TradingTech Insight Brief
Grupo Financiero Banorte Integrates Murex MX.3 Platform to Enhance FX Derivatives Trading
Mexican bank Grupo Financiero Banorte has upgraded its FX derivatives trading services for corporate clients by integrating Murex’s MX.3 platform, as part of its digitalisation strategy. This enhancement allows clients to execute FX derivatives transactions through the bank’s internal portal, Cambios Banorte en Línea (CBL), with the support of MX.3’s self-service functionality.
The implementation of MX.3 aims to streamline Banorte’s trading operations by reducing manual interventions and has led to a 38 percent reduction in person-hours for related tasks. The collaboration between Banorte and Murex, spanning over a decade, has involved continual expansion and optimization of the MX.3 platform’s use in the bank’s operations, recently including the creation of a new XVA desk and updated risk management systems.
CQG Announces Senior Executives’ Buyout; Continues Growth Under New Leadership
CQG, the financial markets technology solutions provider, has announced a significant ownership change with its senior executives set to acquire the company. The buyout marks a new chapter for CQG, which has been owned by founder Tim Mather since its inception in 1980. The details of the transaction, expected to finalise this month, have not been publicly disclosed. This transition occurs under the leadership of CEO Ryan Moroney, who took the helm in 2021 after serving as President since 2017.
CQG has experienced substantial growth in recent years, bolstered by new strategic partnerships, expansion of product offerings, and increased market connectivity. Established in 1980, the company has evolved from offering front-end trading software in the U.S. to a global presence, expanding to Europe in 1988 and Asia in 1998.
Genesis Global Unveils Genesis Platform Version 7, Accelerating Software Development
Genesis Global has launched Genesis Platform version 7 (G7), a significant update to its low-code application development platform for the financial markets sector, introducing multiple enhancements aimed at streamlining the development process. G7 focuses on enabling quicker and more efficient building, testing, and deployment of robust full-stack applications, particularly beneficial for developers in banking, asset management, and other financial firms.
The key improvements – designed to facilitate high-performance transaction processing, event-driven workflows, real-time data integration, and customized user experiences – include accelerated development of full-stack applications, enhanced user interface design capabilities, better integration within enterprise technology ecosystems, and improved access to training tools and support.
Bloomberg Introduces Intra-Firm Chatbots for Enhanced Digital Collaboration
Bloomberg has launched a new service, IB Connect: Intra-Firm Chatbots, designed to enhance digital collaboration for Bloomberg Terminal users. The add-on allows users to integrate proprietary chatbots into Instant Bloomberg (IB) chat rooms, facilitating the sharing of internal system information and improving in-house business intelligence discovery.
The new service supports two types of chatbots. Q&A Intra-Firm Chatbots enable users to extract actionable intelligence directly into chatrooms, addressing queries using data from internal systems. Notification Intra-Firm Chatbots provide timely updates and alerts within the IB environment, ensuring critical information is seamlessly communicated during workflows. This integration uses natural language processing to structure unstructured IB data, which clients can customise for their unique tech stacks and workflows, adhering to Bloomberg’s API protocols.
TD Securities Integrates with Paxos for Automated Commodities Settlement
Paxos, the regulated blockchain infrastructure platform, has partnered with TD Securities, to enable fully automated and simultaneous settlement of cash and commodities for the first time in the precious metals market, enhancing the efficiency of operations for trading both traditional and digital precious metals.
Aiming to set a new standard in the industry for reducing risk and improving settlement safety, the partnership addresses the prevalent issue of many commodities trading firms lacking automated confirmations and settlement. The Paxos Settlement Service not only enables simultaneous settlement but also acts as a hub for accommodating all counterparty settlements, even those not on the network.
Torstone Technology Secures DTCC’s CTM Certification for Enhanced Post-Trade Processing
Post-trade securities and derivatives processing solutions provider, Torstone Technology, has successfully completed its Middle Office product certification with the Depository Trust & Clearing Corporation’s (DTCC) Central Trade Manager (CTM) service. The collaboration with DTCC’s CTM, a global central matching platform, is timely in light of the upcoming US transition to a T+1 settlement cycle in 2024. The integration aims to provide automated central matching, essential for maintaining accuracy and efficiency in the face of shorter settlement periods.
The certification of Torstone’s Middle Office product with DTCC’s CTM promises to not only streamline the implementation process but also offer a more reliable and secure environment for post-trade activities. Additionally, the integration includes features from DTCC’s ALERT, the industry’s most extensive database for the maintenance and communication of settlement instructions.
TS Imagine Partners with Kayenta to Enhance Hedge Fund Treasury Management
TS Imagine has joined forces with Kayenta to integrate Kayenta’s Treasury Management System into TS Imagine’s TS One platform, to enhance finance management capabilities for hedge funds. The partnership aims to provide clients with clearer insights into their financing costs and broker relationships, particularly crucial in the context of rising interest rates.
With Kayenta’s analytics, TS One users will gain comprehensive insights into cash, collateral, and cost management for their multi-asset and multi-prime portfolios, alongside improved automated reporting. The collaboration builds on TS Imagine’s continued expansion of trading and risk management services, following a recent alliance with Cassini Systems for margin and collateral analytics.
interop.io and Infront Team Up for Deutsche Numis Trading Platform Enhancement
Interoperability provider interop.io and Infront, the European financial market data solutions provider, have collaborated to enhance the trading platform for Deutsche Numis, an international investment bank and retail service provider. This initiative comes as retail trading volumes hit record highs, surpassing the meme-stock trading surge of 2021.
To capitalise on this growth, Deutsche Numis has improved its trading execution workflow by utilising interop.io’s platform, io.Connect, to integrate its core Fidessa platform with Infront’s retail service provider quotation (RSP) solution. The connection between the systems includes synchronisation of instruments using tracking groups and colour channels, to improve efficiency and to streamline workflow for traders.
TS Imagine Launches Best Execution Compliance Module
In a development complementing TS Imagine’s recent collaboration with eflow for trade surveillance capabilities, the trading and risk management platform provider has introduced a new module within its TradeSmart OEMS and TS One platforms to enhance Best Execution compliance and reporting for financial traders.
Designed to simplify compliance, the module offers an integrated view of trade activities, automatically records trading actions, provides robust data analysis, event classification and real-time commentary functionalities, and generate best execution reports. The module is pre-programed with more than 60,000 rules from across global jurisdictions, enabling users to automatically record and report their Best Ex compliance.
BMLL Technologies Secures ISO 27001 Certification for Data Security
Level 3 historical data and analytics provider BMLL Technologies, has been awarded the ISO 27001 certification, underscoring its commitment to the highest standards of information security. This international accreditation confirms BMLL’s effectiveness in implementing a robust Information Security Management System (ISMS), covering all aspects of its operations, including the development and management of its analytics platforms and data services.
The certification, awarded after rigorous independent evaluation, confirms that BMLL follows stringent security practices to protect sensitive data, reinforcing the company’s reputation as a trusted provider of Level 3 historical data and analytics to the capital markets industry.