FESE and Oxera Publish New Analysis on Market Data Fees in EU Equity Trading

The Federation of European Securities Exchanges (FESE) has commissioned Oxera to conduct an analysis of market data fees and revenues since the implementation of MiFID II, building on previous studies from 2019 and 2022. This analysis is timely, aligning with the ESMA’s recent consultation on the Regulatory Technical Standards (RTS) on Reasonable Commercial Basis.

The Oxera study reveals that market data revenues from stock exchanges have remained relatively stable, suggesting that overall market data prices have not significantly increased. The findings also indicate a shift from display to non-display data usage, with fees adjusted accordingly to reflect this change and accommodate smaller clients.

FESE urges ESMA to consider these findings in shaping the final RTS to avoid overregulation, which could restrict data access and investment. FESE also recommends a principle-based approach to cost allocation, ensuring fairness across different customer groups.

LTP Partners with Avelacom to Enhance Low Latency Network Services for Crypto Trading

Low latency network solutions provider Avelacom has been chosen by LTP, a prime broker for digital assets in the Asia Pacific region, to deliver advanced network services. The collaboration aims to enhance trading speeds and reliability for LTP’s diverse client base, including hedge funds, high-frequency trading firms, funds of funds, and family offices, across global crypto markets.

The partnership highlights LTP’s commitment to optimising trading infrastructure and supporting increased cross-venue trading volumes. Avelacom, recognised for its pioneering low latency solutions in the crypto industry, will leverage its extensive network coverage and recent expansions in Asia Pacific, including a new presence in Korea and an office in Hong Kong, to provide superior connectivity and performance for LTP’s clients.

Amberdata Achieves SOC 2 Type II Compliance for Enhanced Data Security

Amberdata, the provider of digital asset data and analytics for institutional clients, has achieved SOC 2 Type II compliance in line with the standards set by the American Institute of Certified Public Accountants (AICPA) under SSAE 18. This achievement underpins Amberdata’s commitment to providing enterprise-level security for customer data.

The audit was conducted by Prescient Assurance, specialists in security and compliance attestation services for B2B and SaaS companies. SOC 2 compliance assures Amberdata’s clients that their data is managed with the highest standards of security, privacy, and compliance, crucial for service providers handling sensitive customer data in the cloud.

“Our institutional customer base requires us to implement a strong security compliance program, and the transparency provided by a SOC report is essential to grow our business,” commented Shawn Douglass, CEO of Amberdata, “The fact that Amberdata achieved an unqualified opinion on a SOC 2 Type II audit report proves that we have the necessary controls and processes in place for compliance. Having our testing conducted by Prescient Assurance, the leader in security testing and compliance for SaaS companies, will provide additional assurance around our security, availability, and processing integrity to our customers.”

3forge Secures Investment from Morgan Stanley

3forge, a provider of high-performance code solutions for business-critical applications, has announced its first external funding since its founding in 2011, with an investment from Morgan Stanley.

The 3forge platform enables developers to build enterprise applications with a strong emphasis on real-time data integration, virtualisation, processing, and visualisation. Since 2014, its technology has been utilised by Tier-1 global banks, hedge funds, asset managers, exchanges, and sovereign wealth funds to support hundreds of client-driven, mission-critical business use cases.

Robert Cooke, Founder of 3forge, commented: “We are thrilled to close on an investment by Morgan Stanley, a longstanding partner who truly understands the value and performance of 3forge technology. This is an exciting milestone as we continually expand our capabilities to help enhance client workflows and productivity.”

The financial terms of the investment were not disclosed.

DiffusionData Releases Diffusion 6.11 with Enhanced Developer Features

DiffusionData has announced the release of Diffusion 6.11, introducing several developer-focused enhancements aimed at accelerating development, reducing operational costs, and ensuring efficient real-time data delivery. Key improvements include a major boost in distributed update performance, aligning clustered environment speeds with single-server operations through asynchronous processing.

The release also introduces a new usage monitoring feature that enables customers to collect usage statistics, which can be periodically reviewed by DiffusionData for optimised feedback. Additional updates include a cluster-aware session event listener, new API capabilities for session filtering and topic management, and the option to disable delta compression in update streams for reduced client CPU usage. Enhancements to the Diffusion Management Console provide a more intuitive interface for managing topic views and viewing JSON structures.

Grethe Brown, CEO of DiffusionData, commented: “Many of the enhancements we’ve introduced in 6.11 have been driven by an ongoing dialogue with our Diffusion community. It’s important for us to understand the evolving requirements of our clients and address those when introducing improvements to our framework. The enhancements reflect some of the daily challenges faced by developers and are intended to improve operational productivity.   The feedback from our amazing customers continues to fuel our innovations in real-time data.”

Murex Completes MX.3 Implementation for Collateral Management and SIMM at Mediobanca

Murex, the provider of trading, risk, and processing solutions for capital markets, has successfully implemented its MX.3 platform for collateral management and Standard Initial Margin Model (SIMM) at Mediobanca. The Milan-based bank aimed to enhance operational efficiency, streamline processes, and optimise capital usage through this go-live. The implementation integrates Mediobanca’s front-to-back operations, including accounting and payments, onto a single system.

The expanded collateral management scope now covers OTC, cleared and listed derivatives, repos, and securities, while the SIMM solution offers real-time connectivity for processing variation margins and advanced back-testing. The successful collaboration between Murex and Mediobanca has resulted in a more integrated IT architecture and improved reporting capabilities, supporting the bank’s strategic objectives.

TS Imagine Unveils Platform 3.0

TS Imagine, the trading, portfolio, and risk management solutions provider, has launched Platform 3.0, a comprehensive upgrade developed over three years of research, development, and investment. This new platform represents a significant modernisation of TS Imagine’s offerings, designed to position its users at the forefront of innovation in global capital markets. Platform 3.0 integrates a wide range of enhancements, including advanced data analytics, artificial intelligence, and automation tools, providing users with real-time, intraday insights and optimised workflows.

Key features include an expanded cross-asset class liquidity network with over 300 endpoints, immediate access to all asset classes for new users, and a significant reduction in total cost of ownership, especially in fixed income trading. The platform utilises AI-driven automation to convert unstructured data into machine-learning-ready structured data, streamlining decision-making processes and automating compliance tasks. Additionally, the new AutoRoute tool improves order flow management by automatically routing orders, assigning brokers and traders, and enhancing operational efficiency.

Platform 3.0 also broadens data coverage to over 20 million financial instruments, allowing users to diversify their trading strategies. Enhanced risk management capabilities, including tools like RiskSmart+ and a comprehensive margin calculator, enable users to handle margin calls and mitigate market risks effectively. With a modular design, Platform 3.0 is tailored to meet the needs of both small and large investment firms, providing scalable, customisable solutions that help firms grow and adapt to evolving market conditions.

ICE Subsidiary IBA Partners with Space Intelligence to Launch Commodity Traceability Platform

ICE Benchmark Administration Limited (IBA), a subsidiary of Intercontinental Exchange, Inc., is collaborating with Space Intelligence, a nature mapping data provider, to introduce the ICE Commodity Traceability Service (ICE CoT). This is a new technology platform designed to streamline the trade of physical cocoa and coffee by automating the submission, storage, validation, and sharing of due diligence information required under the European Union’s Deforestation Regulation (EUDR). The EUDR aims to minimise the EU’s contribution to global deforestation by ensuring that specified goods entering or sold in the EU are “deforestation-free” and lawfully produced. Given that Europe is the largest market for cocoa and coffee globally, the regulation has significant implications for supply chains.

The partnership will see Space Intelligence’s geospatial mapping integrated into ICE CoT, identifying areas in cocoa and coffee-producing countries that have been deforested since December 31, 2020, and are ineligible for EUDR-compliant production. This data will be combined with ICE CoT’s farm and physical flow validation methods, leveraging geolocation and traceability information to support compliance across the supply chain.

The platform’s pilot phase began in June 2024, focusing on the validation of cocoa and coffee farm geolocation data to allow companies to upload farm plot coordinates and conduct a series of validation checks on the data. IBA also plans to pilot the validation of physical flow data, including the movement, merging, or splitting of cocoa and coffee parcels along the supply chain, alongside lawful production data.

IBA aims to launch ICE CoT by the end of 2024, subject to further testing, system and data availability, and any regulatory requirements.

CJC Achieves ISO 27001:2022 Certification Upgrade

Crown Jewels Consultant Ltd (CJC), the market data professional services and commercial management provider, has upgraded its ISO 27001 certification to the latest 2022 standard, underscoring the company’s ongoing commitment to upholding the highest information security standards and compliance with international protocols. The updated ISO 27001:2022 certification reflects a more rigorous approach to managing sensitive information, as confirmed through a comprehensive external audit of CJC’s security practices, policies, and procedures.

The certification upgrade aligns with the forthcoming EU Digital Operational Resilience Act (DORA) and supports CJC’s cybersecurity initiatives, including achieving Cyber Essentials Certification in March. Key improvements in the 2022 standard include enhanced cybersecurity practices, strengthened data privacy, increased resilience to cyberattacks, and greater consumer confidence through robust protection of confidentiality, integrity, and availability.

Johannesburg Stock Exchange Expands Colo 2.0 Service with Beeks and IPC Support

The Johannesburg Stock Exchange (JSE) is advancing its Colo 2.0 service through an extended collaboration with Beeks Group and IPC. In response to rising demand for dual-location disaster recovery solutions, Beeks’ Exchange Cloud service has now been deployed at Teraco’s secondary data centre, aiming to strengthen the JSE’s resilience, ensuring robust infrastructure for the future.

The Colo 2.0 service, launched in September 2023, has quickly become a vital component of the JSE’s operations, offering private cloud computing and low-latency analytics. The strong adoption of this service led to the need for a secondary solution to support growth and disaster recovery. The expansion at Teraco reflects the successful partnership between the JSE, Beeks, and IPC, highlighting a shared commitment to future-proofing financial market infrastructure. The collaboration aims to extend these cloud-based solutions to other exchanges globally.