Tradeweb Filing for IPO

Bond and derivative platform Tradeweb Markets, which is co-owned by Refinitiv, is filing for a US initial public offering (IPO) at $100 million. J.P. Morgan Chase, Citigroup, Goldman Sachs and Morgan Stanley are leading the IPO. Although Tradeweb is going public, Refinitiv will continue to hold a dominant interest in Tradeweb after the IPO.

Pico Extends Data Centre Presence in APAC

Pico, an infrastructure, connectivity, data and cloud technology provider, is continuing its global expansion into the world’s major financial markets with additional personnel and offices, and increased data centre presence in Asia Pacific. Founded in 2009, Pico opened its Singapore and Tokyo offices after signing its first top tier Asian bank client in mid-2018. Next, Pico went live at TY3 in Tokyo to support the FX community, complementing existing LD4 and NY4 offerings. The APAC expansion enables Pico to onboard and support a growing number of clients that want to include Asian markets in their global trading strategies.

SIX Digital Exchange Provides Digital Asset Trading

SIX Digital Exchange (SDX) has opted for R3’s blockchain platform, Corda Enterprise, to provide digital asset listing and fully integrated end-to-end trading. Corda is designed to meet the standards of regulated environments. Many of R3’s members and investors, including Barclays, BNP Paribas, Citi, Credit Suisse, Deutsche Bank, HSBC, RBC, and UBS, are also SIX stock exchange trading members, and will have prior knowledge of Corda when SDX services become available. David Rutter, CEO and founder of R3, says that representing assets as tokens on a blockchain platform is an impactful application of the technology and a key focus for R3.

QuantHouse Offers Access to Real Estate Pricing Feeds

Market data services provider QuantHouse is working with the International Property Securities Exchange (IPSX) to distribute IPSX pricing feeds through a single API to QuantHouse’s global community of hedge funds, asset managers and banks that require pricing feeds to trade real estate. The real estate pricing feeds enable firms to build internal pricing and algo trading models, allowing quant traders to incorporate IPSX real estate execution into trading strategies. Stephane Leroy, business co-founder and chief revenue officer at QuantHouse, says that IPSX will also benefit from new investors within QuantHouse’s community.

Connamara Systems Rebuilds Exchange Platform

Connamara Systems has rebuilt its exchange matching engine to deliver Exchange Platform 3 (EP3), which can be deployed in a private, public or hybrid cloud environment. EP3 supports small-to-midsize exchanges running a variety of asset classes under different regulatory regimes.

The company has developed the platform over 11 years, working with exchanges and market participants to create a flexible tool. Jim Downs, CEO of Connamara Systems, says the company’s mission is to make sure technology is not a barrier to entry for any company looking to disrupt and innovate markets.

Beeks Financial Cloud Partners BeQuant Exchange

In a partnership facilitated by Equinix, Beeks Financial Cloud will host cryptocurrency exchange BeQuant’s matching engine on Beeks’ network within the Equinix LD4 data centre in London. . Operating in nine Equinix data centres, Beeks provides ultra-low latency hosting and connectivity. CEO of Beeks Financial Cloud, says: “The cryptocurrency market is constantly expanding, and by adding exchanges such as BeQuant to our portfolio, Beeks is able to facilitate access to these markets for our customers. Guaranteeing that no customer will have greater access speed than another is a unique offering and we are delighted to announce this partnership with BeQuant.”

Gluskin Sheff + Associates Selects Broadridge Investment Management Platform

Wealth manager Gluskin Sheff + Associates has enlisted the help of Broadridge Financial Services to implement the latter’s hosted investment management platform and gain access to order management, compliance and data analytics capabilities. Jeff Moody, president and executive officer at Gluskin Sheff, says working with Broadridge allows the firm to pursue and execute growth opportunities with technology rather than increased headcount. The firm selected Broadridge Financial Services’ solution after ensuring it would provide exceptional service for its client base. Going forward, Gluskin Sheff plans to use Broadridge’s platform to optimise workflows and automation across an increasing set of asset classes.

AkinovA Marketplace Selects Trading Technology from Aquis

AkinovA has selected Aquis Technologies, the financial and regulatory technology arm of Aquis Exchange, to provide part of its marketplace technology stack. AkinovA and Aquis have already developed specific functionalities and services for use in AkinovA’s electronic marketplace for the transfer and trading of (re)insurance risks, and AkinovA is incorporating Aquis solutions including the vendor’s matching engine and surveillance system. Assistance in the post-trade environment will involve reporting and a first line surveillance service.

AkinovA selected Aquis for its cutting-edge technology, desire to innovate and range of solutions and services.

Castle Island Ventures Leads $1.9 million Investment in CoinMetrics

Coin Metrics, a provider of crypto asset market and network data, has closed a $1.9 million seed round of venture funding. Castle Island Ventures led the financing, with participation from Fidelity Investments, Highland Capital Partners and Dragonfly Capital. Tim Rice, co-founding CEO of CoinMetrics, says: “Our approach to aggregating crypto asset market data will use the guiding principles from the IOSCO Financial Benchmarks. We intend to bridge the wild west crypto market data world by translating fair value measurements, similar to FASB 157, and providing a credible confidence level assessment of fair value pricing for any particular market.”

Brexit: FIA Co-Signs Letter to European Commission on Equivalence of Trading Venues

The FIA, along with numerous other industry organisations, has signed a letter to European Commission Vice President Valdis Dombrovskis regarding the equivalence of UK trading venues. The letter requests urgent action by the EU authorities to adopt equivalence decisions regarding UK trading venues under EMIR and MIFID in the event of the UK leaving the EU without a deal, explaining the impact on EU27 market participants and European derivatives markets in the case of a no-deal Brexit. You can access the letter here.