TradingTech Insight Brief
Broadway Introduces Support for Eris BSBY Swap Futures
Broadway, the front-office solutions provider, has announced support for trading Eris BSBY Swap Futures within its SaaS trading solutions suite. Eris BSBY enables market participants to forecast and hedge rates on the 3-month Bloomberg Short-Term Bank Yield Index.
The new functionality, which allows clients to seamlessly manage credit risk as they migrate from Libor to SOFR as the benchmark US interest rate, is now live and available to all Broadway customers.
TS Imagine Chosen by Varenne Capital to Support its Trading Activities
Varenne Capital, a Paris-based global investment manager, has selected TradeSmart OEMS from TS Imagine to support its trading activities. TradeSmart OEMS will automate Varenne’s execution process, support its portfolio management system, modernize and reduce time-consuming workflows and increase functionality across the firm’s trading operations, according to the company.
The announcement follows TS Imagine’s strong growth over the first half of 2022, with 100 further hires to support its rapid expansion.
Metalor Chooses smartTrade for Enhanced Precious Metals Trading Services
Metalor, an independent company specialising in precious metals refining, advanced coatings and electrotechnics activities, has selected Liquidity FX from electronic trading solutions provider smartTrade Technologies, to offer enhanced precious metals trading services to its global client base.
A commitment from smartTrade to fast implementation whilst tailoring the platform to Metalor’s specific needs was key to the decision-making process. Metalor went live on LiquidityFX within eight months of agreeing on the contractual terms.
Liquidnet Joins Sustainable Trading
Liquidnet, the technology-driven agency execution specialist, has become a member of Sustainable Trading, the non-profit membership network launched earlier this year, dedicated to transforming environmental, social and governance (ESG) practices within the financial markets trading industry.
Sustainable Trading brings firms together to devise practical and sustainable solutions to industry-specific ESG issues, as well as providing a mechanism for self-assessment and benchmarking.
Overbond Partners with TMX Group to Integrate Canadian Bond Data into Trading Tools & Analytics
Overbond, the fixed income AI analytics and trade automation solutions vendor, has partnered with Toronto-based TMX Group, to increase the coverage, the pricing precision and the discovery of best-executable pricing and liquidity in Canadian dollar-denominated bonds, by integrating CDS FIPS settlement-layer Canadian bond data into Overbond’s AI fixed income trading tools and analytics.
The integration addresses data challenges facing Canadian asset managers when pricing, structuring and rebalancing Canadian bond portfolios, and seeking to construct and use pricing and liquidity time series.
SIX and TP ICAP Partner to Allow Clearing of TP ICAP MTF Trades on SIX x-clear
Clearing services provider SIX has partnered with market infrastructure provider TP ICAP, to allow participants of TP ICAP’s markets to clear their UK and EU MTF trades on SIX x-clear. The partnership with SIX introduces CCP clearing to TP ICAP’s trading venues for the first time.
SIX already offers clearing services to 19 different trading platforms, based in several European countries and the UK. The addition of TP ICAP’s UK & EU MTFs will increase the market coverage of SIX and allow TP ICAP members to increase their settlement efficiency even further. Compared to bilateral settlement, CCP clearing is expected to be particularly advantageous for the capital treatment, liquidity and risk aspects of high value transactions.
Infront Acquires Assetmax
Financial solutions vendor Infront AS has entered an agreement to acquire Swiss asset management software company Assetmax for an undisclosed sum. The acquisition will strengthen Infront’s product offering for wealth management customers across Europe. Assetmax launched its first product in 2016 and expects revenues of approximately EUR 5.5m for 2022, having achieved 35% CAGR between 2018 and 2021.
The transaction is expected to be completed by the end of September at the latest, subject to conditions.
Baton Systems Adds OCC to Collateral Management Network
Post-trade fintech Baton Systems has expanded its Baton Core-Collateral network to include connectivity to the Options Clearing Corporation (OCC).
Baton’s Core-Collateral solution enables Clearing Members to automate and optimise their collateral management processes by providing intraday visibility of current margin obligations and collateral holdings at chosen CCPs. With the addition of OCC, clearing firms will be able to automate collateral management across 11 major CCPs globally, together comprising more than 93% of margin, placed by U.S. registered FCMs.
DTCC’s Project Ion Goes Live, Processing Over 100,000 Transactions Per Day on DLT
The Depository Trust & Clearing Corporation (DTCC), the market infrastructure provider, has gone live in a parallel production environment with the Project Ion platform, an alternative equities settlement platform that leverages distributed ledger technology (DLT). The platform is now parallel processing an average of over 100,000 bilateral equity transactions per day, and almost 160,000 transactions on peak days.
DTCC claims that Project Ion represents one of the largest DLT initiatives in equities settlement across the financial services industry. DTCC partnered with enterprise technology provider R3 to develop and launch the Project Ion platform, leveraging R3’s Corda DLT software.
Norges Bank Investment Management Completes First Trade on Appital Turquoise Book Builder
Appital, the equity capital markets technology solution, and Turquoise, the pan-European MTF majority owned by London Stock Exchange Group, have gone live with the Appital Turquoise BookBuilder, with Norges Bank Investment Management successfully originating and executing the first trade, through a series of bilateral transactions.
According to Appital, this is the world’s first algorithmic buy side to buy-side bookbuilding platform that enables institutional investors to proactively participate in liquidity discovery, price formation and execution opportunities in multiple days’ volume in listed equities. EMS vendors connected at the time of first trade included Flextrade, Factset’s Portware and TS Imagine.