DTCC’s NSCC to Extend Clearing Hours to Support Overnight Trading by 2026

The Depository Trust & Clearing Corporation (DTCC) has announced that its subsidiary, the National Securities Clearing Corporation (NSCC), will extend clearing hours to support overnight trading, with implementation targeted for Q2 2026, pending regulatory approval. The expansion aims to enhance liquidity and reduce counterparty risk by applying NSCC’s central counterparty guarantee to global overnight activity.

This initiative builds on NSCC’s September 2024 phase 1 implementation, which allowed trade submissions starting at 1:30 AM ET, 2.5 hours earlier than before. Under phase 2, NSCC will operate 24×5, from Sunday 8:00 PM ET to Friday 8:00 PM ET, accommodating Alternative Trading Systems (ATS) and exchanges. NSCC is collaborating with SIFMA, regulators, and market participants to align extended trading hours across ATS and exchange providers while addressing post-trade process adjustments.

Nasdaq Expands Technology Partnership with nuam to Enhance Latin American Post-Trade Processing

Nasdaq and the merged entity of the Santiago, Lima, and Colombia stock exchanges, have extended their strategic technology partnership to enable all three exchanges’ central securities depositories (CSDs) to adopt Nasdaq’s CSD platform to streamline post-trade processing, enhance market access, and reduce operational barriers in the region.

This initiative builds on Nasdaq’s existing collaboration with nuam, which is already consolidating its trading infrastructure on Nasdaq’s platform. It also leverages Nasdaq’s long-standing relationship with Chile’s CSD, Depósito Central de Valores (DCV). The unified post-trade solution will align with international standards, improving liquidity and efficiency across the three markets. A recent Nasdaq survey highlighted investor interest in Latin America but pointed to structural challenges. The adoption of Nasdaq’s CSD technology aims to address these concerns by increasing automation, reducing fragmentation, and attracting global investment to the region.

DTCC to Expand Global Trade Repository Service with MiFID/R Reporting

The Depository Trust & Clearing Corporation (DTCC) has announced plans to introduce a Markets in Financial Instruments Directive/Regulation (MiFID/R) Approved Reporting Mechanism (ARM) service within its Global Trade Repository (GTR). Pending regulatory approval, the service is set to launch in the UK by Q1 2026 and in the EU in alignment with forthcoming regulatory changes.

The new MiFID/R ARM service will support firms in meeting transaction reporting obligations, offering data quality analytics, smart monitoring tools, and exception management features. It will also include a back-reporting channel with queuing and in-sequence processing, along with end-of-day reports for issue resolution. As the only industry-owned global trade reporting provider, DTCC’s GTR will now integrate derivatives and securities trade reporting, enabling firms to enhance cost efficiency, governance, and operational risk management through a unified platform.

BlockFills and CQG Partner to Stream Cryptocurrency Liquidity on CQG Platform

BlockFills, the digital asset trading and market technology company, has partnered with CQG, the global provider of trading technology, to stream BlockFills’ cryptocurrency liquidity onto the CQG platform. This collaboration will provide CQG’s client base with reliable cryptocurrency pricing while enabling BlockFills market participants to access CQG’s institutional-grade trading tools. The partnership also expands liquidity access to CQG’s network of exchanges, brokers, and trading firms worldwide.

Integration is already underway, with the launch expected by the end of Q2. Initially, BlockFills’ Bitcoin CFD products will be streamed, followed by spot and forward contracts. Eligible BlockFills customers will also gain access to CQG’s applications and API, including advanced trading tools. Fiat cash-settled derivatives will be available via BlockFills’ UK affiliate, Basis Capital Markets UK Ltd, regulated by the FCA. More digital assets will be added in the future.

SimCorp Successfully Implements Front-Office Solution for Ampega

SimCorp has successfully implemented its front-office solution for Ampega, a German asset manager overseeing over EUR 180 billion in assets. By adopting SimCorp One, Ampega has streamlined its system landscape, reducing costs and improving efficiency. The phased implementation was completed on time and within budget, ensuring minimal business disruption.

Ampega, the asset manager for Talanx Group, has been a SimCorp client for 20 years, previously utilising its middle and back-office solutions. The transition to a full front-to-back setup consolidates core functionalities within a single system, enhancing operational efficiency. SimCorp’s multi-asset IBOR enables real-time data integration across front, middle, and back-office functions, improving risk management and investment decision-making.

Robinhood Derivatives Partners with CQG for Futures Order Routing

Summary: CQG, a global provider of trading technology solutions, has partnered with Robinhood Derivatives LLC to handle order routing for Robinhood’s futures customer orders. The partnership leverages CQG’s infrastructure to enhance order execution for Robinhood’s expanding futures offerings.

As of January 31, 2025, Robinhood has 25.5 million funded customers and $204 billion in assets under custody. With this collaboration, eligible U.S. customers can now access CME Group’s most popular futures contracts across five asset classes, including major U.S. equity indices, bitcoin, ether, FX currency pairs, metals, and key commodities like crude oil and natural gas. Additionally, Robinhood will integrate CQG’s API for order routing on all futures and non-U.S. equities and equity options, further expanding its trading capabilities.

Trading Technologies to Provide Day-One Connectivity to MIAX Futures’ Onyx Platform

Trading Technologies International, Inc. (TT) has announced that it will offer day-one connectivity to the MIAX Futures Exchange’s new matching engine, MIAX Futures Onyx, via the TT platform. The integration will enable trading of MIAX Futures’ Minneapolis Hard Red Spring Wheat (Minneapolis HRSW) futures upon Onyx’s launch in Q2 2025. Additionally, TT will support MIAX Futures’ planned Bloomberg 500 Index futures, expected to debut in H2 2025, pending regulatory approval.

Alun Green, TT’s EVP Managing Director, Futures & Options, commented: “Our market-leading tools, including execution algos and Autospreader, will ensure a seamless transition of outright and intercommodity spread trading onto Onyx. We will also be ready on day one to support the launch of new products like the Bloomberg 500, which will be of significant interest to our global clients.”

Thomas P. Gallagher, Chairman and Chief Executive Officer of Miami International Holdings, Inc. and Chairman of the MIAX Futures Board of Directors, added: “Our collaboration with TT is an important initiative that will help ensure that our clients have uninterrupted access to Minneapolis HRSW futures, as well as the new B500 futures expected to launch in H2 2025.”

McKay Brothers Launches Lowest Latency Tokyo-London-Dublin Crypto Connectivity

McKay Brothers International has introduced the fastest connectivity between major crypto trading hubs in Tokyo, London, and Dublin, achieving sub-132ms round-trip latency. The new service links traders hosted in AWS Tokyo with those operating at Equinix LD4 in London and AWS Dublin, enhancing execution speeds for crypto markets.

This launch marks McKay’s first ultra-low latency infrastructure developed specifically for cryptocurrency trading, diverging from its previous reliance on traditional finance networks. The Tokyo-London-Dublin route complements the company’s existing ultra-low latency connections between Tokyo and other key trading centres, including Hong Kong, Singapore, Chicago, and Ashburn.

“Crypto trading increasingly demands low latency,” said Francois Tyc, MBI’s Managing Director. “We are pleased to leverage our many years of leadership in ultra-low latency connectivity for traditional finance to serve the fast growing low latency crypto market.”

Substantive Research and Expand Research Publish White Paper on Market Data Pricing Disparities

Substantive Research, the research and market data analytics provider, has partnered with Expand Research, a BCG Company, to release a white paper titled “Market Data Pricing – 2024 in Review.” The report combines Expand’s insights into firms’ spending with Substantive Research’s analysis of vendor pricing inconsistencies and discounting trends, providing a detailed assessment of market dynamics at both provider and product levels.

Coming in the wake of a recent study by Market Structure Partners on the same topic, the research highlights the significant pricing power of major vendors, who operate in a market lacking public pricing transparency. With firms negotiating contracts in isolation, many struggle to assess whether their costs are fair. While the FCA reviewed pricing concerns, it opted against major intervention in early 2024 due to potential unintended consequences. The white paper’s key finding is that pricing inflation is unsustainable, with vendor cost increases far exceeding firms’ budget growth. Additionally, wide pricing disparities persist, with some firms paying significantly more than peers for identical products.

Digital Asset and Euroclear Launch First Phase of Tokenised Collateral Mobility Initiative

Digital Asset and Euroclear have launched the first phase of their tokenised collateral mobility initiative for the Canton Global Collateral Network (GCN). This initial phase aims to explore how Euroclear’s expertise in collateral management can be applied to digital and crypto markets using the Canton Network, a blockchain designed for privacy, scalability, and interoperability in systemically important financial markets.

With increasing demand for on-chain collateral and margin management solutions, financial institutions seek efficient ways to mobilise assets while ensuring compliance with privacy and control requirements. The initiative will involve industry participants to define a strategic roadmap, focusing on the benefits of tokenised collateral mobility and the role of crypto derivatives in 24/7 trading and settlement.

Marije Verhelst, Head of Product Strategy and Development Collateral Management and Securities Lending at Euroclear, commented: “Euroclear has long been a trusted partner in the global collateral ecosystem, delivering efficient and resilient post-trade services. We are now actively exploring how our expertise can be extended into tokenized assets and digital collateral solutions.”

Kelly Mathieson, Chief Business Development Officer at Digital Asset, added: “We are excited to collaborate with Euroclear on this initiative to explore the future of digital collateral mobility. The Global Collateral Network has the potential to revolutionize collateral management by enabling real-time, compliant, and interoperable asset mobility across both traditional finance and digital markets. This is a significant step toward unlocking the full potential of tokenization across new crypto capital markets.”

This collaboration aligns with Euroclear’s broader efforts to support digital asset adoption and highlights growing institutional interest in blockchain-based financial solutions.