Wayve Completes $85 Million Employee Tender on the London Stock Exchange’s Private Securities Market

Autonomous driving AI company Wayve has completed the first transaction on the London Stock Exchange’s (LSE) Private Securities Market. The $85 million employee tender offer provided liquidity to staff with vested equity through a permissioned auction. The transaction was facilitated by Stifel, Crowdcube, Latham & Watkins, and Deloitte.

The LSE’s Private Securities Market is built upon the UK Government’s PISCES framework. It allows private businesses to conduct intermittent liquidity auctions using public market infrastructure without going public. This system enables companies to retain control over trading frequency, investor access, and pricing, whilst offering shareholders and employees a new route to liquidity.

Following a May 2025 UK Government update, Enterprise Management Incentive (EMI) and Company Share Option Plan (CSOP) options can now be exercised and sold on PISCES venues whilst maintaining their tax-efficient status. This regulatory alignment provides private firms using the platform with a valuable mechanism to incentivise and retain talent.

FIX Trading Community Adopts Automated Development Workflow for the FIX Standard

The FIX Trading Community has adopted an automated development workflow for the FIX Standard. This new approach is built on the Orchestra Domain Specific Language (DSL) and utilises tooling provided by Atomic Wire Technology. The initiative moves the standards development process from manual repository maintenance to a structured, machine-readable format.

Proposed modifications to the standard can now be automatically validated, merged, and used to generate updated repository artefacts. This automated pipeline introduces early validation to detect incompatibilities and inconsistencies. It also establishes a complete audit trail of the standard’s evolution and facilitates parallel development across multiple working groups. Furthermore, the build process automatically produces derived artefacts, such as FIXML schemas and implementation reports, to ensure consistency.

This implementation marks the initial phase of a wider programme to modernise the infrastructure behind the FIX Standard. By establishing this automated pipeline, the community is laying the groundwork for improved publication, consumption, and integration of the standard within the financial technology sector.

CryptoStruct Integrates Kalshi Event Contracts Into Low-Latency Trading Platform

CryptoStruct, the low-latency trading and market data solutions provider, has announced a connectivity integration with Kalshi, the CRTC regulated event trading exchange. The integration incorporates Kalshi’s expanding suite of event contracts – covering macroeconomics, politics, commodities, and sports – directly into CryptoStruct’s unified API and co-located global infrastructure.

By normalising Kalshi’s data into the same format used across its 30 other supported venues, CryptoStruct enables trading firms to blend multiple data feeds and execute cross-venue strategies without additional integration work. The setup maintains deterministic performance and ultra-low-latency capabilities across markets.

Additionally, the integration supports the entire strategy lifecycle on Kalshi, from historical data research and backtesting to live execution. Powered by CryptoStruct’s event-driven Strategy SDK, the platform is capable of running thousands of trading strategies in parallel.

N5X Selects Vermiculus to Deliver VeriClear System for Brazilian Energy Market

Market infrastructure technology provider Vermiculus has been selected by N5X, the upcoming Brazilian energy derivatives clearing house, to deploy its cloud-native VeriClear clearing system. The solution will support N5X in establishing a new clearing house and operating as a central counterparty (CCP). This project marks Vermiculus’ fourth clearing, risk, and settlement system deployment in South America since 2022.

The partnership aims to modernise Brazil’s energy market, which is currently the sixth largest globally, consuming approximately 632 TWh of electricity annually. By implementing VeriClear, N5X will transition the region’s energy sector from an uncleared over-the-counter (OTC) environment to a regulated futures trading and clearing system.

The modular platform provides N5X with full control over its clearing operations. This structure allows the clearing house to accelerate the launch of new energy products, manage risk effectively, and scale infrastructure to accommodate rising transaction volumes and market participants.

BondWave and Fintech Global Center Announce Partnership to Integrate Fixed Income Platforms

BondWave LLC and Fintech Global Center (FGC) have announced a strategic partnership to integrate their respective fixed income platforms, Effi and FGC TMS. This collaboration embeds each system’s capabilities into the other, providing users with a comprehensive pre- and post-trade workflow within a single platform.

Through this agreement, users of the FGC TMS will gain access to BondWave’s Market Calculator and price discovery tools. This integration provides real-time market data to support fair pricing, best execution requirements, and informed investment decisions prior to execution.

Simultaneously, BondWave’s Effi users will be able to utilise FGC TMS’s order and execution management system (OMS/EMS) capabilities. This connects users to liquidity across all major fixed income alternative trading systems (ATSs) and supports the full trade lifecycle, including execution, clearing, settlement, reporting, and compliance management.

Bloomberg Builds Out Pre-Trade TCA Functionality to Fixed Income

Bloomberg has launched a new pre-trade transaction cost analysis (TCA) model to assist fixed-income market participants with trading decisions.

The system calculates potential costs, executable volumes, and the likelihood of execution for sovereign and corporate bonds. The model uses five years of historical transaction data alongside factors such as bond age, currency and the real-time bid-ask spread.

The model builds on Bloomberg’s TCA offerings, which have long catered for equities traders. It provides trusted pre-trade price discovery and an automatic connection to post-trade analysis that ensures a valuable feedback loop for traders.

“Developing a native model in fixed income markets is an exciting step forward to providing bond traders and portfolio managers with greater pre-trade intelligence,” said Ravi Sawhney, Bloomberg global head of trade automation and analytics.

“The inclusion of pre-trade cost and probability estimates as part of the BTCA offering promotes market transparency and helps bond traders to make decisions that comply with their firms’ best execution requirements.

LSEG Data Now Available to Clients via Databricks

LSEG has expanded its partnership with data and artificial intelligence company Databricks to make more than 50 datasets from its Quantitative Analytics Database available on the Databricks Marketplace.

The expansion utilises OpenSharing, an open protocol for sharing data and artificial intelligence assets, to grant clients direct access to financial and economic data within their Databricks environments.

The integration operates through entitlement-controlled access across cloud environments and incorporates Unity Catalog to provide centralised data governance, tracking and usage auditing.

“This partnership simplifies how organizations integrate financial intelligence into their workflows,” said Databricks chief executive Ali Ghodsi.

The available datasets cover company fundamentals, market pricing, fixed income and risk analytics to support portfolio construction and machine learning model testing and it builds on the existing availability of Lipper Fund Data and Cross Asset Analytics within the ecosystem. There are also plans to add Tick History and reference data.

Lloyds Joins Integral’s Network as an FX Liquidity Provider

Integral, the currency technology provider, has added Lloyds to its ecosystem as a liquidity provider. The partnership is designed to expand Integral’s institutional foreign exchange (FX) network.

The integration enables Integral’s global clients to access Lloyds’ FX pricing for key currency products through a single technology system. By adding the bank to its platform, Integral aims to provide its users with greater pricing depth, increased workflow efficiency, and improved execution quality across major currency pairs, supporting price formation for various trading strategies.

FIX Trading Community Releases Standardised Outage Communication Practices

The FIX Trading Community has introduced a standard methodology, the Outage Communication Recommended Practices, to automate the electronic communication of market outages. Previously, outage notifications were inconsistent and largely manual, which often worsened the impact of technical disruptions. This new framework allows exchanges and market participants to issue timely, consistent updates and resolutions.

The initiative responds directly to regulatory guidance from the European Securities and Markets Authority (ESMA) and the Financial Conduct Authority (FCA), alongside industry bodies such as AFME, EFAMA, and FIA EPTA, who have all called for harmonised outage protocols. The practices build upon existing frameworks for European consolidated tapes while offering greater granularity.

Designed to be asset-class agnostic, the framework covers trading, market data, and other technical disruptions across all scopes, from individual instruments to entire markets. It applies broadly to venues, brokers, asset managers, and data providers, ensuring a unified approach to managing system failures.

BLOX Markets Partners with Imandra to Deploy AI Infrastructure for Openpool

BLOX Markets has formed a strategic partnership with neurosymbolic AI firm Imandra to integrate its technology into Openpool, an upcoming retail-focused US equities trading venue. The platform will use Imandra Connectivity and CodeLogician as foundational components for its software assurance, certification, and connectivity infrastructure.

The deployment replaces traditional static documentation and manual testing with Imandra’s machine-readable models. Using the Imandra Protocol Language, Openpool will provide connecting firms with a living specification that continuously reflects production behaviour. This allows users to validate their implementations through automated simulators, increasing transparency and efficiency during the onboarding process.

Furthermore, BLOX Markets will utilise CodeLogician, an automated reasoning engine, to formally verify software behaviour. By creating mathematical models of the system, this technology identifies edge cases and proves critical properties prior to deployment, ensuring correctness and resilience across the market infrastructure.