SIX Incorporates Bridgewise AI Analytics into SIX iD

Swiss data and markets provider SIX has integrated Bridgewise’s artificial intelligence-supported analyses into its SIX iD data search and visualisation tool.
Bridgewise will provide fundamental analysis, peer comparisons, target price forecasts and insights into events likely to have an impact on stocks. SIX clients will also gain access to Bridget, Bridgewise’s AI chatbot, which can launch detailed searches through conversational prompts.

Bridget uses a micro language model (MLM) that specialises in investment and capital markets.

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.”

GLEIF Open Mumbai Office as Indian Use of LEIs Surges

The Global Legal Entity Identifier Foundation (GLEIF) has expanded its operations to India, opening an office in Mumbai where it intends to gain a deeper understanding of local markets.

The non-profit organisation, which provides universal identification codes for companies and assets to make it easier to verify and map data to them, said India has been among the top-five legal entity identifier (LEI) growth areas in the past four years.

“The LEI has become a key tool in enabling trust and transparency across the Indian financial ecosystem, thanks to a proactive regulatory agenda advanced by the Reserve Bank of India,” GLEIF said. “Significant levels of new LEI issuance in the region annually, as well as high levels of LEI renewals, can be attributed directly to this extensive regulation and the need for organisations to comply.”

Meanwhile, the International Standards Organisation (ISO) has expanded the LEI technical standard to include GELIF’s digitally signed, tamper-resistant verifiable credentials, know and vLEIs.

“This is a pivotal moment in the evolution of digital organisational identity,” said GLEIF chief executive Alexandre Kech. “The inclusion of the vLEI in ISO 17442 solidifies its role as the global benchmark for secure, digital verification of legal entities. As the vLEI gains traction, it promises to revolutionise how businesses authenticate and trust each other, enabling seamless interactions in a way that has never been possible before.”

Refreshed DTCC Fixed-Income Master Data Updates More Frequently

Bond traders and investors can now receive more frequently updated data on assets with an enhancement to the Depository Trust & Clearing Corporation (DTCC)’s security master data file service.

DTCC’s Corporate Fixed Income Premium Intraday Reference Data has been retooled to refresh every half-hour 23 times a day, the organisation said. It will also include 20 new data elements, including security description, bond duration, interest rate and coupon frequency.

The update has been partly driven by the advent of T+1 trade reporting.

“Intraday corporate fixed income data is critical for the identification, valuation, trading, and settlement in the secondary market,” said Tim Lind, managing director of DTCC data service. “The T+1 transition requires firms to operate more quickly within shorter timeframes. Having access to underlying security data on a timelier basis can help firms achieve that objective.”

BGC Group to Acquire OTC Global Holdings, Expanding Energy and Commodities Business

BGC Group, Inc., the global brokerage and financial technology company, has agreed to acquire OTC Global Holdings, LP (‘OTC’), the largest independent institutional energy and commodities brokerage firm. The acquisition will bolster BGC’s Energy, Commodities, and Shipping (ECS) division by diversifying and expanding its global footprint. OTC offers brokerage services across key sectors such as crude oil, natural gas, petrochemicals, and biofuels, with operations spanning North America, Europe, and Asia.

Howard Lutnick, Chairman and CEO of BGC Group, commented: “OTC has built a premier global energy, commodities, and shipping business that is supported by world class talent. This acquisition will complement our existing ECS business and will enhance our ability to deliver a comprehensive, best-in-class offering to our global client base. We look forward to welcoming the OTC team onto the BGC platform, combining our innovative solutions to drive greater results for our clients.”

Joe Kelly, CEO of OTC Global Holdings, added: “BGC has an incredible offering with a proven track record of growth and innovation. We have built something very special and unique at OTC.  We look forward to joining BGC’s platform and believe that together we will become a leading global broker for energy, commodities, and shipping products, delivering unparalleled value to our clients worldwide.”

The transaction, structured as a predominantly cash deal, is subject to regulatory approvals and other customary conditions. Jefferies LLC serves as the exclusive financial advisor to OTC Global Holdings.

OptAxe Receives FCA Authorisation to Operate Multilateral Trading Facility for FX Options

OptAxe, the centralised trading platform focused on FX options, has been granted authorisation by the UK’s Financial Conduct Authority (FCA) to operate as a multilateral trading facility (MTF). This approval marks the completion of a two-year process, allowing OptAxe to provide an innovative solution for axe-driven FX options trading. The platform aims to address key challenges in the market, such as lack of transparency, fragmented pricing, and inefficiencies in bilateral trading processes.

By centralising and automating the distribution of FX options axes, OptAxe aims to improve price discovery, execution quality, and overall market efficiency. The platform is fully operational and offers diverse connectivity options, including Web GUI and APIs like FIX and REST, enhancing access to liquidity and streamlining trade execution for market participants.

Chris Jackson, CEO and Co-Founder of OptAxe, commented: “We set out to bring much-needed innovation to the FX options market, improve liquidity discovery and unlock previously untapped trading opportunities. OptAxe is a fully centralised, regulated venue for liquidity discovery, dissemination and execution that empowers trading participants with actionable insights from centralised liquidity information. We automate manual, bilateral processes and consolidate available axe inventory into a single platform, effectively acting as a multi-issuer, not a multi-dealer platform, RFQ-based venue”.

Yorke O’Leary, COO and Co-Founder of OptAxe, added: “Securing FCA approval to operate a regulated MTF for FX options trading is a significant milestone for OptAxe and represents a step-change in how the industry operates. Globally, capital costs are rising and market participants urgently need to access, recycle and clear more FX options risk, whilst still facing inefficient distribution practices, complex price discovery methods and expensive execution outcomes. With OptAxe, all market participants can easily access a centralised source of actionable axe inventory with evidence-based pricing that meets the demands of the trading community today and tomorrow.”

Hashnote’s US Yield Coin (USYC) Now Available on Canton Network, Offering Privacy-Enhanced, Tokenised Yield Solutions

Hashnote, the on-chain digital asset manager backed by DRW and Cumberland, has made its yield-bearing US Yield Coin (USYC) accessible on the Canton Network, a blockchain platform developed by Digital Asset with contributions from over 30 financial industry leaders. The Canton Network’s privacy features allow USYC holders to manage collateral without third-party visibility, enhancing security and discretion.

USYC is a tokenised asset that invests in reverse repo activities on government-backed bonds, providing short-term, risk-free returns. The asset currently has $300 million in assets under management (AUM). Through Canton’s Global Synchroniser, USYC holders benefit from privacy-protected, atomic transactions across applications on the network. Additionally, Hashnote is one of the first apps approved to mint Canton Coin, the network’s native utility token, allowing USYC holders to earn rewards through their interactions on the platform.

Leo Mizuhara, Founder and CEO of Hashnote, commented: “What particularly stands out for us, and for many of our clients, is the privacy of your assets and transactions when using Canton, which can be crucial for trading use cases. The setup allows us to reduce counterparty and settlement risks and optimise capital efficiency without sacrificing privacy. Furthermore, USYC is fully composable on the Canton Network, so participants can create additional utility around USYC by including it in their trading, cash, and risk management workflows.”

Eric Saraniecki, Co-Founder and Head of Network Strategy at Digital Asset, added: “Access to tokenised real-world assets on-chain has been steadily on the rise and we are now seeing demand from institutional investors who want to utilise these assets across daily margin, cash and risk management activities. Privacy is required to make this a reality, unlocking cash equivalents for use as collateral 24/7, in real-time, and connecting Hashnote’s customers to the largest and most diverse network for tokenised real-world financial assets.”