisition extends our platform from regulatory intelligence through to monitoring and evidence. Apiax adds the interpretation layer that turns regulation into action at the point of business,” said Kiryl Trembovolski, Co-Founder and Chief Operating Officer of Behavox.

Behavox says the combination reduces manual effort and the cost of maintaining multiple compliance systems.

“Apiax was built to embed compliance where the work happens. Joining Behavox gives our technology the platform, engineering resources, and distribution to reach far more institutions,” said Philip Schoch, Co-Founder and CEO of Apiax.

The acquisition adds engineering and regulatory expertise in Switzerland, Germany, Portugal and the UK. It follows Behavox’s opening of a Milan office in August 2026. The company reported 213% growth in European annual recurring revenue over the preceding two years and received a $175 million preferred equity investment in June 2026 from HPS Investment Partners, part of BlackRock.

Behavox said Apiax customers will continue to receive their existing product and support, backed by its research and development investment and global customer success organisation. The transaction has closed; financial terms were not disclosed.

Lynx Asset Management Selects xyt for Global Equities Liquidity Analytics

Stockholm-based systematic investment manager Lynx Asset Management has selected xyt to provide independent volume and liquidity analytics across global equities markets, supporting the development of its systematic trading strategies.

The partnership will give Lynx a more granular view of intraday liquidity across trading venues, execution mechanisms and different times of day, moving beyond aggregated or end-of-day market data.

xyt’s analytics incorporate market structure classifications, including trade condition codes, deferred transactions, retail flow and addressable trading volumes across lit and dark venues, systematic internalisers and other execution mechanisms. The aim is to provide a consistent picture of where and when executable liquidity is available across markets.

Lynx, which manages systematic strategies spanning equities, fixed income, commodities and currencies, said the additional granularity is already helping refine its liquidity models. The implementation reflects growing demand among quantitative investment firms for more detailed market microstructure data to inform trading and execution decisions.

Clearstream and Brookfield Partner to Expand Private Markets Access

Clearstream has partnered with alternative asset manager Brookfield to expand access to private market investments through its global fund distribution platform, targeting private banks, wealth managers and fund distributors.

The agreement will make Brookfield’s Luxembourg-domiciled evergreen private market funds, spanning infrastructure, private credit and private equity, available through Clearstream’s existing distribution and order-routing infrastructure.

The integration is designed to simplify fund execution, settlement and operational processing, allowing distributors to access private market products through standardised workflows similar to those used for traditional mutual funds.

For Brookfield, which manages approximately $1 trillion in assets, the partnership extends distribution of its private wealth strategies across Clearstream’s international network.

Clearstream Fund Services provides access to more than 85,000 funds through its distribution platform, while its Vestima processing infrastructure supports execution, settlement and custody services for over 245,000 funds across more than 55 markets.

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.