BondWave Acquires Bitvore’s Fixed-Income Analytics Unit

Fixed income-focussed FinTech BondWave has completed its acquisition of Bitvore’s data analytics business, which uses artificial intelligence (AI) to scour unstructured data sources for bond market clients.

The technology will be incorporated into BondWave’s Effi fixed income data and analytics platform to “provide users with enhanced transparency and further support our mission and vision as a firm”, said chief executive Michael Ruvo.

With the acquisition, BondWave –which was formed in 2001 – will enable clients to extract data from publicly available sources and crunch it into a useable format for analysis. The company’s other capabilities include portfolio analytics and reporting and proposal generation, as well as tools that support best execution, fair pricing, and mark-up monitoring and disclosure on both a pre- and post-trade basis.

Market Data Startup Databento Boost Fund Raising to $30m

Market data vendor and technology startup Databento has boosted its fundraising to US$30 million with a recent $10m capital boost from investors including Belvedere Trading, Clear Street and Lightscape Partners.

Databento builds APIs to better serve financial institutions with high-fidelity market data. The pay-as-you-go service enables clients to select data distributed from almost 50 exchanges worldwide in more than a dozen formats.

The Salt Lake City, Utah-based company said the new finance would be used to enhance its offering by extending the historical and geographical coverage of the data it feeds to clients.

Tradeweb and Tokyo Stock Exchange Partner to Enhance Liquidity Access for Japanese ETFs

Tradeweb Markets Inc. and the Tokyo Stock Exchange (TSE) have formed a strategic partnership to boost institutional access to liquidity in Japanese exchange-traded funds (ETFs). The collaboration introduces a direct link between Tradeweb’s platform and TSE’s CONNEQTOR request-for-quote (RFQ) platform, enabling Tradeweb buy-side clients to access CONNEQTOR’s liquidity providers when executing Japan-listed ETF trades. The new connection was inaugurated with a transaction by Global X Japan.

Tradeweb’s integration with CONNEQTOR allows clients to seek quotes from a broad network of market makers via the Tradeweb interface, ensuring they receive the most competitive pricing. Clients can leverage Tradeweb’s AiEX tool for automated execution and benefit from TSE’s post-trade infrastructure, further enhancing transaction efficiency. This partnership builds on Tradeweb’s established multi-region ETF trading capabilities, as Tradeweb reported a significant 30% year-over-year increase in Asia clients’ ETF transaction volumes.

Enrico Bruni, Head of Europe and Asia Business at Tradeweb, commented: “This exciting collaboration between Tradeweb and TSE’s CONNEQTOR platform demonstrates our focus on linking liquidity pools for the benefit of institutional investors looking to transfer risk with a higher degree of certainty. We are in the business of enhancing clients’ execution experience, and we look forward to bringing more time and cost efficiencies to investors trading Japanese ETFs, both locally and globally.”

Moriyuki Iwanaga, President of Tokyo Stock Exchange, added: “CONNEQTOR has been developed as a platform to enable investors to trade ETFs “faster and cheaper”. We hope that the new connection with Tradeweb will promote investment in the Japanese market by allowing investors outside Japan, who have had difficulty using CONNEQTOR, to easily access ETFs listed on the Tokyo Stock Exchange from overseas. TSE will continue to strive to provide and develop a highly convenient market environment, where investors can enjoy better prices and smoother execution.”

TS Imagine Completes Acquisition of PrimeOne

TS Imagine, the global provider of trading, portfolio, and risk management solutions, has now completed its acquisition of PrimeOne, specialists in operational risk management for the prime brokerage sector. The combined entity will operate under the TS Imagine brand, maintaining its global headquarters in New York.

TS Imagine provides a SaaS platform offering integrated front-office trading, portfolio, and risk management tools for both buy-side and sell-side clients. PrimeOne’s platform offers key services such as stock borrowing, lending, and margin management, which will complement TS Imagine’s existing technology.

The integration of PrimeOne’s tools with TS Imagine’s RiskSmart platform aims to enhance real-time risk monitoring by leveraging PrimeOne’s operational and financing data. Additionally, PrimeOne’s expertise in swaps will support the expansion of TS Imagine’s TradeSmart OEMS into swaps.

OTP Group Selects Integral’s Cloud Technology for Enhanced Global FX Trading Operations

OTP Group, one of the leading banking groups in the Central and Eastern European region,  has selected technology from currency technology provider Integral, to upgrade its FX trading infrastructure. By implementing Integral’s advanced liquidity aggregation, pricing engine, and risk management solutions, OTP Group aims to deliver high-precision pricing and increased operational reliability for its clients. This move aligns with OTP’s commitment to enhancing client service quality and achieving cost efficiency across its FX operations.

Integral’s cloud-native technology facilitated a quick and efficient deployment at OTP Group’s headquarters in Budapest, extending across its regional offices in Central and Eastern Europe and Middle Asia. The scalable, flexible architecture will enable OTP Bank to adapt its FX infrastructure to meet changing client demands, ensuring robust performance and easy future growth, according to the company.

Attila Bánfi, Managing Director of OTP Global Markets commented: “We are constantly developing our money and capital markets services to deliver exceptional service and tailored solutions to our regional and global clients. In order to provide even better service than before, we needed a solution that could deliver accurate, flexible and reliable pricing and risk management capabilities across our entire operating area. Integral’s proven and extensible technology stood out as the ideal partner to help us achieve these goals.”

Harpal Sandhu, CEO of Integral, added: “As a leading bank within Central and Eastern Europe, we are delighted to support OTP Group in optimizing their FX pricing and risk management workflows. With over 30-years of experience and the most advanced technology, Integral is able to offer highly configurable and sophisticated trading solutions to meet the specific needs of regional banks – as we are doing with OTP Group. Our solution will provide OTP Group with the workflow capabilities and environment they need, not only to significantly improve operational efficiency, but crucially their trading workflow capabilities for clients.”

GCEX Partners with RULEMATCH to Provide Ultra-Fast Crypto Trading Venue for Institutional Clients

GCEX, the digital asset and FX solutions provider, has partnered with Swiss-based market operator RULEMATCH to offer institutional clients what it claims to be one of the world’s fastest crypto trading venues. Through the collaboration, GCEX clients, including hedge funds and algorithmic traders, gain access to ultra-low latency trading with 25-microsecond execution times, integrated post-trade settlement, and multilateral clearing. The joint solution setup aims to enhance capital efficiency and reduce settlement risks.

RULEMATCH operates as a neutral platform, ensuring liquidity via regulated market makers and providing a transparent, anonymous trading experience through a Central-Limit Order Book (CLOB), and utilises Nasdaq’s technology for pre-trade risk management and market surveillance, aiming to ensure secure and compliant trading. This partnership aligns with GCEX’s commitment to delivering advanced digital asset trading solutions and complements its XplorDigital suite, which offers end-to-end digital asset and FX brokerage technology for institutional needs.

Lars Holst, CEO of GCEX, commented: “We are continually looking to push boundaries and extend our offering. Our partnership with RULEMATCH presents a fantastic opportunity for our clients. RULEMATCH is built on state-of-the-art institutional grade technology that offers ultra-low latency trading of cryptocurrencies, with ultra-competitive fees and consistent execution latency down to 25 microseconds. Their offering is very impressive and we share the same ethos in terms of market integrity and professionalism.”

David Riegelnig, CEO, RULEMATCH added: “Observing the market today, it is very clear that many of the most active trading firms in the FX market are seeing great opportunities in cryptocurrencies as well – which is understandable given the similarities in the market structure. Our partnership with GCEX as a digital prime broker and sponsor means they can now access the ultra-fast trading venue of RULEMATCH and leverage its multi-lateral clearing and settlement capabilities. With this powerful combination, they can employ many of the same strategies from FX markets for trading crypto assets, including stablecoins.”

GCEX is regulated in the UK, Denmark, and Dubai.

Aquis and Cboe Europe Announce Joint Bid for EU Equity Consolidated Tape Provider Role

Aquis Exchange PLC and Cboe Europe have announced plans to form a joint venture, SimpliCT, in a bid to become the EU’s equity consolidated tape (CT) provider. The project, which aims to create a comprehensive and cost-efficient view of market activity for European equities, will be based in the Netherlands and leverage the combined expertise of the two firms.

SimpliCT will focus on delivering a high-quality, real-time feed of equity market data across the EU, aligning with the European Commission’s mandate under the MiFIR Review, which requires a single provider to handle pre- and post-trade consolidated data. The European Securities and Market Authority (ESMA) will oversee the selection process, expected to begin in June 2025, with a decision anticipated by the end of that year.

Natan Tiefenbrun, President, North American and European Equities, Cboe Global Markets, commented: “As a firm that has consistently championed for the introduction of a consolidated tape, we are thrilled to be launching SimpliCT in partnership with Aquis, who share our long-held belief in the significant benefits a well-operated and governed tape can bring to EU capital markets. As one of the most important market infrastructure developments the EU has introduced for many years, it requires a provider that has the necessary technical, operational, and commercial expertise, and is aligned to policy makers’ vision and objectives for the tape. SimpliCT has been created to meet this ambitious goal, by seeking to leverage the leading capabilities of its founder firms and their unwavering commitment to see it succeed.”

As equal shareholders, Aquis and Cboe will contribute their extensive experience in EU-regulated markets, technology, and trade reporting. Together, their platforms process over half of daily European equity trades, positioning them as strong contenders for the CT role. The new venture also underscores both companies’ commitment to the EU’s Capital Markets Union, aiming to enhance the visibility of European issuers and attract global investment by improving market accessibility.

Alasdair Haynes, Chief Executive, Aquis, said: “Aquis has long been an advocate of a consolidated tape in Europe, and is delighted to be partnering with Cboe, an operator that has been similarly steadfast in its commitment. The advantages to the industry of establishing a tape have been clear for many years, and both Aquis and Cboe have been strong supporters. Together with Cboe, we have identified a clear opportunity to serve the financial community as an independent and competitive operator through the formation of SimpliCT. This proposed joint venture would not only represent a cost-efficient, robust business model that integrates advanced complementary, proprietary technologies, it would also be designed to deliver fair compensation for data contribution, aligning the interests of contributors and consumers.”

If selected, SimpliCT would operate with a governance framework designed to ensure fair treatment of data contributors and consumers. A dedicated management team and an industry advisory committee are expected to be appointed to oversee its development and operational strategy.

FFG Asset Management Adopts DTCC’s Institutional Trade Processing Services for Full Automation of Post-Trade Processes

The Depository Trust & Clearing Corporation (DTCC) has deployed its Institutional Trade Processing (ITP) services at Japan’s FFG Asset Management (FFG AM) to automate post-trade processes for both equities and fixed income transactions. By implementing DTCC’s solutions, including CTM, ALERT, and Settlement Instruction Manager, FFG AM aims to streamline domestic and cross-border transaction processes, achieving no-touch trade processing and faster settlements.

This move helps FFG AM reduce reliance on manual workflows, enhancing operational efficiency and aligning with the global financial industry’s shift towards accelerated settlement cycles, including the U.S. transition to T+1. The integration of DTCC’s platforms will enable faster trade confirmation and affirmation while ensuring the accuracy of account data and settlement instructions, supporting a more efficient settlement lifecycle.

Takashi Yoshinaga, Representative Director of FFG Asset Management, commented: “In addition to the global movement around the shortening of settlement cycles, the domestic Tokyo Stock Exchange is planning to extend its trading hours, making it increasingly important to carry out post-trade operations quickly and accurately. We look forward to benefiting from DTCC services’ capabilities to improve efficiency and robustness while leveraging a fully automated post-trade process.”

Val Wotton, Managing Director and General Manager, DTCC Institutional Trade Processing, added: “DTCC’s ITP is uniquely positioned to enable counterparties to reach settlement finality faster while seamlessly connecting the ITP community to thousands of counterparties around the world.”

Appital Facilitates Record $78 Million European Equity Transaction, Setting New Benchmark for Liquidity Discovery

Appital, , the price discovery and liquidity sourcing platform, has facilitated a record-breaking $78 million transaction in a listed European large-cap equity. The transaction, 2.3 times the average daily volume (ADV), was executed on LSEG’s Turquoise MTF, surpassing the previous largest transaction of $30 million. This milestone comes just weeks after the launch of Appital’s Price Discovery feature within Appital Insights, which allows institutional investors to uncover hidden liquidity and optimise transaction pricing.

Leveraging its innovative platform, Appital proactively sourced liquidity, enabling trading and portfolio management teams to generate large-scale orders. This transaction underscores the success of Appital’s Price Discovery mechanism in transforming how institutional investors approach liquidity challenges, according to the company. With an average order size of 1.8 times ADV, Appital has facilitated transactions ranging from $1 million to $260 million, setting new standards for liquidity discovery in European equity markets.

Mark Badyra, CEO of Appital, commented: “Facilitating a record-breaking $78 million transaction is yet another milestone for Appital and exemplifies how our Price Discovery mechanism is reshaping liquidity management. Our technology consistently uncovers hidden liquidity by proactively sourcing the opposing side of trades, proving there’s far more opportunity available in the market than visible live orders. This unlocks new opportunities for trading teams to generate liquidity and execute more efficient transactions.”

Adam Wood, CEO of Turquoise, added: “We are thrilled to have worked with Appital in setting new benchmarks for liquidity discovery. This collaboration reflects our commitment to driving innovation in the marketplace, offering our clients leading liquidity solutions that deliver better execution outcomes. Together, we are pioneering new ways for institutional investors to trade with confidence in a market for size.”

ION Connects to Newly Launched FMX Futures Exchange, Enhancing Client Trading Capabilities

ION, the trading and workflow automation software vendor, has connected to the FMX Futures Exchange, which opened on 23 September 2024. With this integration, clients can now access and trade on the new US interest rate futures exchange through ION’s suite of execution and post-trade products. The FMX Futures Exchange, backed by major investment banks and BGC Group, offers a state-of-the-art trading system with significant capital savings through LCH’s cross-margin capabilities.

ION’s technology supports the full lifecycle of cleared derivatives trading on FMX, spanning front-, middle-, and back-office operations. This seamless connection enables banks and brokers using ION’s platforms to offer enhanced execution and clearing services from the first day of the Exchange’s operations.

Robert Allen, President of FMX Futures Exchange, commented: “The combination of the FMX Futures Exchange with LCH will provide clients with choice, innovative execution technology, and potentially significant cross-margin capabilities.”

Francesco Margini, Chief Product Officer for Cleared Derivates, ION Markets, added: “We are always very pleased to support new major exchange initiatives. The joint effort with FMX Futures Exchange demonstrates once again the effectiveness of ION’s front-to-back product strategy: the powerful combination of modern, integrated solutions across execution and clearing removes the technical barriers often hindering market readiness and participation.”