New Exegy Whitepaper Quantifies High Cost of In-House FPGA Market Data Infrastructure

Exegy has released the second part of its whitepaper detailing the true cost of market data infrastructure. The report quantifies the high expense for firms building and maintaining their own FPGA-based market data feed handlers. Key findings show a firm’s first in-house handler costs approximately $5.35 million, with full North American equities coverage (18 markets) totalling nearly $9.8 million. This is over five times more expensive than Exegy’s equivalent service. Annual maintenance for an in-house system is estimated at $4.59 million, more than double Exegy’s managed service costs.

The report also highlights the significant time investment, estimating 3.5 years for the first handler and 6.5 years for full coverage, compared to 6 months and 20 months respectively with Exegy. This diverts valuable engineering resources from core strategies. Exegy’s new Nexus platform is presented as a solution, using FPGA hardware to deliver ultra-low latency and 36% lower operational costs. It provides the performance benefits of an in-house build without the associated cost, time, and maintenance burden.

LSEG Expands Partnership with BlackRock to Enhance Private Markets Intelligence

LSEG has expanded its partnership with BlackRock, focused on strengthening its private markets intelligence offering. Through a new advanced data integration, LSEG customers will gain access to Preqin private markets data via the LSEG Workspace platform and its Data & Feeds products.

In parallel, LSEG and BlackRock have deepened their data integrations in two other areas. LSEG has renewed its multi-year partnership to provide its Pricing and Reference Services data to BlackRock’s Aladdin platform to support investment decisions.

Furthermore, BlackRock has extended its partnership with FTSE Russell, part of LSEG. This extension allows BlackRock to continue to license the index provider’s benchmarks to create investment vehicles for its clients.

Edaa and Clearstream Partner to Enhance Saudi Capital Market Post-Trade Infrastructure

The Securities Depository Center Company (Edaa), a subsidiary of the Saudi Tadawul Group, has signed a Memorandum of Understanding (MoU) with Clearstream, Deutsche Börse Group’s international central securities depository. The partnership aims to jointly introduce new post-trade services to enhance the efficiency and attractiveness of the Saudi capital market for domestic and international investors.

This collaboration builds on Clearstream’s 2021 initiative providing its clients access to the Saudi market via Edaa. Leveraging its global expertise, Clearstream will work with Edaa to advance the local post-trade infrastructure and introduce new services, including collateral management, securities lending and borrowing, fund services, and digital securities.

A key initial focus for the partnership is the joint development and launch of the Saudi Collateral Management Service (SCMS). This centralised, automated triparty collateral management system will be tailored to the Saudi market. It is designed to optimise financing activities for local financial institutions, increase market liquidity, and provide easier connectivity to international markets.

Alpha One Selects Templum to Power Private Market Investing

Alpha One Asset Management LLC, a subsidiary of Wedbush Financial Services LLC, has selected Templum to provide the technology infrastructure for its private market investments. The partnership will support the firm’s family office and wealth management channels and establish a new self-directed channel for Wedbush’s Alpha One Global Family Office.

Once implemented, the Templum platform will allow Alpha One clients to invest across both public and private markets using a single, seamless system. Alpha One will use Templum’s technology and workflows to streamline end-to-end private market transactions.

Templum will provide full broker-dealer and operational support, covering pre-trade, settlement, post-trade, and secondary trading. The platform, deployed via a white-label and API solution, will also include reporting dashboards and a curated marketplace for alternative products.

ION Fidessa Platform to Support New London Stock Exchange Private Securities Market Auctions

ION’s Fidessa platform will support auction events on the London Stock Exchange’s (LSE) new Private Securities Market. Operating under the Private Intermittent Securities and Capital Exchange System (PISCES) framework, this new market uses the LSE’s public infrastructure to provide intermittent liquidity auctions for private companies and their shareholders.

The market aims to simplify investment in high-growth private firms. Transactions conducted on the platform will be exempt from stamp duty, a change intended to reduce costs and simplify the trading process for investors.

To ensure seamless access for its customers from the launch, ION has released updates to its Ticker Plant market data system and the Fidessa trading platform. ION’s Ticker Plant system provides real-time market data for over 275 exchanges globally.

Broadridge Survey Finds Custodians Leading Rapid Tokenisation Adoption

Tokenisation of assets is shifting rapidly from theory to practice, according to a new whitepaper from Broadridge Financial Solutions. The report, “Next-gen markets: The rise and reality of tokenization,” is based on a survey of 300 financial institutions in North America and Europe. It reveals that custodians are leading this adoption, with 63% already offering tokenised assets and an additional 30% preparing to do so within two years.

Adoption rates vary across other sectors. While only 15% of asset managers currently offer tokenised products, 41% plan to launch them soon. Wealth managers remain the most cautious, with only 10% offering them and 33% planning adoption within the next two years, citing operational complexity as a primary driver for the slower uptake.

The survey found regulatory uncertainty to be the biggest challenge to wider adoption, cited by 73% of all institutions. Other barriers include security concerns, infrastructure gaps, and a lack of common standards. Broadridge, which reported $339 billion in average daily volumes on its Distributed Ledger Repo (DLR) platform in September, noted that the benefit gap between early adopters and non-adopters is widening.

LSEG Recognises AQX Technologies as Post-Trade Software & Regulatory Reporting Partner

AQX Technologies, provider of post-trade automation solutions, has been officially recognised as a Post-Trade Software & Regulatory Reporting Partner by the London Stock Exchange Group (LSEG). The LSEG partner program identifies firms with proven expertise in post-trade infrastructure, regulatory reporting, and operational risk mitigation.

AQX Technologies provides a platform for multi-asset, real-time exception management and regulatory compliance. It is designed to help financial institutions meet the demands of regulations such as MiFID II, EMIR, and SFTR, while also preparing for new frameworks like DORA and T+1 settlement.

Using a cloud-native architecture, the firm helps brokers, banks, and asset managers to replace legacy systems, increase operational efficiency, and reduce total cost of ownership.

ITRS Launches Solution to Help Indian MIIs Meet New SEBI Capacity Rules

ITRS, provider of real-time monitoring solutions for regulated environments, has launched its Real-Time Capacity Planning Solution. The new product is designed to help Indian Market Infrastructure Institutions (MIIs), such as exchanges and clearing corporations, comply with revised guidelines from the Securities and Exchange Board of India (SEBI) that became enforceable in December 2024.

The SEBI regulations mandate that MIIs must maintain 1.5 times their projected peak capacity, monitor 10-second sustained load performance, and provide real-time system performance data to regulators. The ITRS solution is purpose-built to address these specific requirements.

Powered by Geneos 7 and ITRS Analytics, the platform offers features including sub-second monitoring, automated capacity forecasting, and SEBI-aligned reporting templates. The solution, which also provides proactive risk alerts, is now available to all SEBI-regulated entities.

Shinhan Securities Vietnam Adopts Horizon Platform for Market Making and Brokerage on HOSE

Horizon Trading Solutions, provider of electronic trading technology, has announced that Shinhan Securities Vietnam is now live on its multi-asset trading and order management solution. The implementation supports Shinhan’s strategic goal of enhancing its trading capabilities as Vietnam advances towards emerging market status. The rollout covers the firm’s market making and brokerage activities on the Ho Chi Minh Stock Exchange (HOSE).

Shinhan Securities Vietnam selected Horizon to support its Warrant market making and brokerage workflows. The solution provides market connectivity, integration with Shinhan’s core system, and an Order Management System (OMS) to streamline order flow. The firm also gains access to algorithmic trading strategies, including TWAP, VWAP, and POV, while the market making module provides accurate quoting, execution, and risk control for Warrant trading.

The initial phase focuses on click trading for cash equities and futures, with execution via brokers KISA and BNP Paribas. Shinhan plans to expand functionality in future phases to include basket pricing, futures pricing, and advanced automation modules.

Farrer Capital Management Selects TS Imagine for Integrated Trading and Risk Platform

TS Imagine, the trading, portfolio, and risk management solutions provider, has been selected by Farrer Capital Management. The Australian-headquartered hedge fund will use TS Imagine’s integrated platform to support its trading and risk operations.

The end-to-end solution provides Farrer Capital with a single environment for order, execution, portfolio, and risk management. This unified infrastructure is designed to streamline workflows, improve execution, and enhance risk monitoring.

The platform combines order and execution management with portfolio and risk analytics. The selection will allow Farrer Capital to scale its operations while maintaining rigorous risk controls, supporting the fund’s strategy to leverage technology for competitive advantage.