TradingTech Insight Brief
Databento Becomes Authorised Distributor of ICE Data
Databento, specialists in APIs for real-time and historical market data, have become an authorised distributor of ICE data with the launch of their latest datasets: ICE Futures Europe iMpact (IFEU.IMPACT) and ICE Endex iMpact (NDEX.IMPACT).
Sourced from ICE’s iMpact multicast futures and options market data feed and picked up at ICE’s colocation facilities in Basildon, UK and at 350 E. Cermak in Chicago, the data feed is then transported over a private backbone to CyrusOne Aurora I, the site of CME’s matching engine, for capture and redistribution. This arrangement provides Databento’s users with consistent timestamping between CME and ICE’s futures markets.
BNY Mellon and ING Join CLSNet to Enhance FX Market Efficiency and Risk Reduction
BNY Mellon, the world’s largest custodian bank, and ING, the largest Dutch bank, have joined CLS’s CLSNet service, whose user base now includes eight of the top 10 global banks. The service aims to reduce settlement risk and improve operational efficiency, particularly in the FX market where risk mitigation is increasingly critical, especially in emerging market currencies and other expanding market segments.
CLSNet has seen significant growth this year, indicating strong industry support for the service. It has consistently recorded high average daily notional values of net calculations, surpassing USD 115 billion over the past 12 months, reaching a record daily notional value of USD 445 billion netted on 20 December 2023.
Danske Bank Selects Broadridge’s Tbricks for Enhanced Multi-Asset Trading and Market Making
Danske Bank has adopted Broadridge Financial Solutions’ Tbricks multi-asset trading and market making platform, to upgrade its trading, pricing, and position management capabilities across its various locations. The integration with Tbricks aims to streamline Danske Bank’s operations, enhance strategic focus, and ensure long-term cost efficiency.
According to the company, the decision reflects a broader trend in the capital markets sector, where firms increasingly seek adaptable, modular solutions that blend speed and accuracy with the necessary agility to navigate the dynamic financial market landscape.
Cboe Digital Launches Margined Bitcoin and Ether Futures
Cboe Digital has launched margined futures for Bitcoin and Ether, becoming the first U.S. regulated crypto native exchange and clearinghouse to offer both spot and leveraged derivatives trading on a single platform. This development, supported by Blockfills, DV Trading LLC, Jump Trading Group, Marex, Toa Capital Partners and Wedbush, is seen as a major step towards unifying the crypto spot and futures market.
Following the launch Cboe Digital now plans to expand its product suite to include physically delivered products, pending regulatory approval.
Zayo Group Expands Near-Net Fibre Connectivity Across Europe, Targeting Key Cities in 2024
Zayo Group, the global provider of fibre network infrastructure, has announced a significant expansion of its near-net connectivity across Europe, aiming to enhance its high-speed low-latency network solutions across UK, Ireland, The Netherlands, Germany, and France, enabling up to 100G connectivity for clients in close proximity to Zayo’s fibre infrastructure.
The initiative aims to help clients more easily adopt cloud systems and innovative technologies major cities such as London, Manchester, Amsterdam, Stuttgart, Berlin, Dublin, and several French markets throughout 2024.
LoopFX Collaborates with FactSet to Integrate Its FX Trading Technology into Portware System
LoopFX, the FX trading venue for large spot trades, has announced a strategic partnership with FactSet to integrate LoopFX’s unique ‘Peer-To-Bank’ matching engine technology into Portware, FactSet’s FX execution management system (EMS). Set to commence in early 2024, the integration is designed to streamline FX trading for FactSet’s clients, enabling them to access LoopFX’s services directly through their existing Portware trading interface.
LoopFX’s technology is designed to facilitate large FX trades, typically over $10 million, by offering a dark pool for large block liquidity. This approach aims to minimise information leakage, reduce trading costs and enhance execution efficiency for both buy-side and sell-side clients.
Liquidnet Integrates bondIT’s Advanced Credit Analytics
Liquidnet has partnered with investment technology provider bondIT, to integrate bondIT’s Scorable Credit Analytics into its Fixed Income electronic trading platform. This collaboration between the two companies will enable over 700 member firms to access enhanced insights within the Liquidnet application, aiding in predicting market trends and credit risks.
The partnership comes at a time of increasing demand for fixed income securities, attributed to attractive yields not seen in over a decade. Scorable’s use of data science, Explainable AI, and Machine Learning, aims to help investors anticipate changes in credit ratings and identify market opportunities ahead of time.
Baton Systems Partners with J.P. Morgan to Automate Collateral Optimisation
Post-trade specialist Baton Systems has collaborated with J.P. Morgan’s Collateral Services to automate the optimisation of collateral for tri-party clients globally. The integration of Baton’s Core-Collateral solution into J.P. Morgan’s CCP Margin Exchange (CCPMx) went live with its first CCP in November. Baton now plans to extend the solution across its network of 13 major CCPs, representing over 94% of cleared margin by U.S. FCMs.
The collaboration aims to address complexities in the derivatives markets by enabling clients to aggregate, select, and mobilise collateral effectively and rapidly through Baton’s platform. By automating these processes, the initiative promises to alleviate operational burdens, improve funding decisions, and reduce operational risk.
CoinAPI Introduces EMS Trading API
CoinAPI, the provider of cryptocurrency APIs, has added an execution management system (EMS) API to its suite, enabling clients to trade across markets, asset classes, and exchanges in one place, with the ability to carry out transactions directly on cryptocurrency exchanges in real time with sub-millisecond latency.
The solution is geared towards algorithmic traders and professional cryptocurrency traders, for whom Trading APIs have become an essential part of their toolkit of.
TMX Completes VettaFi Acquisition
TMX Group Limited has completed the acquisition of VettaFi Holdings LLC, a US-based indexing, digital distribution and analytics company. In the first half of 2023, TMX aquired approximately 22% of the common units of VettaFi, and has now acquired the remainder.
The addition of VettaFi increases the depth and value of TMX’s data-driven insights, expands the company’s digital capabilities and expertise, and enriches the company’s support for ETF issuers. This acquisition is expected to accelerate TMX Group’s long-term global expansion and to increase its revenue from the Global Solutions, Insights and Analytics business and from recurring sources.