Sustainability Reporting Rises Among Russell 1000, S&P 500 Companies

A survey has found a surge in sustainability reporting by large-cap S&P 500 firms and mid-cap Russell 1000 companies.

The survey carried out for corporate sustainability researcher Governance & Accountability Institute (G&A) found that 98 per cent of firms on the S&P 500 – which represent the largest companies on the Russell 1000 – published a sustainability report in 2022 from 96 per cent the year before.

The 2023 Sustainability Reporting in Focus research also found that 90 per cent of mid-caps, which occupy the lower-half of the Russell 1000, had issued such reports, compared with 81 per cent the year before.

Among other findings, alignment with the reporting recommendations of the Taskforce for Climate-related Financial Disclosures (TCFD) climbed to half of all companies on the Russell 1000 and SASB remained the most-widely used sustainability standard among Russell 1000 companies.

Grupo Financiero Banorte Integrates Murex MX.3 Platform to Enhance FX Derivatives Trading

Mexican bank Grupo Financiero Banorte has upgraded its FX derivatives trading services for corporate clients by integrating Murex’s MX.3 platform, as part of its digitalisation strategy. This enhancement allows clients to execute FX derivatives transactions through the bank’s internal portal, Cambios Banorte en Línea (CBL), with the support of MX.3’s self-service functionality.

The implementation of MX.3 aims to streamline Banorte’s trading operations by reducing manual interventions and has led to a 38 percent reduction in person-hours for related tasks. The collaboration between Banorte and Murex, spanning over a decade, has involved continual expansion and optimization of the MX.3 platform’s use in the bank’s operations, recently including the creation of a new XVA desk and updated risk management systems.

CQG Announces Senior Executives’ Buyout; Continues Growth Under New Leadership

CQG, the financial markets technology solutions provider, has announced a significant ownership change with its senior executives set to acquire the company. The buyout marks a new chapter for CQG, which has been owned by founder Tim Mather since its inception in 1980. The details of the transaction, expected to finalise this month, have not been publicly disclosed. This transition occurs under the leadership of CEO Ryan Moroney, who took the helm in 2021 after serving as President since 2017.

CQG has experienced substantial growth in recent years, bolstered by new strategic partnerships, expansion of product offerings, and increased market connectivity. Established in 1980, the company has evolved from offering front-end trading software in the U.S. to a global presence, expanding to Europe in 1988 and Asia in 1998.

Genesis Global Unveils Genesis Platform Version 7, Accelerating Software Development

Genesis Global has launched Genesis Platform version 7 (G7), a significant update to its low-code application development platform for the financial markets sector, introducing multiple enhancements aimed at streamlining the development process. G7 focuses on enabling quicker and more efficient building, testing, and deployment of robust full-stack applications, particularly beneficial for developers in banking, asset management, and other financial firms.

The key improvements – designed to facilitate high-performance transaction processing, event-driven workflows, real-time data integration, and customized user experiences – include accelerated development of full-stack applications, enhanced user interface design capabilities, better integration within enterprise technology ecosystems, and improved access to training tools and support.

KX Expands Integration with Microsoft Azure to Foster AI Application Development

KX, a provider of vector and time-series data management, has announced two offerings optimised for Microsoft Azure customers: the integration of KDB.AI with Azure Machine Learning and Azure OpenAI Service; and KX Copilot. The integration of KDB.AI with Azure Machine Learning and Azure OpenAI Service allows developers that require turnkey technology stacks to speed up the process of building and deploying AI applications by accessing fully configured instances of KDB.AI, Azure Machine Learning, and Azure OpenAI Service inside their customer subscription.

KX Copilot helps business eases the execution of complex queries on substantial datasets. Using the Azure-powered KX Copilot and a Microsoft Teams plug-in, customers can leverage vectorised data housed in kdb Insights Enterprise to facilitate better queries using natural language prompts. Users can then manage and explore the data more intuitively to generate critical real-time business insights.

Ashok Reddy, CEO at KX, says: “Generative AI is the defining technology of our age. The introduction of these services will help organisations harness its power for greater risk management, enhanced productivity and real-time decision-making.”

General availability of each KX offering in Azure Marketplace is expected in 2024.

Canoe Intelligence Engages Amplify Advisory as First Partner in Canoe Pro Plan

Canoe Intelligence, a technology provider to the alternatives industry, has released Canoe Pro in collaboration with Amplify Advisory Solutions, a professional services consulting firm that has signed up to the Canoe Pro partner network. By combining Canoe’s alternative investment technology with specialised support from partners such as Amplify, Canoe Pro delivers a unified and comprehensive offering designed to become an extension of the clients’ operations team.

Tim Loughrey, vice president of client success at Canoe Intelligence, says: “Canoe Pro is about equipping clients with the tools and support they need to navigate change and achieve their objectives in a perpetually evolving landscape. It represents the next step in our mission to empower our clients and optimise data management for alternative assets.”

Bloomberg Introduces Intra-Firm Chatbots for Enhanced Digital Collaboration

Bloomberg has launched a new service, IB Connect: Intra-Firm Chatbots, designed to enhance digital collaboration for Bloomberg Terminal users. The add-on allows users to integrate proprietary chatbots into Instant Bloomberg (IB) chat rooms, facilitating the sharing of internal system information and improving in-house business intelligence discovery.

The new service supports two types of chatbots. Q&A Intra-Firm Chatbots enable users to extract actionable intelligence directly into chatrooms, addressing queries using data from internal systems. Notification Intra-Firm Chatbots provide timely updates and alerts within the IB environment, ensuring critical information is seamlessly communicated during workflows. This integration uses natural language processing to structure unstructured IB data, which clients can customise for their unique tech stacks and workflows, adhering to Bloomberg’s API protocols.

TD Securities Integrates with Paxos for Automated Commodities Settlement

Paxos, the regulated blockchain infrastructure platform, has partnered with TD Securities, to enable fully automated and simultaneous settlement of cash and commodities for the first time in the precious metals market, enhancing the efficiency of operations for trading both traditional and digital precious metals.

Aiming to set a new standard in the industry for reducing risk and improving settlement safety, the partnership addresses the prevalent issue of many commodities trading firms lacking automated confirmations and settlement. The Paxos Settlement Service not only enables simultaneous settlement but also acts as a hub for accommodating all counterparty settlements, even those not on the network.

Torstone Technology Secures DTCC’s CTM Certification for Enhanced Post-Trade Processing

Post-trade securities and derivatives processing solutions provider, Torstone Technology, has successfully completed its Middle Office product certification with the Depository Trust & Clearing Corporation’s (DTCC) Central Trade Manager (CTM) service. The collaboration with DTCC’s CTM, a global central matching platform, is timely in light of the upcoming US transition to a T+1 settlement cycle in 2024. The integration aims to provide automated central matching, essential for maintaining accuracy and efficiency in the face of shorter settlement periods.

The certification of Torstone’s Middle Office product with DTCC’s CTM promises to not only streamline the implementation process but also offer a more reliable and secure environment for post-trade activities. Additionally, the integration includes features from DTCC’s ALERT, the industry’s most extensive database for the maintenance and communication of settlement instructions.

GRI and IFRS to Launch ESG Reporting Research Lab

Sustainability reporting standards organisation GRI is to launch a research framework with the IFRS Foundation in which companies can discuss and collaborate on meeting their ESG disclosure obligations.

The Sustainability Innovation Lab (SIL) will be based in Singapore in the heart of Asia where 81 per cent of reporting companies do so in alignment with the GRI, the organisation said. Its own standards are in line with those of the IFRS Foundation, which recently published its first reporting frameworks via the International Sustainability Standards Board (ISSB).

“The goal of the SIL is to support stakeholders and all market participants on their disclosure journeys, guiding them to address disparities in sustainability reporting requirements while supporting the further harmonization of the reporting landscape at the global level,” the GRI said.

The SIL will be launched in Singapore on November 20.