Blue Riband Group Selects TS Imagine’s TS One Risk Module for Portfolio Management

Blue Riband Group, the global long/short equity investment manager, has adopted the TS One Risk Module and Portfolio Risk Management from TS Imagine, the financial markets solutions vendor.

TS One is a solution purpose-built for investment teams, integrating functionalities such as Portfolio Management, Trading, Risk Management, Compliance, and Operations. Its modular design allows for scalability and adaptability, and caters to a diverse range of financial institutions, from large-scale investors to small and mid-sized hedge funds.

Commenting on the deal, James Chervak, Founder and Portfolio Manager at Blue Riband Group, said: “Our team required a SaaS solution with embedded risk management, including out-of-the-box data to power our risk engine, and the option to easily add services over time. TS One’s modular structure and battle-tested risk models stood out from the other providers due to its unique blend of sophistication and flexibility.”

“We are delighted to have been selected by Blue Riband Group as more mid-sized long/short equity funds adopt SaaS-based trading and risk management solutions,” added Andrew Morgan, President and Chief Revenue Officer of TS Imagine. “With Platform 3.0, investors and their teams have the option to begin with the TS One module they need most, and then add additional modules containing essential operational tools for compliance, accounting, risk and much more, as their business needs evolve.”

Trading Technologies to Offer Access to Cboe Equity Index Options in 2025

Trading Technologies International (TT), the global provider of capital markets technology, plans to add access to Cboe equity index options on its platform starting early 2025. This development will allow TT’s institutional and professional trader clients to trade popular Cboe index products, including the S&P 500 Index (SPX), Cboe Volatility Index (VIX), Russell 2000 Index (RUT), and Mini SPX (XSP) options contracts.

This move expands TT’s existing offerings, which already include access to Cboe Futures Exchange (CFE) and Cboe FX. By integrating Cboe’s equity options, TT aims to strengthen its position in the fast-growing equity options trading market, providing clients with a seamless way to engage with some of the most traded index derivatives globally.

Alun Green, TT’s EVP Managing Director, Futures & Options, commented: “As we continue our expansion into new asset classes, U.S. equity options represent a significant part of the derivatives space. We’re eager to unlock new opportunities for our clients with Cboe’s hugely popular index options as a major first step in this diversification. Our clients want to participate via the powerful TT platform and trusted tools, and we’re seeing particularly strong interest from firms in the Asia-Pacific region, which are excited to access the markets through the after-hours session we’ll support.”

Catherine Clay, Global Head of Derivatives at Cboe Global Markets , added: “Our collaboration with TT is particularly timely as global demand for U.S. options continues to rise, with investors increasingly seeking exposure to the U.S. equity markets. By offering clients access to Cboe’s index options products, TT will further expand their customers’ trading capabilities, enabling access to some of the most liquid markets in the world – including SPX, RUT and VIX options – and the ability to efficiently gain and manage exposure to U.S. large and small cap equity markets and market volatility.”

CQG to Offer Day-One Access to MIAX Futures Exchange, Including New Bloomberg Equity Index Futures

CQG, the trading technology solutions provider, plans to provide day-one access to the MIAX Futures Exchange, including Bloomberg equity index futures contracts, upon the launch of the exchange’s Onyx matching engine in June 2025. The announcement was made at the Futures & Options Expo in Chicago.

This development aligns with Miami International Holdings, Inc.’s (MIH) strategic rebranding of the Minneapolis Grain Exchange to MIAX Futures Exchange, aiming to expand its offerings to include agricultural and financial futures. MIH recently partnered with Bloomberg Index Services Limited to create a range of index-based futures and options products. CQG’s integration with MIAX Futures will enable its clients to trade these innovative products immediately upon their release.

Commenting on the announcement, CQG CEO Ryan Moroney said: “We’ve been delighted to work closely with MIH on the development of its new trading engine and to be among the first to enable clients to trade on the MIAX Futures Onyx platform. Our clients are already trading the Minneapolis Hard Red Spring Wheat contract on MIAX Futures and are excited to have additional financial futures products to trade in conjunction with other products on our network, utilizing the full range of CQG tools at their fingertips.”

Thomas P. Gallagher, Chairman and CEO of MIH, added: “CQG’s sophisticated trading infrastructure will provide its network of professional traders with direct access to our current and planned derivatives products and aligns with our strategy of expanding access to MIAX Futures through industry-leading trading platforms.”

BMLL Expands Data Offering with Six Years of Historical OPRA Options Data

BMLL, provider of harmonised Level 1, 2, and 3 data across global equity, ETFs, and futures markets, has added OPRA (Options Price Reporting Authority) data to its platform. Market participants now have access to six years of nanosecond unconflated OPRA options data, complementing existing US equity and futures datasets. This historical dataset is available via the BMLL Data Lab and BMLL Data Feed through AWS S3.

OPRA consolidates and distributes critical options market information from all U.S. equity options exchanges, supporting traders, brokers, and institutional investors in understanding market dynamics, assessing liquidity, and optimising strategies. The data aids buy-side firms in backtesting strategies and generating alpha, while sell-side firms utilise it for execution algorithm optimisation and tracking market structure changes. Exchanges leverage the data to evaluate market share across platforms. BMLL’s normalised tick history dataset ensures accuracy and usability for these applications.

Paul Humphrey, Chief Executive Officer of BMLL, commented: “Adding OPRA options data is another significant milestone in our data coverage expansion strategy. To date, we have built out our equities coverage to 98% of the MSCI All-Country World Index. Including OPRA options in our data and analytics capabilities is a natural evolution for BMLL, driven by customer demand for a best-in-class product and very much in line with our multi-asset strategy.”

David Robinson, Chief Technology Officer at BMLL, added: “Making OPRA data available via BMLL Data Lab and BMLL Data Feed, via AWS S3, is another step in our mission to democratise data and analytics at scale and meet our customers where they need us to be. They can now gain immediate access to this significant dataset in a cloud-based environment, at a level of conflation that suits their own specific needs, and at the highest quality available in the market today.”

Ten10 Solutions Acquires The Scale Factory to Enhance Cloud and DevOps Services

Ten10 Solutions Limited, the IT consulting firm specialising in Automation, Quality Engineering, and Cloud & DevOps services, has acquired The Scale Factory, an AWS Advanced Consulting Partner known for its expertise in B2B SaaS, offering infrastructure improvements, cloud migrations, and ongoing support.

This strategic acquisition aligns with Ten10’s growth objectives, strengthening its position as a leader in professional services for Cloud, DevOps, and Automation. By integrating The Scale Factory’s capabilities, Ten10 aims to expand its AWS service offerings, providing enhanced solutions for fast-growing B2B SaaS companies.

Richard Frodin, Ten10’s CEO, commented: “This acquisition is an important milestone in Ten10’s strategic plan to expand our capabilities and extend our reach in the cloud computing market. The Scale Factory’s innovative technology and talented team will complement our existing strengths, allow us to deliver even more value to our customers, and enhance our ability to develop the next generation of tech talent through our Academy.”

DTCC’s Enhanced VaR Calculator for Potential Cross-Margin Reductions

The Depository Trust & Clearing Corporation (DTCC) has updated its Value at Risk (VaR) calculator to include cross-margining and repo transaction functionalities, aimed at improving firms’ risk management capabilities ahead of expanded U.S. Treasury clearing requirements expected in 2025 and 2026. These enhancements, introduced through the Fixed Income Clearing Corporation’s (FICC) Government Securities Division (GSD), offer users more nuanced tools for evaluating margin requirements and cross-margining benefits. 

The enhanced calculator allows users to gauge potential cross-margin reductions at FICC based on sample portfolios that include both GSD cash positions and CME Group futures. According to Tim Hulse, Managing Director of Financial Risk & Governance at DTCC, these updates are part of a broader effort to “support greater transparency for market participants,” aligning with DTCC’s focus on enhancing understanding and management of margin obligations in a rapidly evolving market. 

This development comes as FICC’s GSD experiences record volumes, clearing an average of $8.8 trillion daily as of October 2024. The new capabilities are seen as a valuable tool for firms navigating this high-volume environment, allowing for optimized capital efficiency through consolidated margin management and reducing potential excess liquidity needs. 

The cross-margining functionality, specifically, empowers firms to explore margin savings across combined GSD and futures positions, presenting an opportunity for capital efficiencies that may mitigate the need for liquidation in volatile markets. These tools thus provide market participants with an accessible means to assess and respond to risk and margin requirements, in preparation for the anticipated regulatory changes. 

As Laura Klimpel, Managing Director, Head of DTCC’s Fixed Income and Financing Solutions, notes, “FICC continues to evolve with the markets to support industry needs.” This expansion of the VaR calculator underscores DTCC’s commitment to delivering tools that not only bolster transparency but also support firms’ operational readiness for future market and regulatory shifts. 

BondWave Acquires Bitvore’s Fixed-Income Analytics Unit

Fixed income-focussed FinTech BondWave has completed its acquisition of Bitvore’s data analytics business, which uses artificial intelligence (AI) to scour unstructured data sources for bond market clients.

The technology will be incorporated into BondWave’s Effi fixed income data and analytics platform to “provide users with enhanced transparency and further support our mission and vision as a firm”, said chief executive Michael Ruvo.

With the acquisition, BondWave –which was formed in 2001 – will enable clients to extract data from publicly available sources and crunch it into a useable format for analysis. The company’s other capabilities include portfolio analytics and reporting and proposal generation, as well as tools that support best execution, fair pricing, and mark-up monitoring and disclosure on both a pre- and post-trade basis.

Market Data Startup Databento Boost Fund Raising to $30m

Market data vendor and technology startup Databento has boosted its fundraising to US$30 million with a recent $10m capital boost from investors including Belvedere Trading, Clear Street and Lightscape Partners.

Databento builds APIs to better serve financial institutions with high-fidelity market data. The pay-as-you-go service enables clients to select data distributed from almost 50 exchanges worldwide in more than a dozen formats.

The Salt Lake City, Utah-based company said the new finance would be used to enhance its offering by extending the historical and geographical coverage of the data it feeds to clients.

Tradeweb and Tokyo Stock Exchange Partner to Enhance Liquidity Access for Japanese ETFs

Tradeweb Markets Inc. and the Tokyo Stock Exchange (TSE) have formed a strategic partnership to boost institutional access to liquidity in Japanese exchange-traded funds (ETFs). The collaboration introduces a direct link between Tradeweb’s platform and TSE’s CONNEQTOR request-for-quote (RFQ) platform, enabling Tradeweb buy-side clients to access CONNEQTOR’s liquidity providers when executing Japan-listed ETF trades. The new connection was inaugurated with a transaction by Global X Japan.

Tradeweb’s integration with CONNEQTOR allows clients to seek quotes from a broad network of market makers via the Tradeweb interface, ensuring they receive the most competitive pricing. Clients can leverage Tradeweb’s AiEX tool for automated execution and benefit from TSE’s post-trade infrastructure, further enhancing transaction efficiency. This partnership builds on Tradeweb’s established multi-region ETF trading capabilities, as Tradeweb reported a significant 30% year-over-year increase in Asia clients’ ETF transaction volumes.

Enrico Bruni, Head of Europe and Asia Business at Tradeweb, commented: “This exciting collaboration between Tradeweb and TSE’s CONNEQTOR platform demonstrates our focus on linking liquidity pools for the benefit of institutional investors looking to transfer risk with a higher degree of certainty. We are in the business of enhancing clients’ execution experience, and we look forward to bringing more time and cost efficiencies to investors trading Japanese ETFs, both locally and globally.”

Moriyuki Iwanaga, President of Tokyo Stock Exchange, added: “CONNEQTOR has been developed as a platform to enable investors to trade ETFs “faster and cheaper”. We hope that the new connection with Tradeweb will promote investment in the Japanese market by allowing investors outside Japan, who have had difficulty using CONNEQTOR, to easily access ETFs listed on the Tokyo Stock Exchange from overseas. TSE will continue to strive to provide and develop a highly convenient market environment, where investors can enjoy better prices and smoother execution.”

TS Imagine Completes Acquisition of PrimeOne

TS Imagine, the global provider of trading, portfolio, and risk management solutions, has now completed its acquisition of PrimeOne, specialists in operational risk management for the prime brokerage sector. The combined entity will operate under the TS Imagine brand, maintaining its global headquarters in New York.

TS Imagine provides a SaaS platform offering integrated front-office trading, portfolio, and risk management tools for both buy-side and sell-side clients. PrimeOne’s platform offers key services such as stock borrowing, lending, and margin management, which will complement TS Imagine’s existing technology.

The integration of PrimeOne’s tools with TS Imagine’s RiskSmart platform aims to enhance real-time risk monitoring by leveraging PrimeOne’s operational and financing data. Additionally, PrimeOne’s expertise in swaps will support the expansion of TS Imagine’s TradeSmart OEMS into swaps.