McKay Brothers and Quincy Data Launch High-Speed Services Linking Illinois Futures Markets with Sydney Trading Hubs

McKay Brothers and Quincy Data are launching new services connecting Illinois futures markets with major trading facilities in Sydney, Australia. The services link the CME in Aurora and ICE Futures in Chicago with Sydney’s Australian Liquidity Centre and Equinix SY5, which host ASX and Cboe Australia respectively.

McKay Brothers will offer private transport capacity, while Quincy Data will distribute its Snapshot Feeds covering equity indices, energy, metals and foreign exchange futures. The connection delivers a round-trip delay of less than 168 milliseconds between North America and Australia. Both companies maintain their Level Playing Field policy, ensuring all clients receive equal access to the same high-performance infrastructure regardless of their size.

B3 Completes Phase Two of CSD System Built on Vermiculus VeriSafe Technology

B3, the Brazilian marketplace operator, has completed the second phase of its new central securities depository (CSD) system, developed using VeriSafe technology from Vermiculus. This represents one of the largest CSD transformation projects globally, with Vermiculus and B3 delivering a major phase into production for the second consecutive year.

The elastically scalable platform now supports the full range of complex transactional rules required by a modern CSD, including settlement transactions, participant transfers, deposits, withdrawals and IPOs. VeriSafe also handles creation and redemption processes for all Brazilian certificate types, including ETFs, depository receipts and fractional shares. The microservice-based architecture enables B3 to introduce new products with shorter time-to-market whilst maintaining operational resilience.

Vermiculus and B3 are now progressing to the third and final phase, which will replace B3’s existing corporate actions module and further extend the system’s capabilities for high-volume corporate action processing.

Bite Investments Acquires Portfolio Intelligence Platform Untap

Bite Investments, a technology provider for the alternative investments sector, has announced the acquisition of Untap, a portfolio management and fund-intelligence platform. This move integrates Untap’s data capabilities into Bite Stream, Bite Investments’ flagship software, to enhance portfolio analytics and ESG reporting. The acquisition follows a period of strategic growth for the company, supported by recent investments from NewSpring Capital, Proof Point Capital, and Osage Venture Capital.

The integration of Untap allows Bite Stream to offer private-market managers a more comprehensive suite of tools, including AI-driven fund intelligence and KPI tracking. Untap’s flexible data model facilitates the collection of financial, operational, and qualitative information within a single environment. This assists managers in meeting the growing demand for transparency regarding return generation and fund performance, while also streamlining investor onboarding and communications.

Moving forward, the combined platform aims to bridge the gap between investor engagement and underlying portfolio data. While both platforms will continue to support their existing clients, the development roadmap focuses on unifying the user experience and strengthening data infrastructure. Legal and financial advice for the transaction was provided to Untap by Hart Brown, PwC, and Kitra Advisory.

Broadridge Integrates Crypto.com Into Global NYFIX Network

Broadridge Financial Solutions has integrated Crypto.com into its NYFIX order routing network, marking the first cryptocurrency expansion for the service in Asia. This collaboration allows institutional crypto orders to flow through the same FIX-based infrastructure used for traditional asset classes. By linking their technology, market participants on the NYFIX Marketplace can now route orders directly to Crypto.com, leveraging the platform’s liquidity and low-latency performance within a standardised, secure workflow.

The partnership aims to reduce operational friction and market fragmentation by providing consistent order routing and data handling via the industry-standard FIX protocol. For Crypto.com, the integration provides immediate access to Broadridge’s global network of over 2,200 buy-side and sell-side participants. This move reflects an increasing institutional demand for digital assets and Broadridge’s strategy to provide reliable, compliant connectivity across both traditional and emerging financial markets.

Orange Investment Advisors Modernises Operations with Clearwater Analytics’ Enfusion Platform

Orange Investment Advisors, a credit-focused investment manager, has successfully implemented Enfusion by Clearwater Analytics. The transition to the integrated front-to-back platform is designed to modernise operations across the firm’s structured credit portfolio, replacing fragmented legacy systems with a unified solution for portfolio and order management.

The deployment provides a single execution platform that integrates trading, compliance, and real-time data. By consolidating these functions, the firm can manage positions without the need to transfer data between disparate tools. Furthermore, the combination of Enfusion and Clearwater’s Beacon platform introduces advanced risk modelling capabilities, including scenario analysis, factor attribution, and stress testing based on a single, reconciled dataset.

This operational shift reduces the time required for manual reconciliation across the front, middle, and back offices. Consequently, Orange Investment Advisors can produce institutional-grade structured credit reports with greater speed and accuracy. These efficiencies allow the team to focus on higher-value tasks while providing clients with more transparent and timely reporting.

Nasdaq and Boerse Stuttgart Group Partner to Modernise European Post-Trade Infrastructure

Nasdaq has entered into a strategic partnership with Seturion, the Boerse Stuttgart Group’s pan-European settlement platform for tokenised assets. The collaboration aims to address the fragmentation of Europe’s capital markets by leveraging distributed ledger technology (DLT) to create a more unified settlement ecosystem. Initially focusing on structured products, Nasdaq’s European trading venues will connect to Seturion to facilitate the trading and settlement of tokenised securities.

The partnership seeks to improve market efficiency by reducing the operational complexity and costs associated with traditional post-trade processes. Seturion supports various asset classes on public and private DLTs, allowing for cash settlement against central bank money and on-chain cash. By maintaining alignment with European regulations, such as MiFID II and the DLT Pilot Regime, the initiative preserves trusted market structures while providing issuers and investors with faster, more cost-efficient settlement cycles.

Moving forward, Nasdaq and Seturion intend to expand this network to include a broader range of financial institutions, brokers, and issuers across Europe. This long-term expansion aims to accelerate the adoption of tokenised securities and streamline the European settlement landscape through a single, integrated platform.

ACA Expands Cross-Asset Transaction Cost Analysis with FXT Acquisition

ACA Group has acquired foreign exchange analytics specialist FX Transparency (FXT), extending its capabilities in transaction cost analysis (TCA) and best-execution monitoring within the FX market.

The move follows ACA’s 2025 acquisition of Global Trading Analytics (GTA), which marked the firm’s initial expansion into TCA across equities, fixed income, derivatives and foreign exchange. With the addition of FXT, ACA deepens its coverage in FX — one of the largest and most liquid global markets, but also one where execution quality can be difficult for institutional investors to assess.

Founded in 2009 and headquartered in Framingham, Massachusetts, FXTT has developed a reputation for independent, data-driven analysis of FX execution. Its analytics draw on a substantial repository of institutional trading data to help asset managers, pension funds, endowments, mutual funds, insurance companies and corporations evaluate trading performance and demonstrate fiduciary oversight.

The acquisition strengthens ACA’s broader push to combine governance, risk and compliance (GRC) expertise with trading analytics. As regulatory expectations around best execution continue to tighten across multiple jurisdictions, firms are under increasing pressure to demonstrate how they source liquidity, evaluate counterparties and measure execution quality across asset classes.

In foreign exchange markets, those demands can be particularly complex. Fragmented liquidity, varied execution methodologies and the decentralized market structure mean institutional investors increasingly rely on specialised analytics to evaluate trading outcomes and benchmark counterparty performance.

“The acquisition of FX Transparency represents a deliberate next step in building a best-in-class, cross-asset TCA platform,” said Patrick Olson, CEO of ACA Group. “Following our successful acquisition of GTA, we identified FXT as a complementary platform that brings recognized FX expertise, a strong institutional client base, and differentiated analytics that enhance our ability to support clients’ transaction cost analysis and best execution needs.”

FX Transparency’s leadership sees the deal as a way to extend its analytics capabilities within a broader governance and compliance framework.

“Joining ACA enables us to continue delivering the high-quality foreign exchange analytics our clients expect, now supported by ACA’s global operating resources and broad GRC expertise. Together, we can provide a comprehensive TCA solution that addresses the evolving needs of global institutional investors,” said John Galanek, Co-Founder and CEO of FX Transparency.

As institutional investors face growing scrutiny around trading transparency and fiduciary accountability, cross-asset analytics platforms that combine market data, execution analysis and compliance oversight are becoming core components in the GRC toolkit.

Teciem Welcomes Didier Bouillard as Chairman of Board of Directors

Teciem has appointed Didier Bouillard as independent chairman of its board, adding a senior capital-markets technology executive whose career spans some of the industry’s most significant trading, risk and regulatory infrastructure platforms. The move signals the firm’s focus on strengthening governance as it continues to scale its treasury and capital-markets software platform under private-equity ownership.

Bouillard brings more than three decades of experience building and leading enterprise financial-technology businesses. Based in London, he will work with Teciem’s board, management team and shareholder representatives to support strategic direction and governance oversight as the company pursues its next phase of growth.

His career includes senior roles at Ubitrade and SunGard, where he helped develop and expand trading, risk and post-trade platforms used widely across the industry. He later served as chief executive of Ullink, leading the firm’s global expansion before becoming CEO of Calypso Technology in 2018. In 2021 he took on leadership of Adenza following the merger of Calypso Technology and AxiomSL, overseeing the integration of trading, treasury, risk and regulatory-compliance capabilities before the company was acquired by Nasdaq.

Throughout these roles, Bouillard has worked at the intersection of market infrastructure, enterprise software and private-equity ownership models—experience that Teciem’s leadership believes will be relevant as the firm continues to expand its front-to-back treasury and capital-markets offering.

Commenting on the appointment, Wissam Khoury, Chief Executive Officer and Board Director at Teciem, said: “Welcoming an independent chairman of Didier’s caliber and experience to our Board of Directors marks an important milestone in Teciem’s evolution as a standalone, private-equity backed provider of treasury and capital markets technology. The appointment reflects our commitment to balanced oversight and governance standards consistent with leading institutional fintech platforms. Didier’s expertise in scaling fintech businesses in partnership with private equity, combined with his independent perspective, will be instrumental as we grow the business and execute our strategic roadmap.”

ClearToken and Canton Network Partner to Launch Regulated Settlement Infrastructure

ClearToken, the FCA-authorised financial market infrastructure (FMI) provider, has partnered with Canton Network to deploy three Daml-based digital asset platforms: CT Register, CT Pay, and CT Settle. This collaboration integrates ClearToken’s regulatory status with Canton’s blockchain architecture to provide settlement for stablecoin FX and tokenised cash flows. The suite enables the tokenisation of fiat and securities, single-sided and Payment versus Payment (PvP) settlement to eliminate currency risk, and Delivery versus Payment (DvP) net settlement across cryptoassets and stablecoins.

The partnership addresses a significant gap in the $315 billion stablecoin market, which currently lacks the robust post-trade infrastructure found in traditional FX markets. By deploying on the Canton Network – an ecosystem including major institutions such as Goldman Sachs and the LSEG – ClearToken positions its services at the intersection of regulated finance and institutional blockchain. All platforms will be operated by entities within the ClearToken group that are either authorised by the FCA or supervised by the Bank of England.

Launched in December 2025, these services form a modular post-trade stack. While CT Pay and CT Settle are currently active, future expansions will include a central counterparty (CCP) clearing service, CT Clear, pending further regulatory authorisation. This integrated approach allows institutional participants to adopt specific modules independently or utilise the full end-to-end platform for programmable, auditable settlement workflows.

FIS Acquires Droit: Computational Law Moves Into the Core of Capital Markets Infrastructure

Financial technology provider Fidelity National Information Services (FIS) has acquired RegTech firm Droit, a specialist in computational law and automated regulatory decisioning used across global capital markets.

The deal brings Droit’s rule-based compliance platform into the FIS capital-markets technology stack, positioning the combined offering to deliver embedded regulatory controls across trading, post-trade processing and reporting workflows.

Andres Choussy, President & COO, FIS said  “Our clients spend enormous time and money managing regulatory complexity and most of that work is still manual.  This is a challenge we’ve aimed to address for a significant time, and with our recent acquisition of Droit, we are now positioned to achieve it.”

Droit is known for its Adept platform, which encodes regulatory obligations as machine-executable logic that can determine whether a trade, product or activity complies with jurisdiction-specific market rules in real time. The technology is used by banks, trading venues and market infrastructure providers to automate complex regulatory determinations across regimes such as derivatives reporting, product eligibility and cross-border market access.

For Droit, the combination represents an opportunity to scale its regulatory decisioning technology within a larger financial-technology platform serving thousands of financial institutions worldwide. FIS provides banking, payments and capital-markets technology to more than 20,000 clients globally.

Brock Arnason, Chief Executive Officer of Droit, said the integration with FIS would extend the reach of Droit’s approach to computational regulation.

“Our mission has always been to translate complex regulation into precise, executable logic,” Arnason said. “Joining FIS allows us to bring that capability to a broader set of market participants and embed regulatory intelligence directly within core financial workflows.”