Square Capital Selects Confluence Revolution API for Integrated Risk Analytics

Paris-based asset manager Square Capital has selected Confluence Technologies’ Revolution risk API to enhance its investment risk analytics as it expands into more complex investment strategies, including structured products. The implementation will integrate Confluence’s quantitative risk engine directly into Square Capital’s proprietary technology platform, allowing the firm to extend its analytical capabilities without replacing existing infrastructure.

Revolution provides real-time access to Value at Risk, Expected Shortfall, liquidity risk, credit analytics and stress testing across more than 2,900 scenarios. Its pricing library includes over 360 functions covering traditional assets, complex derivatives and structured products.

The integration will support Square Capital’s growing exposure to instruments including Phoenix autocalls, reverse convertibles and capital-protected notes, while helping the firm meet additional regulatory requirements imposed by France’s Autorité des Marchés Financiers (AMF).

The deployment, according to Confluence, reflects increasing demand for API-based risk analytics that can be embedded within existing investment management workflows.

Movantis Selects Integral to Expand Institutional FX Liquidity Across Latin America

Movantis, the cross-border financial infrastructure provider, has selected Integral’s FX technology platform to strengthen its institutional liquidity offering across Latin America, supporting banks, payment networks and digital asset operators. The company has integrated Integral FX, a full-stack platform combining pricing, liquidity aggregation, risk management and distribution capabilities. The deployment will allow Movantis to consolidate its FX infrastructure and expand access to liquidity through Integral’s network of providers.

New distribution channels include an institutional trading platform, direct-to-client API trading and API connectivity to a third-party multi-dealer venue, operating through Movantis’ network of licensed partners.

Movantis facilitates more than $60 billion in annual transaction value across over 200 million transactions, supported by a network of more than 90,000 payout locations and 50 money transfer operators. The integration will support further regional expansion, particularly as institutional demand for Mexican peso liquidity and cross-border payment services increases.

HPR’s HYPRCUBE Matching Engine Achieves Five-Microsecond Latency in Independent Testing

HPR has announced the results of independent performance testing conducted by Exactpro on HYPRCUBE, its fully hardware-based exchange matching engine, demonstrating median order roundtrip latency of approximately five microseconds under production-like load conditions. HYPRCUBE uses an integrated hardware architecture designed to deliver deterministic latency and throughput reaching tens of millions of messages per second.

The benchmarking programme evaluated the platform across multiple order types, execution scenarios and order management operations, including order acceptance, cancellation, replacement and execution.

Testing was conducted using a server directly connected to HYPRCUBE, with latency measured between the transmission of an order request and receipt of the first corresponding response. Timestamps were captured externally at the test server’s network interface. Exactpro’s testing also covered pegged orders, execution instructions, market protections and self-trade prevention mechanisms. The results provide independently measured performance data for exchange operators evaluating hardware-based matching technology.

Sterling Trading Tech and Atlas Digital Markets Partner on Integrated Best Execution Analytics

Sterling Trading Tech has partnered with Atlas Digital Markets to integrate transaction cost analysis (TCA) directly into its OMS 360 platform and Sterling Data Warehouse, enabling trading firms to measure execution quality using their complete order and execution histories.

Scheduled for availability in Q4 2026, the integration will allow compliance, risk and trading teams to assess execution performance against relevant market benchmarks, initially covering equities and options, with plans to extend into digital assets and prediction markets. Atlas’s analytics engine will operate within Sterling’s infrastructure, accessing order lifecycle data without transferring client information outside the Sterling environment.

The collaboration comes as the SEC considers rescinding Regulation NMS Rule 611, potentially placing greater emphasis on broker-dealers’ ability to demonstrate compliance with best-execution obligations. The companies also plan to extend their partnership into smart order routing, execution algorithms, digital asset trading and request-for-quote systems, building on the integrated analytics capabilities.

FIX Trading Community Publishes Standardised Margin Reporting Framework

The FIX Trading Community has published new guidance establishing a standardised messaging framework for margin requirement reporting between asset managers and clearing brokers or swap providers.

Developed by FIX’s Post-Trade Committee, the specification aims to simplify how buy-side firms request and receive margin information from counterparties, reducing reliance on manual processes and bespoke reporting arrangements.

The framework supports machine-readable margin reports covering individual accounts, portfolios, instruments and overall margin excesses or deficits. It accommodates both one-off requests and ongoing reporting, enabling firms to exchange margin information through a consistent format.

The guidance is intended to improve collateral management, exposure monitoring, reconciliation and funding decisions, while reducing operational complexity and the potential for disputes.

By extending standardised FIX messaging into margin reporting, the initiative provides a foundation for greater automation of post-trade collateral and funding workflows across buy-side and sell-side institutions.

Exegy Launches Hardware-Timestamped Market Data Capture Service

Exegy has partnered with packet capture specialist FMADIO to launch a new end-of-day PCAP service, providing hardware-timestamped raw market data through its Axiom consolidated feed infrastructure. Available across all Axiom points of presence, the service enables trading firms to access high-precision market data captures without deploying and maintaining their own packet capture infrastructure.

The offering uses FMADIO’s FPGA-enabled 40G/100G appliances to minimise packet loss and jitter during periods of peak market activity. Hardware timestamping through Arista switches provides the precision required for latency benchmarking and best-execution analysis. Exegy captures both primary and secondary market data feeds, applying quality checks to validate that files contain no gaps. Low-latency exchange connectivity is provided through Waypoint Trading Solutions.

Captured data is delivered through Amazon Web Services S3 buckets for automated end-of-day retrieval, with daily PCAP files retained for 14 days.

Plus500 Acquires Hedge to Expand US Securities Offering Ahead of Multi-Asset Platform Launch

Plus500 has conditionally agreed to acquire Hedge Capital Markets, expanding its US operations into SEC-regulated securities trading ahead of the planned launch of a unified multi-asset trading platform in Q1 2027. Hedge, founded in 2021, operates an SEC-registered, FINRA-member broker-dealer providing US retail investors with access to exchange-listed securities, including stocks and ETFs.

The acquisition complements Plus500’s existing CFTC-regulated US business, which provides clearing and execution services for futures and prediction markets. It will enable the company to combine these products with stocks, options and ETFs through a single application. Plus500 has also established a New York hub alongside its existing Chicago operations to support the expansion, incorporating Hedge’s personnel and regulatory expertise.

The transaction will be funded from existing cash resources and remains subject to regulatory approval, including FINRA clearance. Plus500 intends to extend its multi-asset platform into additional markets following its initial US launch.

LSEG and CMC Markets Sign Multi-Year Financial Data Agreement

LSEG and CMC Markets have entered into a multi-year strategic agreement expanding CMC’s access to financial data, news and analytics to support the growth of its multi-asset trading and investment businesses. Under the agreement, CMC will gain broader access to LSEG’s real-time and delayed pricing, reference data, corporate actions information, news and analytical content.

The expanded data provision is intended to improve consistency and scalability across CMC’s operations as the company develops new products, enters additional markets and strengthens its institutional and B2B partnerships. CMC will also gain access to LSEG’s AI-ready content, providing a foundation for developing AI-enabled applications and workflows across its business.

The agreement supports CMC’s broader strategy to diversify its financial services offering through technology and infrastructure investment, connecting its trading, investing and institutional capabilities while reducing the operational complexity associated with expanding into new markets and services.

CME Group Introduces Baseball Futures Based on Team Performance Indexes

CME Group has announced the launch of what it describes as the world’s first baseball futures contracts, extending its derivatives offering into professional sports. The contracts were scheduled to begin trading on 12 October, subject to regulatory review.

Developed with FutureSports, the contracts track CME FutureSports Performance Indexes (FSPI), which use official league statistics to measure the performance of professional baseball teams. The initial offering covers the four teams competing in the 2026 League Championship Series, with the broader index framework encompassing all 30 teams.

The contracts are available in standard and micro sizes, with trading supported around the clock through CME’s regulated exchange infrastructure and central clearing arrangements. The underlying indexes use rules-based methodologies that assign positive or negative points according to team performance statistics. CME says the methodologies align with IOSCO Principles for Financial Benchmarks, supported by published governance and oversight procedures.

FactSet Expands Partnership with Scotia Wealth Management

FactSet has expanded its partnership with Scotia Wealth Management, part of Scotiabank, to provide broader access to investment research, market data and portfolio analytics across the Canadian wealth management business. Under the expanded agreement, financial advisers, investment professionals and support teams will gain access to FactSet’s unified research and intelligence platform, bringing together investment research, market information, portfolio analysis, watchlists and other resources within a single environment.

The integration is intended to streamline advisers’ access to information, improve investment workflows and support more informed client engagement. The agreement builds on the existing relationship between the two companies and forms part of Scotia Wealth Management’s ongoing investment in its adviser technology infrastructure.

For FactSet, the expanded partnership strengthens its presence in the wealth management sector, where firms are increasingly seeking integrated data and analytics platforms to improve operational efficiency and support investment decision-making.