ASIC Proposes Modernised Market Integrity Rules for Trading Systems and AI

The Australian Securities and Investments Commission (ASIC) has released a consultation on proposed updates to its market integrity rules (MIRs) for trading systems and automated trading. The reforms are designed to reflect technological advances, including the increasing use of artificial intelligence (AI), while streamlining requirements across securities and futures markets. The changes aim to align Australian regulations with international best practice and principles set by the International Organisation of Securities Commissions.

ASIC noted that algorithmic trading dominates activity in domestic markets, comprising around 85% of equities trading, 94% of SPI 200 futures trading and 46% of three-year Treasury bond futures trading. With automated systems now central to trading, order management and surveillance, ASIC emphasised the importance of safeguards to mitigate risks, particularly during periods of market volatility.

Under the proposals, participants would be required to strengthen development, testing, monitoring and control of trading algorithms, including the introduction of ‘kill switches’ to suspend problematic activity. ASIC also plans to repeal outdated rules and reduce regulatory complexity, including removing the requirement for annual notifications on automated order processing. A conditional class no-action position will be provided for securities participants in respect of notifications due from November 2025.

CFTC Deploys Nasdaq Market Surveillance Technology to Strengthen Market Integrity

The US Commodity Futures Trading Commission (CFTC) has adopted Nasdaq’s Market Surveillance platform to enhance its monitoring and fraud detection capabilities across derivatives markets. The move replaces the agency’s outdated 1990s system and delivers on Acting Chairman Caroline D. Pham’s March pledge to modernise surveillance infrastructure. Nasdaq’s technology, already used by over 50 exchanges and 20 regulators worldwide, will provide the CFTC with advanced tools to safeguard market integrity.

The CFTC oversees a wide range of markets, including commodities, fixed income, currencies, crypto assets, and event-based products. With new challenges such as continuous trading hours and rapid growth in digital assets, the upgraded system will provide scalable, real-time monitoring and integrated oversight. Nasdaq’s platform allows detection of manipulation patterns across asset classes, detailed transaction-level analysis, and automated alerts. Its flexible architecture also offers access to order book data, supporting effective oversight during periods of heightened volatility.

Archax Secures Strategic Investment from Stellar Development Foundation to Advance RWA Tokenisation

Archax, the UK-regulated digital asset exchange, broker and custodian, has formed a strategic partnership with the Stellar Development Foundation (SDF), which includes a direct investment from SDF. The collaboration aims to strengthen Archax’s mission of bridging traditional finance with blockchain, leveraging Stellar’s layer-one network to expand tokenisation opportunities.

Archax has already integrated Stellar into its tokenisation engine and platform, recently completing projects such as tokenising an Aberdeen Money Market Fund. Through its established network of financial institutions, Archax plans to introduce more tokenised real-world assets (RWAs) onto the Stellar blockchain.

The partnership comes amid rapid growth in the tokenisation market, which has risen from $15.2 billion in December 2024 to over $24 billion by June 2025. Archax is also working with Lloyds Bank and Aberdeen Asset Management to enable tokenised money-market funds to be used as collateral for FX trades through its Nest collateral transfer network.

CITGO Petroleum Implements Behavox Platform for Regulatory Archiving and Communications Surveillance

Behavox, the AI-powered communications surveillance provider, has announced that CITGO Petroleum Corporation has gone live with its platform for Regulatory Archiving and Communications Surveillance. CITGO, a major U.S.-based oil refiner, adopted the solution to strengthen its compliance programme and address evolving regulatory risks.

With the new platform, CITGO gains access to AI-driven risk policies, high-quality alerts, and advanced testing tools aimed at improving both protection and operational efficiency. Behavox deployed a dedicated implementation team to ensure rapid onboarding while minimising the workload for CITGO’s staff.

The launch highlights Behavox’s growing presence in the energy and commodities sector, where more organisations are seeking intelligent, scalable solutions to meet complex compliance requirements and operational challenges.

FIX Publishes MMT 5.0 to Support Readiness for the European Consolidated Tape

The FIX Trading Community has released Market Model Typology (MMT) 5.0 to help firms prepare for the pending European consolidated tape. MMT is the independent industry data standard for classifying trades across European capital markets, enabling consistent interpretation of published transactions and supporting clean, transparent market data. FIX Executive Director Jim Kaye said FIX’s independent, industry-run governance ensures MMT reflects the needs of all market participants.

Developed in 2012 by the Federation of European Securities Exchanges and handed to FIX in 2013, MMT is now used by all major European trading infrastructure venues and the majority of market participants. FIX’s MMT Steering Committee has worked with European regulators since 2013 to keep the standard aligned with evolving regulations and user requirements, underpinning market efficiency and transparency.

MMT 5.0 addresses the revised post-trade transparency requirements of MiFIR RTS 1 and RTS 2 and introduces additional voluntary flags. These optional fields are designed to further enhance transparency for users seeking deeper insight into European capital markets.

XTX Markets Commissions YIT for Second Kajaani Data Centre Build, but Long Term Plans Remain Uncertain

Algorithmic trading firm XTX Markets has signed an agreement with YIT Corporation for the construction of a second data centre at its Kajaani campus in Finland. The project will see YIT deliver the shell and core of the facility, continuing its work from XTX’s first data centre on the site. The contract value has not been disclosed.

While construction is set to begin, XTX noted that its longer-term campus expansion plans remain uncertain due to proposed changes in electricity taxation. Chief Operating Officer Mike Irwin highlighted the strong partnership with YIT and the progress of the company’s data centre strategy, but stressed the need for policy clarity before committing to future development phases. XTX expressed hope for continued collaboration with Finnish partners once the investment outlook is resolved.

SIX Expands Use of Pico’s Corvil Analytics to Enhance Market Data Monitoring

Pico, the global provider of technology services, software, data and analytics, has announced that SIX, the global financial data and infrastructure provider, is expanding its integration of Pico’s Corvil Analytics to include monitoring across its financial information business. Corvil Analytics delivers real-time monitoring of price data without performance loss, offering capabilities such as gap detection, latency tracking, and microburst analytics.

Previously applied to SIX’s exchange operations, this broader adoption aims to strengthen its oversight of high-volume, low-latency data flows across multiple market sources to help identify data integrity issues and support faster issue resolution for SIX’s operations.

Thoma Bravo and 7RIDGE Partner to Drive Next Phase of Trading Technologies’ Growth

Trading Technologies International, Inc. (TT), the global provider of capital markets technology, has announced a strategic partnership between its current owner, 7RIDGE, and Thoma Bravo, a leading software investment firm. This move follows a thorough search for an investment partner to support TT’s next phase of expansion. 7RIDGE initially acquired TT in December 2021.

Thoma Bravo, managing approximately $184 billion in assets as of March 2025, brings extensive experience in software and technology investments. The firm will collaborate with TT and 7RIDGE to apply sector-specific knowledge and operational strategies aimed at accelerating TT’s growth. Financial details of the deal have not been disclosed, and the transaction is expected to close in the fourth quarter of 2025, pending regulatory approval.

Parameta Solutions Brings OTC Market Data to Snowflake Marketplace

Parameta Solutions, the data and analytics division of TP ICAP Group, has launched its over-the-counter (OTC) pricing and liquidity data offering on Snowflake Marketplace. This integration allows financial institutions to access Parameta’s trusted market data directly through the Snowflake AI Data Cloud, eliminating the need for complex data pipelines or duplication.

The collaboration enhances data accessibility for institutions focused on liquidity risk modelling, pricing validation, and regulatory compliance. Parameta’s dataset covers a wide array of global financial, energy, and commodity markets, including derivatives across interest rates, FX, fixed income, equity, and energy sectors.

TNS Expands Latin American Market Access with Six New Exchange Connections

Transaction Network Services (TNS) has expanded its market data and connectivity infrastructure by integrating six major equities and derivatives exchanges across Latin America: the Mexican Stock Exchange (BMV), MexDer, Argentina’s BYMA, Chile’s Santiago Stock Exchange, Peru’s BVL, and Colombia’s BVC. This development strengthens TNS’ global footprint and meets the growing demand from trading firms and data vendors for streamlined access to Latin American markets.

The new connections are delivered through TNS’ secure private network, eliminating the need for in-country infrastructure. For Chile, Peru, and Colombia, access is consolidated via the nuam exchange in Santiago. This expansion builds on TNS’ existing connectivity to Brazil’s B3 and is supported by a partnership with Avelacom, which provides the physical circuits. TNS will act as the low-latency managed service provider, ensuring efficient market data delivery into the US.