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TradingTech Insight Brief

C. Hoare & Co. Deploys Integral to Enhance FX Services

C. Hoare & Co., the UK’s oldest privately-owned bank, has deployed cloud-based SaaS FX technology from Integral, the currency technology provider, to offer competitive FX rates and market liquidity access to its business and personal account customers.

By providing the bank with liquidity aggregation, an FX pricing engine and API distribution to customers, Integral is helping C. Hoare & Co. to improve service to its current customers and reach new market segments, while avoiding the significant costs associated with building its own infrastructure.

OSTTRA Launches New Service for Cross-Currency Swap Conversions

OSTTRA, the global post-trade solutions provider, has successfully carried out the first cross-currency swap conversions of USD/SGD swaps from SOR to SORA. This development is a part of OSTTRA’s ongoing efforts since 2021 to assist market participants in transitioning from legacy Libor benchmarks to new risk-free rates (RFRs). The conversion process generates overlay transactions, which are submitted for clearing to minimise risk and present value (PV) impact.

The first multilateral conversion involved eleven market participants, while a second run involved twenty-one participants. OSTTRA now plans to expand the service to cover other indices subject to cessation, such as MXN, PLN, ZAR and CAD. The new service is facilitated by OSTTRA’s triReduce and triBalance, with CCP connectivity provided via OSTTRA MarkitWire.

Cboe Europe Indices Now Included in BMLL Data Suite

Level 3 data and analytics provider BMLL has announced the integration of Cboe Europe Indices into its product suite, enhancing its existing Cboe historical data coverage for Europe, US, and Japan. This strategic move furthers BMLL’s commitment to expanding its data coverage for the benefit of global market participants.

BMLL’s clients, ranging from banks and asset managers to academic institutions and regulators, will now be able to utilise the company’s trading analytics for detailed analysis of both Cboe Europe’s indices and their constituents, accessible via multiple BMLL platforms, including BMLL Data Lab, BMLL Data Feed, and BMLL Vantage.

BNY Mellon Launches AI-Focused Digital R&D Hub in Dublin

BNY Mellon has announced the creation of a new Digital R&D Hub in Dublin, with an initial investment of €8 million. The hub will spearhead innovation in AI, machine learning, and data analytics. By the end of 2025, it’s expected to more than double the bank’s digital team in Dublin, creating 30 specialist jobs.

BNY Mellon’s recent increase in patent applications and successful AI initiatives such as its Predictive Analytics for Trade Settlement underline the bank’s commitment to technological innovation. Furthermore, the hub aims to boost local STEM talent development through collaborations with educational bodies and new recruitment efforts.

Eurex Launches First European Bitcoin Index Futures Contract for US Investors

The US Commodities Futures Trading Commission (CFTC) has approved the trading of Eurex FTSE Bitcoin Index Futures for US-based investors, beginning 29 May 2023. This milestone marks Eurex’s efforts to provide secure and regulated access to cryptocurrencies, making it the first exchange in Europe to offer Bitcoin index futures. Trading began outside the US on 17 April 2023, and the contract was developed with FTSE Russell and Digital Asset Research.

The futures contracts trade in EUR and USD and are equivalent to one Bitcoin, with cash settlement upon expiry. Since the launch, over ten members have traded hundreds of contracts, with further participants preparing to join.

Tokenovate and GMEX ZERO13 Execute World’s First Smart Legal Contract for Carbon Credit Derivatives

Tokenovate, a provider of distributed financial market infrastructure, and ZERO13, a GMEX Group initiative around climate fintech, have successfully executed the world’s first smart legal contract for voluntary carbon credit (VCC) derivatives trades, based on the 2022 ISDA Verified Carbon Credit Transactions Definitions.

The partnership demonstrated the creation of a blockchain-based, high quality, smart legal contract for waste to energy VCC trades, which were conducted on the SECDEX exchange, between Maverik Inc. and Tempus USA Inc. Tokenovate and ZERO13 will continue to enable VCC trades using distributed ledger technology-based smart legal contracts, supporting global net zero and energy transition goals by 2030.

FlexTrade Unveils AI-Driven Functionality in FlexTRADER EMS

FlexTrade Systems has announced the incorporation of artificial intelligence (AI) technology into its multi-asset solution, FlexTRADER EMS. FlexA, a voice-activated application created by FlexTrade’s data science team, is designed to revolutionise the interaction between traders and their technology platform by applying natural language to parse and control the solution through voice commands or a text-based chat interface.

This innovative application allows traders to easily handle vast amounts of information beyond the traditional 2D grid visualisation and input devices. FlexA enables users to gain an in-depth understanding of orders, request tailored reports on historical trading with specific visual formats, and automate actions to accelerate workflow. This launch signifies one of the first practical applications of AI technology directly within an OEMS solution, according to the company.

OpenFin Secures £35 Million in Series D Funding to Boost Adoption of its OS

OpenFin, the operating system (OS) for enterprise productivity, has raised $35 million in a Series D investment round led by Bank of America, with significant contributions from Pivot Investment Partners and ING Ventures. CME Ventures, CTC Venture Capital, SC Ventures and Tribeca Early Stage Partners also participated. The investment aims to fast-track the adoption of OpenFin OS across the financial industry and beyond. Presently used by over 3,800 banks and asset management firms in more than 60 countries, OpenFin’s web-based OS is increasingly becoming a standard in financial services.

The latest funding comes amid a period of record growth for OpenFin, spurred by the swift adoption of OpenFin Workspace, the OS’s visual interface. Launched in 2021, the Workspace includes an app launcher, notification centre, universal search and enterprise browser, helping to simplify user experiences across internal and reduce operational risk.

TMX Group and Clearstream Banking Set to Launch Canada’s First Domestic Triparty Repo Capability

TMX Group Limited and Clearstream Banking S.A., part of Deutsche Börse Group, have announced plans to introduce an automated Canadian Collateral Management Service (CCMS), including the first domestic triparty repo capability in Canada. Developed collaboratively, the CCMS aims to provide a customised mobility and liquidity solution for Canada’s secured finance industry, with the new service enabling clients to meet the continuously evolving collateral demands of current markets.

Scheduled for launch in Q3 2023, the CCMS is intended to optimise and collateralise securities finance activities across the Canadian market. Initially, the CCMS will cater to participants in Canada’s secured funding market, enhancing transaction cycle efficiency. Additionally, it will facilitate the industry’s shift to a T+1 settlement cycle for Canadian and US markets in 2024, boosting efficiency and collateral mobility while reducing operational risk.

Principal Financial Group Selects QUODD’s Universe+ for Tailored Market Data Access

QUODD, a market data on demand provider for the global financial services sector, has announced that Principal Financial Group has become part of its growing client base for the Universe+ platform. Universe+ is an API-driven, cloud-based solution offering comprehensive security pricing, reference data, and analytics across all asset classes, including mutual fund, equities, and fixed income pricing data, specifically designed as a middle to back-office research tool.

Universes+’s capabilities are a cornerstone of QUODD’s digital offering, allowing users to monitor price fluctuations, access reference data and corporate actions on demand, and manage price validations and challenges. The platform facilitates on-demand market data consumption across all business lines and operational workflows, making it an effective tool for middle and back-office functions.