Avelacom Sets up Point-of-Presence in Tel Aviv Stock Exchange’s Primary Data Centre

Avelacom, the low latency connectivity, IT infrastructure and data solutions provider, has increased its presence in Israel by partnering with the Tel Aviv Stock Exchange (TASE) and setting up a new point-of-presence (PoP) in TASE’s primary data center.

The new PoP enables Avelacom’s clients to connect to the TASE systems at low latency, and will offer connectivity, colocation and Hardware-as-a-Service (HaaS) solutions.

DTCC Launches New LIBOR Benchmark Replacement Index Solution

The Depository Trust & Clearing Corporation (DTCC), the post-trade market infrastructure for the global financial services, has launched its new LIBOR Benchmark Replacement Index solution to support the industry’s transition from LIBOR benchmark rates to Secured Overnight Financing Rate Data (SOFR) and other new fallback rate indices.

Market participants will be able to access the solution through DTCC’s Legal Notice System (LENS) and view information for over 100,000 debt securities whose rate is currently based on USD LIBOR.

Parameta Solutions Partners with Numerix to Deliver OTC Valuations

Parameta Solutions, the provider of OTC indicative and trade data, is partnering with Numerix, the global OTC analytics and derivatives pricing company, to develop automated, independent, fair valuations of OTC derivatives to market participants.

By bringing together Parameta’s OTC data alongside Numerix’s analytical capabilities, the partnership aims to provide a more effective way of valuing OTC derivatives. The collaboration follows the Bank for International Settlements recent data showing that the notional value of outstanding OTC derivatives rose to a record high of $632 billion last year.

CQG and Broadridge Collaborate to Integrate OMS and EMS Technologies

CQG, the financial markets technology solutions provider, has entered into a strategic partnership with Broadridge Financial Solutions, to integrate the two companies’ Execution Management System (EMS) and Order Management System (OMS) respectively.

The combination of CQG’s front-end trading technology with Broadridge’s Order Management System and the NYFIX network will provide an ‘out-of-the-box’ solution for institutional customers who wish to take advantage of a combined front-, middle- and back-office technology suite.

Volksbank Wien Completes SaaS ‘Lift-and-Shift’ Project with Murex

Volksbank Wien, the central entity of an association of Austrian banks, and Murex, the trading and risk solutions vendor, have completed the migration of Murex’s MX.3 from bank premises into a private cloud hosting environment. The ‘lift-and-shift’ project also included an upgrade to the latest MX.3 release.

In a nine-month project, Murex transferred the full MX.3 environment, including the database, customisations and interfaces, into the cloud hosting Murex SaaS, a move increasingly adopted by diverse clients to reduce their total cost of ownership, achieve quicker time to market, rationalize IT infrastructure and focus on their core business.

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.