TS Imagine Integrates OpenYield to Enhance Fixed Income Trading Efficiency

TS Imagine has announced the integration of OpenYield, an SEC-registered alternative trading system (ATS), into its TradeSmart platform. This partnership provides TradeSmart users with direct access to OpenYield’s all-to-all marketplace, facilitating automated liquidity for municipal, corporate, and government bonds. The move addresses the increasing demand for transparency and “equity-like” efficiency in fixed income markets, particularly within the fragmented municipal bond sector.

TradeSmart clients can now route orders to a venue specifically designed for programmatic and systematic execution. This supports modern trading requirements such as automated rebalancing and portfolio execution, which currently drive the majority of fixed income volumes. The integration also assists firms in meeting their best execution obligations under Reg BI by providing a transparent, defensible audit trail through live, third-party benchmarked quotes.

The effectiveness of this integration is supported by independent data from BondWave, which analysed OpenYield’s Q3 2025 execution quality. The analysis demonstrated significant price improvements over broader market benchmarks, including 44 basis points for municipal bonds and 17 basis points for corporate bonds. By streamlining manual workflows and providing access to firm liquidity, the collaboration helps trading desks navigate the complexities of a market containing over one million individual securities.

Trading Technologies Expands TT FX Platform to Include Forwards and Swaps

Trading Technologies International, Inc. (TT) has announced a significant expansion of its TT FX platform, broadening its product coverage for institutional foreign exchange and precious metals traders. While previously focused on spot FX, the platform now supports forwards, NDFs, and swaps. This update integrates liquidity from a wider range of bank and non-bank providers, supplementing existing connections to primary FX venues and electronic communication networks.

The enhanced offering allows clients to manage OTC and exchange-traded instruments through a single EMS. Key technical features include the integration of bank algorithms, low-latency execution via co-located servers, and the Autospreader tool for simultaneous multi-asset hedging. Additionally, the platform introduces dedicated FX liquidity ladders and a unified post-trade workflow, which provides a streamlined data feed to prime brokers and risk management systems. This expansion aims to provide a deeper liquidity pool and more efficient multi-asset execution within a unified interface.

SIX Receives FINMA Approval to Integrate Digital Asset Services and Launch Crypto Custody

The Swiss financial infrastructure provider, SIX, has secured approval from the Swiss Financial Market Supervisory Authority (FINMA) to merge its digital central securities depository, SIX Digital Exchange AG, into SIX SIS AG. This strategic consolidation integrates digital and traditional asset services into a single legal entity, establishing a unified foundation for post-trade services across diverse asset classes.

In addition to the merger, SIX has been authorised to provide crypto custody services through its licensed Central Securities Depository. This development represents another step in the evolution of regulated institutional market infrastructure, allowing financial institutions to manage crypto assets within the same framework used for traditional securities.

By connecting traditional and digital assets through a single, scalable post-trade environment, SIX aims to reduce systemic complexity and streamline the management of digital holdings for market participants.

TRG Screen Launches Contracts AI to Automate Market Data Agreement Analysis

TRG Screen has introduced Contracts AI, a new feature within its Optimize Spend platform designed to streamline the management of market data contracts. This AI-powered tool enables financial institutions to automatically extract and interpret complex usage rights, restrictions, and obligations from legal documents. By converting static contracts into structured, operational data, firms can now ingest critical information into their management systems in minutes rather than the hours or days previously required for manual analysis.

The solution addresses an industry bottleneck where a single vendor contract can take up to six hours for a specialist team to review. Contracts AI identifies key terms and provides full traceability to the original source clauses, ensuring that answers to compliance and renewal questions are auditable. This automation aims to reduce the administrative burden on legal, procurement, and compliance departments while minimising the risk of data misuse or missed obligations.

DTCC and SSImple Collaborate to Automate Standing Settlement Instructions

The Depository Trust & Clearing Corporation (DTCC) has partnered with SSImple to streamline the submission of Standing Settlement Instructions (SSIs) into the ALERT database. By integrating SSImple’s SSI Comply product with ALERT, custodians can now automate the delivery of validated and accurate SSI data. This move aligns with the Financial Markets Standards Board (FMSB) Core Principle 1, which advocates for SSI automation to mitigate settlement risks.

The collaboration aims to eliminate manual data workarounds, which are a primary cause of trade failures. SSImple’s solution acts as a central, validated source for custodians, ensuring that information is clean and complete before it reaches the global ALERT database. This standardisation is particularly vital as the industry prepares for the transition to a T+1 settlement cycle in Europe, where compressed timeframes demand higher operational precision.

By automating these flows by the end of 2026, the partnership seeks to create a more resilient post-trade infrastructure. This scalable foundation reduces the likelihood of errors and provides market participants with the necessary tools to navigate tightening regulatory requirements and shorter settlement windows with increased confidence.

Validus Risk Management Integrates Real-Time Liquidity-at-Risk Analytics into TradeView

Validus Risk Management has announced the integration of Liquidity-at-Risk (LaR) analytics into TradeView, a core component of its Horizon platform. This update provides private fund managers with real-time visibility into potential liquidity requirements, enhancing the firm’s existing technology suite. While LaR analytics were previously available on an end-of-day basis via the RiskView module, this integration brings live-feed pricing and up-to-date insights directly into the trading workflow.

The enhancement allows fund managers to assess worst-case liquidity scenarios and the impact of specific hedging transactions closer to the point of execution. By accessing these insights in real time, clients can better evaluate counterparty options and optimise trade execution to ensure they meet capital requirements during market stress. These LaR values are frequently used by managers in investor presentations to demonstrate robust risk management and fund stability.

The new functionality is powered by Validus’ proprietary quantitative engine, which has been developed in-house over the last decade. By using a single underlying framework for scenario analysis, pricing, and liquidity assessments, the platform ensures technical consistency across advisory, trading, and financing operations. This streamlined approach provides private capital firms with a more accurate and integrated method for managing complex financial risks.

Taskize and TCS Integrate Exception Management Into TCS BaNCS Platform

Taskize, the Euroclear-owned investment operations collaboration platform, has partnered with Tata Consultancy Services (TCS) to embed its collaboration and exception management functionality into the TCS BaNCS platform. This integration allows financial services users to raise, resolve, and track queries related to the trade lifecycle – such as corporate actions and settlement breaks – without leaving their core processing environment. By eliminating the need to switch between disparate interfaces and legacy communication tools, the partnership aims to improve operational efficiency for global custodian banks.

The integration automatically captures and includes contextual data, including ISINs and transaction amounts, within Taskize’s secure and auditable communication channels. Following successful joint proofs of concept, the live system is designed to reduce manual intervention and enhance real-time collaboration between counterparties. Ultimately, this streamlined workflow minimises the risk of data inaccuracies and ensures a more seamless exchange of information across the investment operations landscape.

BNY Goes Live on CLS’s Automated Bilateral Payment Netting Service

CLS, the global financial market infrastructure group, has announced that BNY is the latest financial institution to go live on CLSNet, the automated bilateral payment netting calculation service designed to standardise and automate post-trade processes for over 120 currencies. BNY will utilise the platform to improve liquidity optimisation and operational efficiencies, specifically focusing on currency flows outside of the primary CLSSettlement service, such as emerging market currencies and same-day trades.

The adoption of CLSNet has seen consistent growth, with the platform recording an average daily netted value of USD 177 billion over the last 12 months – a 9% increase compared to the previous year. BNY joins a growing community that includes the world’s top 12 global banks, alongside various regional banks, funds, and corporates. By centralising the netting calculation process, the service significantly reduces the volume of payments exposed to settlement risk.

The move comes at a time of increased regulatory focus on FX settlement risk, particularly as trading volumes rise in developing economy currencies. By integrating CLSNet, participants can better align with the FX Global Code’s best practices, specifically Principle 35. The service provides a scalable solution for market participants to mitigate risk through automated post-trade matching, ensuring more robust and transparent settlement workflows across the global FX ecosystem.

SGX FX and Rand Merchant Bank Partner to Enhance African Currency Liquidity

SGX FX and Rand Merchant Bank (RMB) have launched a strategic partnership to improve global access to African currency markets. By integrating RMB’s liquidity engine into SGX FX’s global infrastructure, the collaboration aims to meet the rising international demand for electronic trading in emerging markets. This move strengthens SGX FX’s presence across the continent and provides a more robust bridge between regional African markets and the global financial community.

The integration allows international market participants to access streamlined pricing and execution for a broad range of African currencies. These services are available on both a deliverable and non-deliverable basis, catering to the specific needs of the buy-side. By combining RMB’s local expertise and longstanding FX experience with SGX FX’s extensive global network, the partnership seeks to foster deeper liquidity and more efficient market access.

This collaboration reflects a shared commitment to developing Africa’s evolving FX landscape. By reducing barriers to entry and enhancing distribution, the two institutions aim to encourage stronger participation from global investors. The partnership marks a significant step in the digitisation of African currency trading, ensuring that market participants can execute transactions with greater transparency and speed within a regulated framework.

BMLL Integrates SpiderRock Options Analytics into Data Lab Environment

BMLL has expanded its cross-asset research capabilities by making SpiderRock’s Options Print Set data available through the BMLL Data Lab. This integration allows institutional clients to analyse the relationship between options markets and underlying cash equity behaviour within a single, unified framework. By combining SpiderRock’s print-level analytics with BMLL’s historical data, users can better evaluate how dealer positioning and hedging flows influence intraday price formation.

The partnership provides access to SpiderRock’s implied volatility and Greeks data alongside BMLL’s existing datasets for equities, futures, and options. This data suite is designed to support quantitative research and strategy development, offering insights into how options hedging affects spot liquidity and market microstructure. The collaboration aims to help market participants understand the dependencies between different asset classes to improve trading and market intelligence.

The addition of SpiderRock data aligns with BMLL’s broader strategy of consolidating high-value partner datasets with its own historical analytics. This move is intended to streamline the research process for clients, enabling them to gain a more comprehensive view of market interdependencies and risk.