TradingTech Insight Brief
Parameta Solutions and General Index Launch New LNG Pricing Service
OTC market & transactional data provider Parameta Solutions, a division of TP ICAP, has teamed up with benchmark provider General Index (GX), to introduce a new liquified natural gas (LNG) pricing service. This service will provide daily benchmarks for transparent trading between key LNG hubs.
Powered by data from TP ICAP’s Energy & Commodities desks, the Parameta Solutions Global LNG Basis Indices will offer a tech-led approach to price evaluations, according to the company. Managed by GX, these indices will aim to assist with price discovery, act as a reference rate in financial agreements, and support clearing and settlement procedures.
LSEG Commits to Transition Clients from Eikon to Workspace by End of 2024
The London Stock Exchange Group (LSEG) intends to transition its clients from the Refinitiv Eikon platform to its newer Workspace system by the close of 2024. During LSEG’s 2023 H1 earnings call, David Schwimmer, LSEG’s chief executive, revealed that Refinitiv’s financial platform, Eikon, would be discontinued in early 2025, anticipating that the shift to Workspace would largely be complete by the end of 2024.
The transition comes after LSEG’s acquisition of Refinitiv in 2021 for $27bn, resulting in subscription revenue making up over 75% of the group’s earnings. LSEG’s collaboration with Microsoft on the Workspace platform has been significant, with Microsoft investing a 4% stake in the exchange at the end of last year.
ION Boosts XTP Execution Solution with Direct Access to Cboe Europe Derivatives
Trading and risk management solutions vendor ION has upgraded its XTP Execution solution to give direct access to pan-European equity derivatives exchange Cboe Europe Derivatives (CEDX). XTP Execution offers automated trade workflow, integrated order management and execution, and robust connectivity to global markets.
With CEDX’s stated aim to foster larger, more liquid markets for European equity derivatives, direct access to the exchange via XTP Execution promises to facilitate better connectivity and to lower barriers to entry for its customers.
LedgerEdge Enters Administration Amid Tough Funding Climate
London-based corporate bond trading platform, LedgerEdge, has entered administration just three years after its inception. The company launched as a multilateral trading facility (MTF) in the UK last year, with approvals from both the UK’s Financial Conduct Authority (FCA) and US regulatory bodies.
LedgerEdge aimed to modernise the corporate bond market by combining artificial intelligence and distributed ledger technology to offer better connectivity, new liquidity opportunities and complete data control. However, the firm cited an “extremely challenging funding environment” as the main reason for the closure.
Guardian Capital Selects FactSet and DataRobot to Boost Analytics Platform
Guardian Capital LP’s i3 Investments Team, a portfolio management team within Guardian Capital that combines AI with human intelligence for stock selection, has chosen FactSet’s Programmatic Environment (FPE) and DataRobot to enhance its analytics platform and improve end-to-end quant workflow.
The relationship enables i3 Investments to combine FactSet’s quantitative product suite for factor creation and research with DataRobot’s integrated AI and Machine Learning (ML) platform to help solve complex investment management problems.
Advantage Futures Adopts Eventus’ Validus for Trade Surveillance
Advantage Futures, one of the highest volume clearing firms in the futures industry, has chosen Eventus Systems’ Validus platform for its trade surveillance needs. After extensive research and testing, Validus was selected for its advanced machine learning capabilities, customisable features, ease of use and the knowledge and responsiveness of the Eventus team.
The Validus platform, which handles billions of messages per day and is used widely throughout the industry across asset classes, offers a combination of automated processes, including machine learning, to provide alert triage and escalates the most actionable alerts for further investigation.
Amundi Intermédiation Selects FlexTRADER EMS for Cross-Asset Trading Consolidation
Amundi Intermédiation, the execution business subsidiary of Amundi Asset Management, has selected FlexTrade Systems’ FlexTRADER EMS as its global, centralized EMS platform to deliver cross-asset trading capabilities to over 60 dealers across its investment hubs with trading desks in Paris, Dublin, Singapore and Tokyo.
FlexTRADER’s advanced automation tools will aim to streamline Amundi Intermédiation’s order and workflow management across all asset classes. The platform’s fixed-income capabilities will also help automate and electronify Amundi’s bond execution operations. While equities and derivatives are currently live, fixed income deployment is scheduled for the end of 2023.
McKay Brothers Launches Ultra-Low Latency Cboe UK Equities Data Service at London Stock Exchange
McKay Brothers International SA (MBI) has launched its latest low latency market data service, now offering Cboe UK cash equities raw data at the London Stock Exchange through its wireless QRD service at what the company claims is the lowest known latency. The service brings together data from Cboe UK’s CXE and BXE feeds in their native exchange format.
MBI specialises in ultra-low latency market data distribution and low latency wireless bandwidth between global financial markets. This new service enhances its existing offer, which already includes raw and standardised market data distribution to the main exchange-trading European centres from major financial exchanges.
RocketFin Joins OpenFin’s Ecosystem to Enhance Risk Management Solutions
Risk management technology services provider RocketFin has become a certified development partner of OpenFin, adding to OpenFin’s growing ecosystem of partners. This makes RocketFin the only firm with certification in both OpenFin and Beacon’s ecosystems. The partnership will allow RocketFin to provide its customers with a unique integrated solution that combines risk management expertise with OpenFin’s advanced operating system technology.
With this move, RocketFin can now offer its latest risk management solution on the OpenFin operating system, with the aim of giving customers access to a range of tools to help them manage risk more effectively.
Adaptive Expands its Managed Service Offering to 24/7 Operations
Adaptive Financial Consulting has expanded its Managed Service and Support product, ‘Operate’, to provide a 24/7 managed service to run the company’s cloud-native trading platforms Operate includes cloud infrastructure management, application upkeep, technical support, monitoring and reporting.
The expansion of Operate is aided by the opening of Adaptive’s Manila office, its first in Asia, complementing the firm’s existing presence in Europe and North America. Adaptive has recently experienced a period of fast growth, seeing an increase in overall staff numbers of 19% in the past year. The company has also appointed a number of new senior staff in sales and marketing roles.