IBA Continues Move Away from LIBOR benchmarks with SOFR Spread-Adjusted ICE Swap Rate

Intercontinental Exchange (ICE) continues the move away from LIBOR benchmarks with its subsidiary ICE Benchmark Administration (IBA) planning to launch a US dollar (USD) SOFR Spread-Adjusted ICE Swap Rate for use as a benchmark in financial contracts and financial instruments by licensees on 3 July 2023.

IBA has been publishing USD SOFR Spread-Adjusted ICE Swap Rate settings on an indicative, beta basis for an initial testing period since October 2021. Assuming continued satisfactory testing and feedback, IBA expects to publish the rate settings as a benchmark for use by licensees on and subject to the terms of current USD ICE Swap Rate licensing agreements.

IBA will cease publication of all USD LIBOR ICE Swap Rate benchmark runs including USD LIBOR 1100, USD LIBOR Spreads 1100 and USD LIBOR 1500 for all tenors immediately after publication on 30 June 2023.

Eurex to Launch ESG Compass Clearing Tool

European derivatives exchange Eurex is to launch an ESG clearing tool next month that will enable customers to test their portfolios against a number of climate metrics and data. The ESG Compass will provide services initially for securities delivered as margin collateral and default fund contributions.

ESAs and ECB Call for Better Disclosures from Structured Products

European regulators and authorities have published joint statement calling for better climate-related disclosures on structured financial products. In the report, the European Supervisory Authorities (ESAs) and the European Central Bank (ECB) said the lack of climate data on the securities’ underlying assets was of concern and needed addressing.

ESG Book to Provide Data and Tech to Korean Member of BDO

ESG Book, the sustainability information and scores provider backed by an alliance of large banks and institutions, is to supply data and technology to Korea’s BDO Sunghyun. The independent member of the global BDO accounting and tax advisory network will be able to access ESG Book’s raw ESG and climate data, company- and portfolio-level scores as well as analytical tools.

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.