Bridgewise Launches BRIDGET Conversational AI Tool for Investment Insights

Capital markets intelligence and analysis company Bridgewise has unveiled BRIDGET, a Conversational AI investment tool tailored for institutional investors, brokers, and trading platforms. BRIDGET leverages large language models (LLMs) to transform static investment intelligence reports into dynamic, multilingual dialogues, offering regulatory-compliant investment recommendations across more than 25 languages and 15 markets, covering over 50,000 financial instruments globally.

Unlike general AI models, BRIDGET is designed to provide actionable buy/sell advice, specifically addressing gaps in finance-focused expertise and eliminating AI “hallucinations” that lead to inaccurate suggestions. Its specialized Micro Language Model (MLM) ensures precision in investment-related topics. As generative AI is projected to add between $200-$340 billion in value annually to the banking sector, BRIDGET aims to support the financial industry’s demand for innovative, compliant, and client-responsive solutions.

Gaby Diamant, Co-Founder and CEO of Bridgewise, comments: “By integrating advanced AI with regulatory compliance, we are not only enhancing the efficiency and accuracy of investment decisions but also ensuring that these decisions are made within a secure and compliant framework.” He adds: “This tool is a game-changer for financial institutions looking to stay ahead in a rapidly evolving sector, and to empower their analysts and investors to interact with data in a more intuitive and insightful manner, thereby enhancing decision-making processes.”

RETN and IPC Systems Launch High-Capacity 10G Connectivity Between Frankfurt and Hong Kong

RETN, the independent global network services provider, has partnered with IPC Systems to introduce a new 10G connectivity link between Frankfurt and Hong Kong, enhancing network diversity and performance for the financial markets. Implemented within a two-week period, the low-latency terrestrial route utilises RETN’s TRANSKZ super-highway, providing a robust and diverse connection between Europe and Asia.

The strategic link is designed to support high-frequency trading and time-sensitive financial operations by improving access to liquidity venues and reducing latency. This ensures that financial market participants, particularly those based in the key financial hubs of Hong Kong and Frankfurt, can trade more efficiently, reliably, and quickly. The new link offers a strong SLA and protection to support critical business applications in the competitive global financial landscape.

“IPC Systems has an overarching requirement for – and commitment – to building, maintaining and continuously enhancing the resilient, redundant, high performance industry networks that underpin and safeguard our customers’ business-critical applications and trading activities,” comments Paul Zatek, Head of Global Channel Sales of IPC Systems. “Our collaboration with RETN on this new Frankfurt-Hong Kong link reinforces this commitment, and gives our extensive global financial markets community another valuable route between key markets with the reliability and latency performance they expect from IPC’s service delivery and customer experience,” continued Zatek.

“In today’s tumultuous environment, with frequent disruptions such as sub-sea cable cuts and other network challenges, the importance of network diversity and availability of the service cannot be overstated,” adds Tony O’Sullivan, CEO of RETN. “IPC Systems exemplifies forward-thinking innovation by prioritising network diversity and redundancy. Ensuring multiple, diverse routes is critical to maintaining uninterrupted connectivity and operational integrity.”

Meritsoft Launches New Asset Servicing Claims Management Solution to Transform Operations

Meritsoft, a Cognizant company, has launched a new asset servicing claims management solution, aiming to modernise the handling of coupon and dividend claims operations. Built on the company’s next-generation post-trade automation platform, the solution automates claims issuance, matching, and payment processes, reducing aged debtors and risk-weighted assets. The platform addresses the operational challenges faced by asset servicing teams, particularly during post-dividend seasons when backlogs are common.

The API-first tool integrates seamlessly into existing workflows and includes real-time dashboards for managing claims by attributes like entity, market, and age. It also features an inter-company matching tool to optimise costs from internal trading claims. By automating the processing of claims received via PDF or CSV attachments and integrating with tools like Taskize, Meritsoft’s solution enhances efficiency and enables faster, auditable resolution of complex queries. It offers on-premises or cloud deployment for scalability.

“Claims management, often overlooked in the industry’s priority list, stands to benefit immensely from more automation and emerging technologies,’ comments Daniel Carpenter, CEO of Meritsoft. “Our solution empowers asset servicing teams globally to move away from the manually intensive processes involved with claims matching and reconciliation and focus instead on the more complex and value-add tasks. For the broader firm, this will equate to lower costs, healthier margins, and an enhanced client reputation.”

UK Accelerated Settlement Task Force Releases Draft Recommendations for Transition to T+1 Settlement

The T+1 Technical Group (TGT) of the UK Accelerated Settlement Task Force (AST) has published its proposed recommendations for the UK’s transition from a T+2 to a T+1 securities settlement cycle. The draft recommendations, focusing on enhancing efficiency and reducing risk in equity market settlements, are open for consultation until 31 October 2024.

The global shift toward a T+1 settlement cycle aims to bring quicker and more efficient settlements through enhanced automation, expected to become standard practice within five years. Following the UK government’s commitment to move to T+1 by 31 December 2027, this interim report outlines key recommendations for market participants and invites feedback. The final report, expected in December, will incorporate stakeholder feedback and outline detailed timelines and guidance for the transition.

“This interim report is a key milestone in the UK’s journey to T+1 settlement and I’d like to extend my gratitude to all those involved in crafting this report and providing the depth of industry expertise needed to shape these draft recommendations,” says Andrew Douglas, Chair of the T+1 Technical Group. “As an independent, inclusive working group, supported by the public authorities, I’m calling on all market participants to engage in this consultation so that together we can ensure the final recommendations for implementation reflect the full spectrum of industry needs.”

AI Added to SmartStream’s Air Data Management Platform

SmartStream has added artificial intelligence (AI) and machine learning capabilities to the latest version of its Air data management platform.

The Dubai-based maker of transaction technology for financial institutions has incorporated the technology into the ninth version of its SaaS-based product with the creation of two modules, Air Data and Air Cash.

Air Data is an automation module that streamlines tasks including cross-checking between different systems, pre-settlement error detection and trade record comparisons. Air Cash handles cash reconciliation.

CommCentral Unveiled by Broadridge to Monitor, Utilise Communications Data

Broadridge Financial Solutions has rolled out CommCentral, a cloud-based application that enables bank and broker-dealer clients to query and surface insights from investor communications.

Users of CommCentral can also create customised alerts and communications monitors to unearth cues and prompts that can generate and streamline workflows.

CommCentral “offers firms immediate access to essential communications data through intuitive dashboards, helping streamline tasks and facilitating informed decisions”, said Swatika Rajaram, head of US proxy and post sale at Broadridge. “Firms will achieve enhanced efficiency and insights into investor communications and ongoing trends leveraging our expertise and transformative technology.”

ESG Software Firm Datamaran Doubles Funding in $33m Financing Round

ESG software maker Datamaran has received a US$33 million financial injection via a Series C funding round. The facility will help accelerate the London-based company’s expansion in the US and build out generative artificial intelligence capabilities.

The latest funding round was led by Morgan Stanley Expansion capital and doubles Datamaran’s total external financial commitments.

Datamaran has almost 200 clients, including JPMorgan, for whom it monitors more than 400 external ESG risk factors.

BGC Group and Leading Banks Launch FMX Futures Exchange, Offering SOFR Futures Trading

BGC Group, Inc. has launched the FMX Futures Exchange in collaboration with ten leading investment banks and market-making firms. The new exchange, which is now live, offers trading of SOFR futures, the largest notional futures contract globally. Plans are in place to introduce U.S. treasury futures by Q1 2025.

The FMX Futures Exchange aims to deliver significant capital savings to its clients through its clearing partnership with LCH Limited, enabling cross-margining of eligible U.S. interest rate futures. LCH is one of the largest clearers of interest rate swaps (IRS) in the world with $225 billion secured in IRS collateral.

The FMX Futures Exchange is part of FMX Holdings, LLC, which also operates a fast-growing U.S. treasuries marketplace and a spot Foreign Exchange platform. Leading financial institutions, including Bank of America, Goldman Sachs, and J.P. Morgan, are equity partners in FMX Holdings.

Digital Asset and DTCC Successfully Complete UST Collateral Network Pilot, Demonstrating DLT-Driven Efficiency

Digital Asset, in collaboration with The Depository Trust & Clearing Corporation (DTCC), has successfully completed the U.S. Treasury (UST) Collateral Network Pilot, a blockchain-based initiative aimed at enhancing market connectivity and liquidity using distributed ledger technology (DLT). The pilot involved a consortium of major financial institutions, including investors, banks, custodians, and central counterparties, operating on fourteen Canton nodes across ten distributed applications. Participants executed 100 transactions, showcasing the potential of tokenized collateral assets in real-world scenarios.

The pilot tested complex financial processes, such as the creation of digital twins for USTs, real-time margin call settlements, asset recalls, and secured party control during default events. The results demonstrated the feasibility and efficiency of DLT in improving transactional efficiency, liquidity, and legal certainty. This initiative builds on the success of the Canton Network Pilot from December 2023, further advancing blockchain applications in global financial markets.

Euronext Acquires Substantive Research to Expand Investor Services Offerings

Euronext has acquired 100% of Substantive Research, a London-based firm specialising in pricing and product comparison for investment research and market data. Founded in 2015, Substantive Research serves over 100 clients globally, offering benchmarking services for asset managers, hedge funds, and other financial institutions.

The acquisition strengthens Euronext’s investor services through its subsidiary Commcise, which provides commission management and research valuation solutions. Integrating Substantive Research will allow Commcise clients access to unique market benchmarks, helping them navigate regulatory requirements with a unified platform. Substantive Research will benefit from Euronext’s scale, enabling it to expand its benchmarking capabilities and vendor offerings.

This move aligns with Euronext’s capital allocation strategy and reinforces its focus on delivering high-quality, recurring revenues while deepening its connection with the buy-side community.