A-Team Insight Brief
OSTTRA, Baton Systems, and Fnality Collaborate on 24/7 FX PvP Settlement with Central Bank-Backed Digital Asset
OSTTRA and Baton Systems have partnered with Fnality to successfully complete a proof-of-concept integrating Fnality’s digital ledger technology (DLT)-based system into their on-demand FX payment-versus-payment (PvP) settlement orchestration service. The development introduces an asset with central bank-like credit characteristics, recorded on a DLT ledger, enabling 24/7 settlement and enhancing liquidity and risk management.
The project, involving 12 major banks, demonstrates how digital assets can be used alongside commercial bank money for flexible, atomic PvP settlement across varied settlement venues. The Sterling Fnality Wholesale Payment System Test Environment was used to validate GBP transactions, marking a step towards broader adoption and future enhancements to the FX settlement service. Participants benefit from continuous netting and automated settlement orchestration, helping reduce liquidity pressure and support higher transaction volumes. Currently, GBP is the only currency supported within the Fnality ecosystem.
Philippine Stock Exchange Upgrades to Nasdaq Eqlipse in Expanded Technology Partnership
Nasdaq and The Philippine Stock Exchange, Inc. (PSE) have announced an expanded technology partnership that will see PSE upgrade its trading infrastructure to the Nasdaq Eqlipse Trading platform. This move aligns PSE with Nasdaq’s latest technology aimed at modernising and strengthening market operations.
Nasdaq Eqlipse is the fourth-generation platform in Nasdaq’s suite of multi-asset marketplace technologies. It features modular capabilities such as pre-trade risk management, advanced options pricing, and index calculations. The platform supports diverse deployment models including cloud adoption, easing operational demands. This upgrade marks a key step in Nasdaq’s broader five-year strategy to deliver integrated trading, clearing, depository, and data intelligence solutions globally.
S&P Global Expands Dataset Availability in Databricks via Delta Sharing
S&P Global has broadened the scope of its data offerings in Databricks by making several S&P Capital IQ Pro datasets accessible through Databricks Delta Sharing. This move enables licensed users to directly query live financial, sustainability, and corporate datasets across investment, risk, and strategy functions without needing to ingest or replicate data. Delta Sharing, Databricks’ open-source data sharing protocol, supports real-time access with robust security and governance.
This initiative builds on previous collaborations between S&P Global and Databricks, including the integration of energy and commodities data and the development of the S&P Global Capital IQ Workbench. By reducing latency and data duplication, the enhanced integration aims to streamline workflows for users operating within the Databricks environment. S&P Global plans to continue expanding the range of available datasets on the platform.
ION Integrates FastTrade with Equiduct to Enhance Retail Best Execution
ION has successfully integrated and certified its FastTrade platform with Equiduct, enabling clients to access Equiduct Apex’s zero-commission Best Execution service. This development supports improved execution quality and enhances compliance with MiFID II Best Execution regulations.
The integration expands the execution venues available through FastTrade’s Best Execution Engine, a programmable tool that allows users to create tailored execution strategies. By incorporating Equiduct’s capabilities, ION strengthens its offering for clients navigating competitive, low-commission trading environments.
Trading Technologies Integrates EBS and FX Spot+ to Expand FX Offering
Trading Technologies International, Inc. (TT) has announced integration with the EBS Market central limit order book, enhancing its FX offering. The integration allows users of TT’s execution management system to access EBS Market for trading spot FX, precious metals, and non-deliverable forwards. TT also plans to support EBS Direct and CME Group’s upcoming FX Spot+ platform.
This expansion significantly broadens TT’s FX liquidity alongside its existing futures and options services. TT will be the first platform to offer the full suite of CME Group FX products across futures, options, and OTC markets. Responding to increasing client demand for platform consolidation and advanced trading tools, TT aims to facilitate seamless cross-trading and automation across asset classes, reinforcing its position in the evolving FX landscape.
Johannesburg Stock Exchange Enhances Global Trading Access with JSE-FIX and Colo 2.0 Expansion
The Johannesburg Stock Exchange (JSE), Africa’s largest stock exchange, has launched new initiatives to improve electronic trading access and infrastructure for both local and international investors. In partnership with Rapid Addition, the JSE introduced JSE-FIX, a new order routing service using FIX Community messaging standards. This service enables global investors to integrate South African equities into their portfolios with minimal system changes, supporting broader asset class trading and reducing transaction costs.
Additionally, the JSE has expanded its collaboration with cloud provider Beeks Group to launch Colo 2.0, a second co-location facility. Designed to offer low-latency, cost-efficient cloud services for brokers and institutional investors, Colo 2.0 is located close to the main matching engine and boasts a roundtrip latency of just 11 microseconds. With growing demand and enhanced resilience, this solution supports scalable trading operations in a market where AI and algorithmic trading are on the rise, reinforcing the JSE’s role as a key gateway for investment in Africa.
Clearwater Tech Chosen by Denmark’s Norli Liv & Pension
Danish pension provider Norli Liv & Pension has revamped its investment accounting, reporting and compliance operations using Clearwater Analytics’ investment management platform.
Boise, Idaho-based Clearwater said its technology will “eliminate multiple legacy platforms, reduce manual work” and accelerate Norli Liv & Pension’s monthly close.
Fitch’s BMI Unveils Country-level ESG Data and Metrics
Fitch Solutions’ BMI has begun offering its investor clients country-level ESG data, scores, insights and forecasts covering 140 markets.
The ESG Country product also includes GeoQuant political risk scores alongside metrics on ESG impacts in trade, industry and politics as well as separate reports on emerging markets.
Baton Systems Integrates DTCC’s FICC and NSCC with Core-Collateral Network Ahead of SEC Mandate
Baton Systems has announced the integration of The Depository Trust & Clearing Corporation’s Fixed Income Clearing Corporation (FICC) and National Securities Clearing Corporation (NSCC) with its Core-Collateral network. This development provides Baton’s clients with direct access to FICC as they prepare for the SEC’s U.S. Treasury clearing mandate, which will come into effect on 31 December 2026 for cash transactions and 30 June 2027 for repo transactions.
The integration allows clients to streamline collateral management for US Treasuries cleared through FICC, offering real-time balance updates, eligibility schedules, and efficient instruction of asset movements. Baton’s solution enhances access and control, supports collateral optimisation, and facilitates compliance with upcoming regulatory changes. The first client is now live, managing collateral at FICC through the Core-Collateral network.
Trading Technologies Launches TT Strategy Studio for Multi-Asset Algorithmic Trading
Trading Technologies International, Inc. (TT) has launched TT Strategy Studio, a multi-asset algorithmic trading platform aimed at institutional trading firms, including quantitative firms, hedge funds, and energy companies. Announced during TradeTech Europe 2025 in Paris, the solution is part of TT Quantitative Trading Solutions (QTS) and is designed to allow firms to build, test, and deploy automated trading strategies while maintaining control over their proprietary code.
TT Strategy Studio supports data integration from a wide range of market sources across equities, options, futures, and foreign exchange. It offers back-testing capabilities, real-time monitoring, and compliance tools, enabling users to simulate and evaluate strategies across different market conditions. The software is certified for use on 70 global marketplaces, ensuring regulatory compliance. TT QTS staff also use the platform to develop proprietary algorithms and assist clients in strategy development and validation.