TradingTech Insight Brief
DTCC Launches New LIBOR Benchmark Replacement Index Solution
The Depository Trust & Clearing Corporation (DTCC), the post-trade market infrastructure for the global financial services, has launched its new LIBOR Benchmark Replacement Index solution to support the industry’s transition from LIBOR benchmark rates to Secured Overnight Financing Rate Data (SOFR) and other new fallback rate indices.
Market participants will be able to access the solution through DTCC’s Legal Notice System (LENS) and view information for over 100,000 debt securities whose rate is currently based on USD LIBOR.
Parameta Solutions Partners with Numerix to Deliver OTC Valuations
Parameta Solutions, the provider of OTC indicative and trade data, is partnering with Numerix, the global OTC analytics and derivatives pricing company, to develop automated, independent, fair valuations of OTC derivatives to market participants.
By bringing together Parameta’s OTC data alongside Numerix’s analytical capabilities, the partnership aims to provide a more effective way of valuing OTC derivatives. The collaboration follows the Bank for International Settlements recent data showing that the notional value of outstanding OTC derivatives rose to a record high of $632 billion last year.
CQG and Broadridge Collaborate to Integrate OMS and EMS Technologies
CQG, the financial markets technology solutions provider, has entered into a strategic partnership with Broadridge Financial Solutions, to integrate the two companies’ Execution Management System (EMS) and Order Management System (OMS) respectively.
The combination of CQG’s front-end trading technology with Broadridge’s Order Management System and the NYFIX network will provide an ‘out-of-the-box’ solution for institutional customers who wish to take advantage of a combined front-, middle- and back-office technology suite.
Volksbank Wien Completes SaaS ‘Lift-and-Shift’ Project with Murex
Volksbank Wien, the central entity of an association of Austrian banks, and Murex, the trading and risk solutions vendor, have completed the migration of Murex’s MX.3 from bank premises into a private cloud hosting environment. The ‘lift-and-shift’ project also included an upgrade to the latest MX.3 release.
In a nine-month project, Murex transferred the full MX.3 environment, including the database, customisations and interfaces, into the cloud hosting Murex SaaS, a move increasingly adopted by diverse clients to reduce their total cost of ownership, achieve quicker time to market, rationalize IT infrastructure and focus on their core business.
SMBC Nikko Securities Adopts smartTrade LiquidityFX
SMBC Nikko Securities has adopted LiquidityFX, the fully hosted and managed FX platform from smartTrade, the multi-asset electronic trading platform provider, to enhance its FX trading activities in Japan. The firm was looking for a digital platform with sophisticated workflows – which enable the streamlining of trading processes using APIs – to achieve operational and cost efficiencies.
LiquidityFX – an end-to-end solution with connectivity to over 130 liquidity providers – was selected. The platform enables aggregation, smart execution, risk management, order management, analytics, payments and multi-channel distribution, supporting a range of instruments including FX spot, forwards, swaps, NDFs and options.
DiffusionData Receives £1 Million Investment from NEDCF
DiffusionData, the real-time data streaming and messaging platform formerly known as Push Technology, has received a £1 million funding package from The North East Development Capital Fund (NEDCF). Supported by the European Regional Development Fund and managed by Maven Capital Partners, the investment will enable DiffusionData to continue with new product development and quality focus, to maintain and expand customer engagement and satisfaction with the brand and its suite of innovations.
The company will move into the Helix in the Core in Newcastle City Centre, and will open an engineering and testing hub creating 10 jobs in the region.
Horizon Software Announces Connectivity to Singapore Exchange
Horizon Software, the electronic trading and algorithmic technology solutions provider, has announced new direct connectivity to the Singapore Exchange (SGX Group), enabling clients to access and trade on multiple financial markets, make markets on exchange traded funds (ETFs) and hedge in a fast, efficient manner.
As an approved vendor by the exchange, Horizon Software had the first client go live on SGX Securities Trading in November 2022.
OSTTRA and FIA’s DMIST Establish Post-trade Data Standards for Exchange-Traded Derivatives
OSTTRA, the global post-trade solutions company and a member of the FIA’s Derivatives Market Institute for Standards (DMIST), is working with DMIST members to identify a data standard for post-trade processing of exchange traded derivatives (ETD).
The application of a common data standard is required to increase data quality, create operational efficiency, and reduce systemic risk by minimising breaks on trade date. OSTTRA and DMIST have been working with key industry participants to identify the data set required throughout the ETD post-trade workflow, from voice trade recaps to clearing broker booking confirmations.
Grupo Bursátil Mexicano Selects Integral for FX in Latin America
Mexico-based brokerage firm Grupo Bursátil Mexicano (GBM), has selected cloud-based SaaS FX technology from currency technology provider Integral, to empower its growth strategy in Mexico.
Integral’s FX technology solution will provide GBM with direct liquidity connectivity, a sophisticated pricing engine, and complete risk management capabilities, and will support GBM’s voice dealing and fully electronic workflows. As a result, GBM will be able to scale to service its growing customer base and address new market segments.
Iress Develops Feed Handler for Equiduct
Iress, the financial software company, has developed a new feed handler for pan-European retail exchange Equiduct’s Volume-weighted Best Bid and Offer (VBBO) market data feed, which will act as an alternative feed from traditional exchanges and consolidate 15 European markets, including Equiduct’s own central limit order book.
The new solution will be available with Iress’s QuantFeed and ConsolidatedFeed market data solutions and will provide pre-trade, real-time transparency for best execution services. The new feed-handler for VBBO was launched for end clients at the beginning of March 2023. Iress and Equiduct plan to co-promote the new solution to retail banks and retail brokerages across the UK and Continental Europe in the coming months.