A-Team Insight Brief
Bloomberg Expands Market-On-Close Trading to US Treasuries
Bloomberg has broadened its Market-On-Close trading capabilities to include US Treasuries, following the earlier rollout for European Government Bonds. The enhancement allows institutional investors to execute trades at the market’s closing price, automatically referencing Bloomberg’s Evaluated Pricing (BVAL) Service. BMO Capital Markets and Schwab Asset Management facilitated the inaugural trade using BVAL pricing.
Currently supported by nine dealers, the new trading workflow aims to reduce tracking error and provide certainty of execution. It allows clients to choose between negotiating non-comp trades or directing in-comp trades to a minimum of five dealers. Investors can also use Bloomberg’s integrated tools, such as axe data, analytics, and communication features, to identify optimal liquidity providers. Additionally, the solution leverages Bloomberg’s Portfolio Trading Basket Builder, enabling electronic trade negotiation and execution based on an end-of-day market snapshot. Further dealer participation is anticipated in 2025.
SimCorp and 360T Expand Partnership to Streamline FX Trading for Buy-Side Firms
SimCorp and 360T, both part of Deutsche Börse Group, have announced an expanded partnership to enhance FX trading capabilities for buy-side firms. The integration allows users of SimCorp One, a comprehensive investment management platform, to access 360T’s Execution Management System, enabling more efficient and automated FX trade execution. Clients will also benefit from connectivity via FIX as a Service, a managed service by SimCorp for linking with brokers and trading platforms.
This development supports institutional investors in optimising their FX trading processes by improving execution speed, reducing operational risks, and ensuring robust audit trails. It aligns with Deutsche Börse Group’s broader strategy to strengthen synergies across its units, following SimCorp’s recent strategic collaboration with Clearstream.
SimCorp and Clearstream Partner to Enhance Investment Platform Integration
SimCorp and Clearstream, both part of Deutsche Börse Group, have entered a strategic partnership to integrate Clearstream’s post-trade services into SimCorp One, SimCorp’s front-to-back investment platform. The collaboration enables SimCorp clients to access Clearstream’s fund data solutions through the Kneip platform, streamlining data dissemination, document handling, and regulatory reporting.
The integration allows clients to outsource these functions, leading to cost reductions and increased operational efficiency. Looking ahead, the partnership will explore additional services including fund distribution via FundsDLT’s SaaS platform, collateral management, and tri-party repo solutions. This initiative supports Deutsche Börse Group’s broader goal of enhancing its buy-side service offering and strengthening connectivity across its trade and post-trade ecosystem.
OSTTRA, Baton Systems, and Fnality Collaborate on 24/7 FX PvP Settlement with Central Bank-Backed Digital Asset
OSTTRA and Baton Systems have partnered with Fnality to successfully complete a proof-of-concept integrating Fnality’s digital ledger technology (DLT)-based system into their on-demand FX payment-versus-payment (PvP) settlement orchestration service. The development introduces an asset with central bank-like credit characteristics, recorded on a DLT ledger, enabling 24/7 settlement and enhancing liquidity and risk management.
The project, involving 12 major banks, demonstrates how digital assets can be used alongside commercial bank money for flexible, atomic PvP settlement across varied settlement venues. The Sterling Fnality Wholesale Payment System Test Environment was used to validate GBP transactions, marking a step towards broader adoption and future enhancements to the FX settlement service. Participants benefit from continuous netting and automated settlement orchestration, helping reduce liquidity pressure and support higher transaction volumes. Currently, GBP is the only currency supported within the Fnality ecosystem.
Philippine Stock Exchange Upgrades to Nasdaq Eqlipse in Expanded Technology Partnership
Nasdaq and The Philippine Stock Exchange, Inc. (PSE) have announced an expanded technology partnership that will see PSE upgrade its trading infrastructure to the Nasdaq Eqlipse Trading platform. This move aligns PSE with Nasdaq’s latest technology aimed at modernising and strengthening market operations.
Nasdaq Eqlipse is the fourth-generation platform in Nasdaq’s suite of multi-asset marketplace technologies. It features modular capabilities such as pre-trade risk management, advanced options pricing, and index calculations. The platform supports diverse deployment models including cloud adoption, easing operational demands. This upgrade marks a key step in Nasdaq’s broader five-year strategy to deliver integrated trading, clearing, depository, and data intelligence solutions globally.
S&P Global Expands Dataset Availability in Databricks via Delta Sharing
S&P Global has broadened the scope of its data offerings in Databricks by making several S&P Capital IQ Pro datasets accessible through Databricks Delta Sharing. This move enables licensed users to directly query live financial, sustainability, and corporate datasets across investment, risk, and strategy functions without needing to ingest or replicate data. Delta Sharing, Databricks’ open-source data sharing protocol, supports real-time access with robust security and governance.
This initiative builds on previous collaborations between S&P Global and Databricks, including the integration of energy and commodities data and the development of the S&P Global Capital IQ Workbench. By reducing latency and data duplication, the enhanced integration aims to streamline workflows for users operating within the Databricks environment. S&P Global plans to continue expanding the range of available datasets on the platform.
ION Integrates FastTrade with Equiduct to Enhance Retail Best Execution
ION has successfully integrated and certified its FastTrade platform with Equiduct, enabling clients to access Equiduct Apex’s zero-commission Best Execution service. This development supports improved execution quality and enhances compliance with MiFID II Best Execution regulations.
The integration expands the execution venues available through FastTrade’s Best Execution Engine, a programmable tool that allows users to create tailored execution strategies. By incorporating Equiduct’s capabilities, ION strengthens its offering for clients navigating competitive, low-commission trading environments.
Trading Technologies Integrates EBS and FX Spot+ to Expand FX Offering
Trading Technologies International, Inc. (TT) has announced integration with the EBS Market central limit order book, enhancing its FX offering. The integration allows users of TT’s execution management system to access EBS Market for trading spot FX, precious metals, and non-deliverable forwards. TT also plans to support EBS Direct and CME Group’s upcoming FX Spot+ platform.
This expansion significantly broadens TT’s FX liquidity alongside its existing futures and options services. TT will be the first platform to offer the full suite of CME Group FX products across futures, options, and OTC markets. Responding to increasing client demand for platform consolidation and advanced trading tools, TT aims to facilitate seamless cross-trading and automation across asset classes, reinforcing its position in the evolving FX landscape.
Johannesburg Stock Exchange Enhances Global Trading Access with JSE-FIX and Colo 2.0 Expansion
The Johannesburg Stock Exchange (JSE), Africa’s largest stock exchange, has launched new initiatives to improve electronic trading access and infrastructure for both local and international investors. In partnership with Rapid Addition, the JSE introduced JSE-FIX, a new order routing service using FIX Community messaging standards. This service enables global investors to integrate South African equities into their portfolios with minimal system changes, supporting broader asset class trading and reducing transaction costs.
Additionally, the JSE has expanded its collaboration with cloud provider Beeks Group to launch Colo 2.0, a second co-location facility. Designed to offer low-latency, cost-efficient cloud services for brokers and institutional investors, Colo 2.0 is located close to the main matching engine and boasts a roundtrip latency of just 11 microseconds. With growing demand and enhanced resilience, this solution supports scalable trading operations in a market where AI and algorithmic trading are on the rise, reinforcing the JSE’s role as a key gateway for investment in Africa.
Clearwater Tech Chosen by Denmark’s Norli Liv & Pension
Danish pension provider Norli Liv & Pension has revamped its investment accounting, reporting and compliance operations using Clearwater Analytics’ investment management platform.
Boise, Idaho-based Clearwater said its technology will “eliminate multiple legacy platforms, reduce manual work” and accelerate Norli Liv & Pension’s monthly close.