SIX x-clear Extends Clearing to US Equities

SIX is expanding its post-trade offering with a new clearing segment for US securities, enabling European clients to trade and clear US instruments through its interoperable central counterparty, SIX x-clear. The service will operate within a European framework, with extended clearing hours aligned with the US market close and settlement through DTCC. Initial coverage will focus on S&P 500 constituents, with scope to expand to additional securities over time.

The move extends SIX x-clear’s capabilities beyond European markets and is intended to provide clients with longer trading and clearing windows alongside streamlined access to US equities and post-trade processing.

Pan-European retail-focused exchange Equiduct is expected to become the first trading venue to launch under the framework. SIX said the initiative is partly aimed at supporting growing European retail investor participation in US equities while allowing its clients to manage those flows through existing clearing infrastructure.

ION and Coinbase Scale Infrastructure for Kalshi Event Contracts

Coinbase has selected ION’s XTP for Event Contracts to support clearing for Kalshi’s prediction market, providing automated, real-time processing for event-based contracts. The platform supports contract creation, resolution and settlement alongside real-time execution processing, with automated 24/7 operations and capacity to onboard tens of thousands of accounts per day.

ION and Coinbase began working together to support Kalshi’s event contract listings in December 2025. During the initial rollout, XTP processed its first one million trades over Super Bowl weekend.

ION said the technology enables Futures Commission Merchants (FCMs) to manage event contracts alongside existing exchange-traded derivatives and cleared OTC business within a single platform, using native reporting, automated settlement and multi-exchange connectivity.

The deployment comes as prediction markets continue to attract greater institutional interest, placing increased demands on the clearing and post-trade infrastructure supporting high-volume, round-the-clock trading.

SIX Launches API-Based European Market Data Service

SIX has launched SIX Market Signal, a new API-based marketplace providing real-time and historical European market data to institutional and retail users. Its core product, 1BBO, provides a real-time European cash equities stream showing best bid and ask prices using order-book data from SIX Swiss Exchange and BME Exchange, alongside 16 European markets covered by Aquis Exchange.

For institutions, SIX is positioning the service as a way to extend market data beyond execution desks into areas including wealth management, benchmarking and compliance. Users are also licensed to use the data for training trading models and AI agents.

The service uses viaNexus technology for real-time distribution, entitlement management and cloud API delivery. SIX Market Signal is available to institutional users and Swiss retail investors now, with retail availability in the EU and UK planned subsequently.

Trading Technologies Adds FairXchange Analytics to FX Platform

Trading Technologies (TT) has integrated FairXchange Horizon into its institutional FX platform, adding independent execution and liquidity analytics across spot FX, forwards, non-deliverable forwards and swaps. The integration gives clients access to FairXchange’s microstructural analytics directly within the TT platform, allowing them to measure execution quality, analyse trading flows and liquidity-provider performance, and assess counterparty relationships.

FairXchange, part of United Fintech, specialises in independent FX liquidity and algorithmic execution analytics. The partnership is intended to address growing institutional demand for greater transparency around execution performance and liquidity optimisation.

FIX Extends Electronic Trading Standards to Securities Lending

The FIX Trading Community has published new guidance for electronic securities lending, establishing common workflow practices designed to support greater automation across the market. The guidelines provide a standard electronic messaging framework for securities lending contracts conducted bilaterally or through trading venues. They cover quote negotiation workflows, last look and Free of Payment (FOP) lending, and build on earlier FIX practices covering US equities, corporate bonds and DTC-eligible DVP US cash collateral contracts.

Developed by a working group spanning buy- and sell-side firms, vendors and venues, the framework is intended to reduce the cost and complexity of integrating different securities lending platforms and workflows.

FIX said a common protocol should also improve operational resilience and make it easier for firms to connect to new venues and trading protocols as securities lending becomes increasingly electronic, while providing a foundation for further market structure and workflow innovation.

TRG Screen Acquires S4 Market Data to Expand Managed Services

TRG Screen has acquired S4 Market Data, adding specialist vendor management, sourcing and negotiation expertise to its market data managed services business. The deal follows a year-long partnership under which S4 supported TRG Screen clients with vendor negotiations, contract optimisation and complex procurement, and comes in the wake of TRG Screen’s acquisition of market data advisory and consultancy firm BST America in July 2026. S4’s team will now join TRG Screen Managed Services while continuing to support existing customers.

The acquisition expands TRG Screen’s capabilities across vendor management and administration, market data administration, and datafeed and exchange reporting. These services include strategic sourcing and contract negotiation, subscription and inventory management, invoice reconciliation, expense allocation, compliance monitoring and audit support.

Adroit Integrates Cross-Asset EMS with BlackRock Aladdin

Adroit Trading Technologies has integrated its multi-asset execution management capabilities with BlackRock’s Aladdin platform, enabling mutual clients to access Adroit’s trading functionality directly through Aladdin.

The multi-year partnership is designed to streamline institutional trading workflows and improve operational efficiency across fixed income, currencies and OTC derivatives.

Adroit said the integration comes as OTC markets undergo continued electronification, accompanied by growth in the number of electronic liquidity providers, trading protocols and risk-transfer mechanisms such as portfolio trading. The company’s EMS is designed to help institutional buy-side firms manage these increasingly complex execution workflows within a single platform.

Adroit CEO Anil Jaglan described the partnership as an opportunity to provide mutual clients with a more integrated trading experience. The New York-based technology provider specialises in execution management for institutional investors, covering both trading and related workflows across multiple asset classes.

OSTTRA and Acuiti: Post-Trade Emerging as Competitive Differentiator

Derivatives firms are increasingly treating post-trade operations as a source of competitive advantage and capital efficiency rather than simply a back-office cost, according to research from OSTTRA and Acuiti.

The study of 45 sell-side firms found that 96% of respondents active in OTC derivatives and 89% in listed derivatives see improved netting and optimisation as a significant route to balance-sheet and capital efficiency. Meanwhile, 86% regard superior post-trade transparency, speed and automation as a competitive differentiator for institutional clients.

Significant inefficiencies remain. Two-thirds of respondents said listed derivatives operations teams spend more than 10% of their time resolving exceptions, fails and settlement breaks, while 82% reported that more than 10% of bilateral OTC trades are still confirmed manually.

AI adoption is also gathering pace, with almost a third of firms already deploying the technology in production and a similar proportion running active pilots.

TP ICAP’s Parameta Widens Data Arrangement with ICE

Parameta Solutions, the data and analytics division of TP ICAP Group, has expanded its data distribution agreement with Intercontinental Exchange (ICE).
The expansion allows ICE to distribute Parameta Solutions’ over-the-counter market data across rates, fixed income, foreign exchange, money markets and energy via its consolidated feed.
The data is sourced from brokerage brands ICAP, Tullett Prebon and PVM.
“By combining the depth of liquidity and market expertise within TP ICAP Group with ICE’s global distribution capabilities, we are making hard-to-source OTC market data more accessible, usable and actionable,” said Lisa Ward Head of channel distribution at Parameta Solutions.
The consolidated feed aggregates content from more than 600 data streams and was already distributing exchange-traded data for ICE.

LCH SwapClear Clears First POLSTR OIS as Poland Moves Away from WIBOR

LCH SwapClear has cleared its first overnight index swaps (OIS) referencing POLSTR, the new risk-free rate for Polish zloty-denominated swaps, with Erste Group, ING Slaski and Societe Generale among the first participants.

The launch supports Poland’s transition from WIBOR to POLSTR and the National Working Group’s efforts to encourage adoption of the new benchmark in OTC derivatives markets. GPW Benchmark began publishing POLSTR in June 2025, while restrictions on the use of WIBOR in swaps are due to take effect from early 2027.

LCH said the addition extends SwapClear’s support for global interest rate benchmark reform. Polish zloty is currently SwapClear’s tenth-largest currency by registered swaps notional, with the equivalent of US$7 trillion cleared during the first half of 2026. SwapClear now provides clearing across 28 currencies.