CJC Relaunches Academy Program for Market Data Professionals

CJC, the market data consultancy and professional services provider, has announced the relaunch of its innovative Academy Program. The CJC Academy aims to train the next generation of market data experts by equipping them with industry-leading skills, knowledge, and practical experience necessary for success in global capital markets.

The CJC Academy offers a comprehensive learning experience that includes classroom-based instruction, mentorship, hands-on projects, and immersive activities. Participants will benefit from the expertise of industry leaders, engage in cutting-edge client projects, and explore various market data functions through CJC’s technical and commercial operations. Following a pandemic-related hiatus, the program returns with an updated syllabus, dedicated support team, and digital learning components, continuing its legacy since 2012.

Murex and StarQube Partner to Enhance Portfolio Management with MX.3 Integration

Murex, the capital markets technology provider, and StarQube, a fintech offering advanced analytics and investment decision tools, have joined forces to provide a data-driven portfolio management system through Murex’s MX.3 platform. The partnership enhances portfolio construction for managers using the MX.3 Investment Management solution, by integrating StarQube’s research and portfolio construction capabilities.

The combined solution leverages Murex’s cross-asset Investment Book of Record (IBOR) and StarQube’s conic optimizer, enabling portfolio managers to design, backtest, and execute strategies across all asset classes. This integration aims to provide better performance, efficiency, and regulatory compliance, optimising data and technology costs while enhancing the overall investment management process.

Genesis Unveils G8, Introducing Usage-Based Pricing and Advanced Developer Tools

Genesis Global has launched Version 8 of the Genesis Application Platform (G8), introducing risk-free trials, usage-based pricing, and significant technological advancements, which aim to expedite the development of high-performance financial market applications. Key features include the Genesis Marketplace, a library of pre-built elements to accelerate development; Genesis Create, a web-based tool to get new applications running in minutes; Genesis View, which converts screenshots into concise web UI code; and improved desktop interoperability with additional FDC3 support.

A new client engagement model launched in conjunction with the G8 release creates several powerful incentives for developers, including Genesis Sandbox, which offers free, on-demand platform trials to qualified users with technical support and access to the Genesis Academy learning centre. Additionally, a new usage-based pricing system allows firms to correlate costs with the value they receive from Genesis, eliminating traditional hurdles in software purchases. Furthermore, a new partner portal equips third-party integrators and consultancies to co-sell and build on the Genesis platform.

ESMA Good Practices Statement Hides a Warning on Pre-Close Calls

ESMA recently published a statement titled Good practices in relation to pre-close calls. The statement was prompted by media reports and verification by National Competent Authorities (NCAs) of a link between pre-close calls between issuers and analysts and subsequent volatility, in some cases raising suspicion about possible unlawful disclosure of inside information. 

It should be noted that subsequent investigations of these apparent links didn’t reveal any violation of the Market Abuse Regulation (MAR). 

“Pre-close calls” are communication sessions between an issuer and an analyst or group of analysts who generate research, forecasts, and recommendations related to the issuer’s financial instruments for their clients.  

These “pre-close calls” usually take place immediately before the black-out periods preceding an interim or a year-end financial report during which issuers refrain from providing any additional information or updates. 

The purpose of the ESMA statement is to remind issuers of the legislative framework applicable to pre-close calls and to identify good practices to which issuers should pay particular attention when engaging in such calls. 

Pre-close calls should only provide non-inside information and, whenever inside information is accidentally disclosed during a pre-close call, MAR requires restoration of information parity by making the disclosed information public immediately. 

The statement also includes a collection of best practices observed by National Competent Authorities (NCAs): 

• Assessment of Disclosed Information: Prior to calls, issuers should thoroughly assess the information to ensure it is non-inside information. 
• Public Disclosure: Announce upcoming pre-close calls with details, date, place, topics, and participants via the issuer’s website. 
• Simultaneous Material Availability: Make the materials used in calls (e.g., slides, notes) available on the issuer’s website. 
• Recording Calls: Record the calls and provide recordings to NCAs upon request. 
• Keeping Records: Maintain and publish records of disclosed information on the issuer’s website for public access. 

ESMA and the NCAs consider that following these good practices could reduce the risk of unlawful disclosure of inside information. 

Reactions to the Statement 

Responses from the Trade and e-Comms surveillance vendors emphasise the need for transparency and fairness in maintaining orderly markets that can be trusted.  

Matt Smith, CEO at surveillance solutions provider SteelEye, is well positioned to comment on transparency gaps in the surveillance ecosystem. “ESMA’s statement is a stark reminder that without an emphasis on transparency during pre-close calls, a watchdog crackdown could well be on the horizon. Markets need to remain inclusive and democratic, ensuring everyone has the right to participate with equal knowledge and to make informed decisions. When a select few have unfair access to sensitive information, this of course influences the market – something regulators are evidently keeping a closer eye on.” 

Smith’s concerns are well founded given the recent enforcement actions for shortfalls in e-Comms surveillance monitoring. 

Oliver Blower, CEO of VoxSmart takes a more pragmatic view calling for regulatory clarity and rules instead of the grey areas surrounding issuer pre-close calls. “It is all very well ESMA trying to keep everyone honest, but these are guidelines, not legislation. Clear rules and transparency are key to keeping our markets trustworthy and fair – and this is what most market participants want as well. 

The grey area is when exactly does activity of this nature become a disclosable event to the wider market? At the end of the day, if there is a suspiciously high share price immediately after an analyst call, any regulator is going to need to dig into not only the intricate details behind the trades, but also whether the bank in question provided the full and proper disclosures in a timely manner.” 

Both Smith and Blower emphasize the importance of transparency and clarity in the management of pre-close calls to maintain market integrity and fairness. They share a concern for preventing unlawful disclosures and ensuring that all market participants have equal access to information. Both agree that well-defined practices and guidelines are crucial for fostering trust and inclusivity in the financial markets, aligning with the overarching goal of regulatory bodies to uphold a fair and transparent trading environment. 

GCEX Partners with DV Chain to Enhance Crypto Liquidity Offering for Institutional Clients

GCEX Group, the regulated digital brokerage that provides institutional and professional clients with deep liquidity in CFDs on digital assets and FX, as well as spot trading and conversion of digital assets, has partnered with DV Chain, the cryptocurrency liquidity provider, to enhance its services for institutional clients.

By leveraging DV Chain’s crypto liquidity, GCEX aims to provide GCEX’s institutional clients with tighter spreads and reduced execution costs. The enhanced brokerage services for spot cryptocurrency transactions will be accessible through GCEX’s XplorSpot platform or via API, facilitating the adoption of digital assets by institutions and professional traders.

Bloomberg Unveils Integration of Alternative Data with Traditional Enterprise Content

Bloomberg has made its Bloomberg Second Measure (BSM) transaction data analytics feeds available via Bloomberg Data License for the first time. The integration allows data professionals and quantitative researchers to connect BSM’s alternative dataset with Bloomberg’s traditional data, offering early insights into consumer company performance with a three-day lag. Powered by over 20 million U.S. consumers’ credit and debit card transactions, BSM covers over 3,000 companies and 4,000 brands.

The move is part of Bloomberg’s strategy to enhance data solutions for quantitative customers. The BSM data feeds, essential to the ALTD <GO> function on the Bloomberg Terminal, further Bloomberg’s effort to integrate alternative data with traditional market information, providing extensive insights and integration capabilities for diverse datasets.

Commerzbank Completes Strategic Migration to Murex’s MX.3 Platform

Commerzbank has successfully completed a strategic migration and simplification of its global FX, FX derivatives, equities, and commodities operations using Murex’s integrated MX.3 platform. This initiative streamlines trading and risk management processes, supporting Commerzbank’s goals of business expansion, consolidation, and digitalisation.

The project saw collaboration from Murex, TeamTek, and Infosys. TeamTek, a Bounteous x Accolite company, contributed significantly to the equity migration project, focusing on testing automation and end-to-end delivery. Infosys provided comprehensive services including development, integration, testing, and migration support. Representatives from all four companies praised the teamwork that drove the successful implementation, with Commerzbank set to leverage MX.3 for future strategic objectives.

Wall Street Horizon Adds TMX Canadian Stock Coverage to Corporate Event Dataset

Wall Street Horizon, a provider of global corporate event data, has expanded its data coverage to include all common stocks traded on Toronto Stock Exchange and TSX Venture Exchange. This increases its data universe by 15%, totalling over 11,000 publicly traded companies worldwide.

Wall Street Horizon, a TMX company, offers more than 40 corporate event types including flagship earnings and dividend calendars. The extended event data coverage features small/medium cap equities and provides insight to parts of the market that previously received little exposure.

“Full TMX Canadian stock coverage for highly accurate corporate event data is essential for our buy-side clients to monitor their comprehensive watchlists, which include midcap and microcap stocks,” says Dominic Dowd, vice president, TMX Datalinx Product, Strategy & Analytics. “In a similar vein, we are actively reviewing client driven opportunities to expand our global event coverage in additional markets such as London, Hong Kong and India.”

APEX Group Renews Partnership with NeoXam

Apex Group, a global financial services provider, has renewed its partnership with NeoXam covering use of the vendor’s portfolio management solution. Apex will continue deploying NeoXam’s technology within its South African offices, underlining its value proposition as an asset servicer in the region. NeoXam will power Apex’s data infrastructure from its local office in Cape Town.

Jon Hugill, global head of open-ended product at Apex Group, says: “NeoXam’s portfolio management solution has enabled us to provide our clients with a seamless service. In addition, the company’s front-office solutions in particular have enabled us to offer an exceptional service in South Africa, a region in which we hope to expand our presence considerably over the coming months.”

ACCX Group Secures FCA Licence for Crypto Derivatives Marketplace

ACCX Group (UK) Limited, the digital asset exchange group, has achieved a significant milestone by obtaining a licence from the UK’s Financial Conduct Authority (FCA) for a regulated and centrally cleared derivatives marketplace. The platform is designed to offer financial institutions cash-settled futures and options based on a robust benchmark index of cryptocurrencies, in order to gain exposure or hedge risk more efficiently in a secure and liquid environment.

Authorised to operate a Multilateral Trading Facility (MTF) for crypto derivatives, ACCX aims to transform the industry by providing a secure and compliant environment for the trading and centralised clearing of such instruments.