SIX Launches API-Based European Market Data Service

SIX has launched SIX Market Signal, a new API-based marketplace providing real-time and historical European market data to institutional and retail users. Its core product, 1BBO, provides a real-time European cash equities stream showing best bid and ask prices using order-book data from SIX Swiss Exchange and BME Exchange, alongside 16 European markets covered by Aquis Exchange.

For institutions, SIX is positioning the service as a way to extend market data beyond execution desks into areas including wealth management, benchmarking and compliance. Users are also licensed to use the data for training trading models and AI agents.

The service uses viaNexus technology for real-time distribution, entitlement management and cloud API delivery. SIX Market Signal is available to institutional users and Swiss retail investors now, with retail availability in the EU and UK planned subsequently.

Trading Technologies Adds FairXchange Analytics to FX Platform

Trading Technologies (TT) has integrated FairXchange Horizon into its institutional FX platform, adding independent execution and liquidity analytics across spot FX, forwards, non-deliverable forwards and swaps. The integration gives clients access to FairXchange’s microstructural analytics directly within the TT platform, allowing them to measure execution quality, analyse trading flows and liquidity-provider performance, and assess counterparty relationships.

FairXchange, part of United Fintech, specialises in independent FX liquidity and algorithmic execution analytics. The partnership is intended to address growing institutional demand for greater transparency around execution performance and liquidity optimisation.

FIX Extends Electronic Trading Standards to Securities Lending

The FIX Trading Community has published new guidance for electronic securities lending, establishing common workflow practices designed to support greater automation across the market. The guidelines provide a standard electronic messaging framework for securities lending contracts conducted bilaterally or through trading venues. They cover quote negotiation workflows, last look and Free of Payment (FOP) lending, and build on earlier FIX practices covering US equities, corporate bonds and DTC-eligible DVP US cash collateral contracts.

Developed by a working group spanning buy- and sell-side firms, vendors and venues, the framework is intended to reduce the cost and complexity of integrating different securities lending platforms and workflows.

FIX said a common protocol should also improve operational resilience and make it easier for firms to connect to new venues and trading protocols as securities lending becomes increasingly electronic, while providing a foundation for further market structure and workflow innovation.

TRG Screen Acquires S4 Market Data to Expand Managed Services

TRG Screen has acquired S4 Market Data, adding specialist vendor management, sourcing and negotiation expertise to its market data managed services business. The deal follows a year-long partnership under which S4 supported TRG Screen clients with vendor negotiations, contract optimisation and complex procurement, and comes in the wake of TRG Screen’s acquisition of market data advisory and consultancy firm BST America in July 2026. S4’s team will now join TRG Screen Managed Services while continuing to support existing customers.

The acquisition expands TRG Screen’s capabilities across vendor management and administration, market data administration, and datafeed and exchange reporting. These services include strategic sourcing and contract negotiation, subscription and inventory management, invoice reconciliation, expense allocation, compliance monitoring and audit support.

Adroit Integrates Cross-Asset EMS with BlackRock Aladdin

Adroit Trading Technologies has integrated its multi-asset execution management capabilities with BlackRock’s Aladdin platform, enabling mutual clients to access Adroit’s trading functionality directly through Aladdin.

The multi-year partnership is designed to streamline institutional trading workflows and improve operational efficiency across fixed income, currencies and OTC derivatives.

Adroit said the integration comes as OTC markets undergo continued electronification, accompanied by growth in the number of electronic liquidity providers, trading protocols and risk-transfer mechanisms such as portfolio trading. The company’s EMS is designed to help institutional buy-side firms manage these increasingly complex execution workflows within a single platform.

Adroit CEO Anil Jaglan described the partnership as an opportunity to provide mutual clients with a more integrated trading experience. The New York-based technology provider specialises in execution management for institutional investors, covering both trading and related workflows across multiple asset classes.

OSTTRA and Acuiti: Post-Trade Emerging as Competitive Differentiator

Derivatives firms are increasingly treating post-trade operations as a source of competitive advantage and capital efficiency rather than simply a back-office cost, according to research from OSTTRA and Acuiti.

The study of 45 sell-side firms found that 96% of respondents active in OTC derivatives and 89% in listed derivatives see improved netting and optimisation as a significant route to balance-sheet and capital efficiency. Meanwhile, 86% regard superior post-trade transparency, speed and automation as a competitive differentiator for institutional clients.

Significant inefficiencies remain. Two-thirds of respondents said listed derivatives operations teams spend more than 10% of their time resolving exceptions, fails and settlement breaks, while 82% reported that more than 10% of bilateral OTC trades are still confirmed manually.

AI adoption is also gathering pace, with almost a third of firms already deploying the technology in production and a similar proportion running active pilots.

TP ICAP’s Parameta Widens Data Arrangement with ICE

Parameta Solutions, the data and analytics division of TP ICAP Group, has expanded its data distribution agreement with Intercontinental Exchange (ICE).
The expansion allows ICE to distribute Parameta Solutions’ over-the-counter market data across rates, fixed income, foreign exchange, money markets and energy via its consolidated feed.
The data is sourced from brokerage brands ICAP, Tullett Prebon and PVM.
“By combining the depth of liquidity and market expertise within TP ICAP Group with ICE’s global distribution capabilities, we are making hard-to-source OTC market data more accessible, usable and actionable,” said Lisa Ward Head of channel distribution at Parameta Solutions.
The consolidated feed aggregates content from more than 600 data streams and was already distributing exchange-traded data for ICE.

LCH SwapClear Clears First POLSTR OIS as Poland Moves Away from WIBOR

LCH SwapClear has cleared its first overnight index swaps (OIS) referencing POLSTR, the new risk-free rate for Polish zloty-denominated swaps, with Erste Group, ING Slaski and Societe Generale among the first participants.

The launch supports Poland’s transition from WIBOR to POLSTR and the National Working Group’s efforts to encourage adoption of the new benchmark in OTC derivatives markets. GPW Benchmark began publishing POLSTR in June 2025, while restrictions on the use of WIBOR in swaps are due to take effect from early 2027.

LCH said the addition extends SwapClear’s support for global interest rate benchmark reform. Polish zloty is currently SwapClear’s tenth-largest currency by registered swaps notional, with the equivalent of US$7 trillion cleared during the first half of 2026. SwapClear now provides clearing across 28 currencies.

FIX and Investment Association Set Roadmap for Electronic Equity Issuance

The FIX Trading Community and Investment Association have published an industry framework aimed at moving equity capital raising towards fully electronic workflows.

Developed by FIX’s Equity Issuance Working Group, the recommended practices set out how the FIX protocol can support digital bookbuilding and deal allocation, initially focusing on Accelerated Bookbuild Offerings (ABOs). The framework covers both direct orders and those placed through vendors or intermediaries.

Equity issuance remains heavily dependent on orders communicated by email, telephone and chat, creating operational risk and limiting automation. The vendor- and system-agnostic framework establishes a standardised approach for communication between investment managers, syndicate banks and technology platforms.

The working group expects future development to extend the standards across IPOs and secondary placements, with the longer-term goal of enabling buy-side traders to place primary-market orders through FIX in much the same way as they currently trade in secondary markets.

Exegy Whitepaper Highlights Rising Infrastructure Tax of Continuous Global Trading

A new whitepaper from Exegy reveals that trading firms face mounting operational complexity and an “infrastructure tax” as capital markets expand across geographies, asset classes, and continuous trading hours. With technical debt already consuming an estimated 21% to 40% of enterprise IT budgets, firms are under pressure to scale market access without compounding their operational overhead.

The report identifies several key drivers behind this burden. Overnight US equity volumes regularly surpass 600 million shares during volatile periods, whilst MOON ATS notional activity surged 200% between late 2025 and early 2026 amidst an absence of regulatory frameworks. Concurrently, growth in the MENA, APAC, and LATAM regions, alongside digital asset initiatives from DTCC, Nasdaq, and ICE, is increasing data normalisation and connectivity requirements.

Regulatory developments are also accelerating, with the launch of the UK consolidated tape and the imminent EuroCTP forcing simultaneous migration projects. Exegy concludes that while bespoke in-house infrastructure escalates maintenance costs, specialist vendor products allow firms to prioritise agility.