TradingTech Insight Brief
Iress Teams Up with Kaiko to Provide Cryptocurrency Market Data
Financial Software provider Iress has announced a partnership with Kaiko, the cryptocurrency market data provider, to offer high-quality, regulatory-compliant digital assets and cryptocurrency data to institutional clients. The new data service, available in Iress’s FeedOS format, is designed to be seamlessly integrated into existing workflows. The collaboration aims to address growing interest in digital assets from clients and meet future demand by combining Iress’s data feeds from major global markets with Kaiko’s digital asset data.
Kaiko provides real-time digital assets market data, historic data, analytics, indices, and research, enabling firms to benchmark crypto asset performance, contribute to best execution, risk assessment, market surveillance, and computing NAV.
Pico Launches Corvil Cloud Analytics on AWS
Pico, the global provider of technology services, software, data and analytics for the financial markets community, has announced the general availability of its Corvil Cloud Analytics on AWS (Amazon Web Services) public cloud environments. As more businesses migrate to the cloud, Corvil Cloud Analytics provides the same high-quality, granular data capture and analytics capabilities as its on-premises counterpart in a cloud-based solution.
Corvil Cloud Analytics caters to various use cases, including cloud-hosted exchanges, financial service providers, research and development challenges, security, algo back-testing, and real-time workload performance tuning. Already trusted by the world’s largest banks, exchanges, electronic market makers, quantitative hedge funds, data service providers, and brokers, Corvil is now working on further expanding its cloud solutions with the Google Cloud Platform (GCP), expected to launch later this year.
SSImple Unveils SaaS DLT Platform to Transform Standing Settlement Instructions Management
SSImple, a SaaS DLT platform, has launched a post-trade offering aiming to revolutionise the way standing settlement instructions (SSIs) are stored, shared, and enriched across the financial services industry. With incorrect SSI data or usage accounting for 30% of settlement failings according to industry estimates, the platform aims to mitigate risk, create efficiencies, and reduce costs for custodians, prime brokers, buy-side firms, broker-dealers, and third parties.
SSImple’s platform uses a robust industry rule engine to ensure multi-asset class SSIs are entered correctly. The platform enables automation of SSI delivery, receipt, and permission access, as well as logical enrichment at the point of electronic trade confirmation. By interacting with distributed ledger technology (DLT) databases, SSImple selects the correct SSI based on DLT position keeping records, providing real-time updates and greater transparency.
TS Imagine Partners with Crypto Finance to Offer Enhanced Crypto Trading Connectivity for Institutional Clients
TS Imagine, the global provider of cross-asset trading, portfolio, and risk management solutions, has announced a successful partnership with Crypto Finance, a European prime broker for digital assets. The collaboration will allow institutional clients to access greater connectivity and liquidity in cryptocurrency trading, with TS Imagine’s clients benefiting from Crypto Finance’s advanced trading infrastructure and comprehensive market coverage.
TS Imagine was formed in 2021 following the merger of Trading Screen and Imagine Software and recently launched a real-time risk platform, RiskSmartX.
IPC and Kaiko Join Forces to Deliver Real-time Crypto Market Data to Connexus Crypto Ecosystem
Communication solutions provider IPC has partnered with Kaiko, the cryptocurrency market data provider, to offer enterprise-grade data to IPC’s Connexus Crypto ecosystem. Launched last year, Connexus Crypto is designed to support complex trading strategies and provides low latency connectivity to multiple global crypto exchanges.
With Kaiko’s integration, IPC’s Connexus Crypto trading environment will now deliver real-time stream data, including spot and derivatives, as well as aggregated quotes and rates. This will enable users to implement efficient arbitrage and algorithmic trading strategies while ensuring effective risk management, investing, monitoring, and regulatory compliance activities.
FIX Protocol Includes Digital Token Identifier
The Digital Token Identifier (DTI) ISO standard has been added to the Financial Information eXchange (FIX) Protocol, the industry-standard messaging protocol for electronic communication. The addition means financial institutions will be able to use the FIX Protocol to send messages with DTIs both internally and externally.
The DTI standard is increasingly being used as it uniquely identifies digital ledgers, digital tokens and cryptocurrencies using publicly available information. It can also be used by regulators to monitor digital asset trades for anti-money laundering and combating terrorist financing requirements, and for monitoring systemic risks arising from trading of global stable-coins and other digital assets. The DTI has also been recommended by ESMA as a risk management measure under the DLT Pilot regime.
42Markets Group Secures $10m Investment from Convergence Partners for Fintech Portfolio Expansion
42Markets Group, a fintech investment group, has raised $10m in growth funding from Convergence Partners, a prominent private equity investor focusing on sub-Saharan Africa’s technology sector. The funds will be used to accelerate the development and expansion of 42Markets’ portfolio companies: Mesh, Andile, and FX Flow.
Convergence Partners’ investment in 42Markets is supported by 14 global development finance institutions (DFIs) from Europe, the US, and Africa.
TP ICAP Invests in ipushpull to Accelerate Fintech’s Growth and Enhance Data Workflow Solutions
Real-time data sharing and workflow platform ipushpull has announced a Series A investment from TP ICAP, the liquidity and data solutions provider. This marks the first institutional funding for ipushpull, which will utilise the investment to expand its workforce and develop its platform to capitalise on the significant demand for its services.
ipushpull has experienced rapid growth in recent years, tripling its revenue since the pandemic, and serving clients such as NatWest Markets, BNP Paribas, and Insight Investment. The investment will facilitate closer integration of ipushpull’s technology with TP ICAP’s Fusion Connect offering, aiming to enhance the client experience.
LIST Facilitates Seamless Migration of Borsa Italiana Clients to Euronext’s Optiq Trading Platform
LIST, an ION company, has successfully upgraded its market making and trading FastTrade solution, enabling the migration of Borsa Italiana trading clients to Euronext’s Optiq technology trading platform. This follows Euronext’s acquisition of the Borsa Italiana Cash and Derivatives markets exchange in April 2021 and offers clients advanced trading functionalities specific to Optiq.
To ensure a seamless transition, LIST activated new data centres, communication lines, and software versions. The migration grants Italian trading clients access to an international investor base and a wider range of products and services. This initiative highlights LIST’s commitment to providing optimal solutions for Italian financial markets.
LSEG Introduces Turquoise Retail Max to Support Best Execution for Retail Brokers
LSEG (London Stock Exchange Group) has launched Turquoise Retail Max, a new trading service aimed at helping European retail brokers meet their best execution obligations and delivering price improvements for retail investors trading pan-European securities. Available through Turquoise Europe, the service utilises a competitive multilateral auction process and efficient processing from trading to clearing and settlement.
Turquoise Retail Max, accessible via the Turquoise Plato Lit Auctions order book, aims to achieve the best possible outcomes for retail investor orders by using a price formation mechanism based on liquidity from specialist retail liquidity providers and other market participants. The first liquidity providers to utilise the service will be Hudson River Trading and Stifel.