Bloomberg Lets Customers Test Drive its Datasets

Bloomberg is throwing open its data trove to prospective users, enabling them to interact with the information before deciding on whether to buy into new datasets.

The Virtual Data Room will give customers the chance to explore the coverage, quality and usability of Bloomberg’s Bulk Data License datasets. The service is designed to accelerate the data onboarding process, which usually takes a minimum of three months, New York-based Bloomberg said.

“The Virtual Data Room is akin to test driving a new car before you buy it,” said Brian Doherty, Global Head of Data License at Bloomberg.

BlueFlame AI Applies GenAI to Alternative Markets Data Processes

BlueFlame AI said it has made the process of mining and analysing data from documents easier for private and other alternative market participants with the creation of its Nexus product.

The offering, backed by generative artificial intelligence (GenAI), enables clients to pull critical data from unstructured sources such as management and board decks, presentations, contracts, reports and other documents, the London-based company said.

“In today’s data-driven investment landscape, the ability to quickly extract valuable insights from vast amounts of unstructured information is crucial,” BlueFlame AI chief executive Raj Bakhru said.

NeoXam’s Impress Deployed to Manage Ecofi Reporting Process

NeoXam has been selected to handle the entire reporting process for Ecofi, Groupe Credit Cooperatif’s asset manager.

The France-based financial software and technology provider has signed a deal to deploy its SaaS-based Impress platform to manage the French banking group’s data collection, quality checks, performance analytics computation as well as reporting templating and generation for the full range of its funds.

Novatus Secures $40 Million Growth Funding from Silversmith Capital Partners

Novatus Global, a leader in regulatory technology for financial institutions, has raised $40 million from Boston based growth equity firm Silversmith Capital Partners. This funding marks a significant step for Novatus, enabling the company to expand globally and enhance its technology amid an increasingly complex regulatory landscape. 

Founded in 2019 by experienced industry professionals, Novatus has quickly built a strong reputation among top banks, asset managers, and financial institutions. Over the past year, the company has seen its revenue more than triple, reflecting the growing demand for its compliance solutions. The investment from Silversmith will help Novatus enhance its flagship platform, En:ACT, a cloud-native SaaS solution that simplifies complex transaction reporting requirements across various global jurisdictions. 

Andrew Hedley, Co-Founder and Partner of Novatus, emphasized the alignment between the two companies. “Silversmith shares our vision of creating products that make our clients’ operations safer and more efficient,” he said. “This investment will allow us to deepen our commitment to innovation while accelerating our international expansion, particularly in North America.” 

Co-Founder and Partner Mathew Ranson highlighted the company’s unique approach to transaction reporting, drawing on the founders deep operational knowledge of the transaction reporting space and its challenges. “We built Novatus with a focus on automation and technology, moving away from human-driven processes. Silversmith recognized the potential of our En:ACT platform, which leverages AI and machine learning to address regulatory challenges with fresh thinking.” 

Silversmith’s Principal, Ned Kingsley, echoed this sentiment, expressing confidence in Novatus’ future. “We look for founders who solve real-world problems, and Andrew and Matt have done exactly that. We’re excited to support their continued growth,” Kingsley noted. 

Alan Robertson, Partner at Maven Capital Partners, which had previously invested in Novatus, praised the company’s progress. “Since our initial investment, client adoption of En:ACT has driven a 13-fold increase in annual recurring revenues. We remain committed to supporting Novatus in scaling globally and enhancing its market-leading platform,” Robertson stated. 

This new partnership will also see Silversmith’s Todd MacLean and Ned Kingsley joining the Novatus board, further reinforcing the strategic alignment between the two firms.  

By combining deep industry knowledge with AI-powered technology, Novatus is well positioned to help its clients navigate an evolving global landscape with greater confidence and agility. 

Wise Platform Joins AbbeyCross to Enhance Global FX Payment Connectivity

AbbeyCross, the FX payment connectivity provider, has announced the addition of Wise Platform as its newest payment partner. Wise Platform, Wise’s global payments infrastructure, enables banks, financial institutions, and enterprises worldwide to facilitate fast, secure, and cost-effective international payments. By leveraging Wise’s infrastructure, which connects directly to five payment systems and collaborates with over 90 banking partners across 160+ countries, AbbeyCross users will benefit from faster and transparent FX payment rates, including emerging market rates, and an improved settlement experience.

The partnership aligns with AbbeyCross’s mission to enhance the FX payments market by offering multi-lateral access to a range of FX providers via a single integration. This approach aims to reduce technical barriers, enhance price transparency, and mitigate compliance risks, streamlining the traditionally fragmented FX payments industry.

Advantage Futures Migrates to ION’s XTP Platform for Enhanced Trade Processing

ION, the trading and risk management solutions vendor, has successfully migrated Advantage Futures, a high-volume futures commission merchant, to its cleared derivatives trade processing platform, XTP. The transition marks a shift for Advantage Futures from its decades-old post-trade technology to a more advanced system, enabling extensive automation across clearing and settlement workflows. The XTP platform will aim to enhance the firm’s operational efficiency and provide clients with real-time visibility of positions, fees, margins, and risk.

Francesco Margini, Chief Product Officer for Cleared Derivatives, ION Markets, commented: “We are very pleased about our partnership with Advantage Futures, one of the industry’s highest volume clearing firms. The transition from their legacy back-office solution to XTP was completed in record time, leveraging ION’s established methodology and tools developed to manage large and complex migration projects. The Advantage-XTP rollout demonstrates ION’s proven track record in bringing new products to the market and the strong discipline required for a timely and successful delivery to customers.”

With over 5.3 billion contracts processed since its inception, Advantage Futures serves a broad client base, including professional traders, institutional clients, and hedge funds.

NeoXam Integrates SIX’s ULTUMUS Data and Index Feeds for ETFs

Clients of NeoXam’s DataHub will have access to data, indices and other services linked to ETFs and other passive funds via SIX’s ULTUMUS feed.

The London-based data management and investment technology provider said the integration of ULTUMUS will offer users a “single source of data on multi-asset ETFs alongside complete composition, reference, flow, corporate actions, and dividends data sets”.

NeoXam said the move is timed to capitalise on growing demand for ETFs in Europe, which saw first-quarter assets under management soar 10 per cent on the previous three months to a record US$1.8 trillion, according to Morningstar.

NeoXam managing director of EMEA North and ZAF, Philipp Sfeir, said the company had seen huge demand for a “consolidated view” of ETF and index data in recent months.

“Market developments in this data segment underscore the importance of utilising NeoXam DataHub as a consolidation and dissemination platform,” Sfeir said.

Among the services provided by ULTUMUS are global indices including those of MSCI, S&P Global and FTSE.

Finbourne Doubles Funding in £55m Series B Round

Finbourne Technology has almost doubled the capital it has raised from investors, with the latest series B injection increasing its total by £55 million to more than £100m.

Six existing investors in the London-based investment data management solutions provider chipped in more funds and they were joined by another four investors. Two of them, CommerzVentures and HSBC, will have a presence on the Finbourne board as observers, the company said.

Finbourne offers a range of data management services, including through its SaaS-based LUSID platform, which are being utilised by clients including Northern Trust, Omba Advisory and the Pension Insurance Corporation.

While the company didn’t detail how it would use the proceeds from the secondary funding round, chief executive and co-founder Thomas McHugh said that Finbourne is looking to “significantly expand” its client base.

Earlier this year Finbourne said it would expand its sales, product and marketing capabilities in the UK, the US, Ireland, Singapore and Australia.

The company drew in £55m during its previous series B funding round in June, which was led by venture capital firm Highland Europe and AXA Venture Partners. That followed a £15m injection in 2021. It also has a £30m debt facility from Kreos Capital.

FESE and Oxera Publish New Analysis on Market Data Fees in EU Equity Trading

The Federation of European Securities Exchanges (FESE) has commissioned Oxera to conduct an analysis of market data fees and revenues since the implementation of MiFID II, building on previous studies from 2019 and 2022. This analysis is timely, aligning with the ESMA’s recent consultation on the Regulatory Technical Standards (RTS) on Reasonable Commercial Basis.

The Oxera study reveals that market data revenues from stock exchanges have remained relatively stable, suggesting that overall market data prices have not significantly increased. The findings also indicate a shift from display to non-display data usage, with fees adjusted accordingly to reflect this change and accommodate smaller clients.

FESE urges ESMA to consider these findings in shaping the final RTS to avoid overregulation, which could restrict data access and investment. FESE also recommends a principle-based approach to cost allocation, ensuring fairness across different customer groups.

LTP Partners with Avelacom to Enhance Low Latency Network Services for Crypto Trading

Low latency network solutions provider Avelacom has been chosen by LTP, a prime broker for digital assets in the Asia Pacific region, to deliver advanced network services. The collaboration aims to enhance trading speeds and reliability for LTP’s diverse client base, including hedge funds, high-frequency trading firms, funds of funds, and family offices, across global crypto markets.

The partnership highlights LTP’s commitment to optimising trading infrastructure and supporting increased cross-venue trading volumes. Avelacom, recognised for its pioneering low latency solutions in the crypto industry, will leverage its extensive network coverage and recent expansions in Asia Pacific, including a new presence in Korea and an office in Hong Kong, to provide superior connectivity and performance for LTP’s clients.