Nasdaq Europe to Launch PureStream-Based Trajectory Trading in November

Nasdaq Europe plans to launch a new trajectory trading service in November 2026, using PureStream technology to help institutional investors execute large European equity orders while reducing market impact and information leakage. The service will match trading interest based on a specified percentage of future market volume, allowing orders to execute progressively at volume-weighted average prices (VWAP).

It will operate through Nasdaq Investment Firm B.V., which received authorisation from the Dutch Authority for Financial Markets on 26 October. Trades will be formalised and published on Nasdaq’s regulated trading venues.

Initial coverage will include selected equities listed on Nasdaq Copenhagen, Helsinki and Stockholm, including constituents of the OMXC25, OMXH25 and OMXS30 indices, alongside stocks from nine other European markets. Nasdaq expects to add approximately 1,200 European equities in January 2027. The service forms part of its Digital Liquidity Networks business, with institutional onboarding beginning through a phased rollout.

Plus500 Becomes First External FCM to Offer Kalshi Perpetual Futures

Plus500 has launched Kalshi perpetual futures through its US Futures Commission Merchant (FCM), becoming the first FCM outside Kalshi Prime to offer the contracts to its customers. The launch extends Plus500’s existing partnership with Kalshi, which already covers prediction markets, and provides access to perpetual futures across its B2B and B2B2C distribution channels.

Perpetual futures are derivatives without expiry dates, allowing traders to maintain positions without rolling contracts forward. Kalshi introduced CFTC-regulated perpetual futures in May 2026 and has since expanded its offering to cryptocurrencies, commodities and indices. Plus500 will provide execution, order routing, clearing and risk management through its proprietary infrastructure, clearing transactions directly as a member of Kalshi Klear.

The company plans to expand its offering as additional contracts become available, strengthening its US exchange-traded derivatives business and providing institutional partners with access to a broader range of regulated trading products.

Baton Systems Launches Portfolio-Wide Collateral Optimisation Capability

Baton Systems has introduced an advanced portfolio optimisation capability designed to help collateral managers, treasury teams and clearing operations allocate cash and securities more efficiently across multiple clearing venues and margin obligations.

The solution evaluates collateral inventories and obligations simultaneously, rather than optimising individual margin requirements sequentially, with the aim of reducing funding costs, preserving high-quality liquid assets (HQLA) and minimising unnecessary collateral movements.It uses mathematical optimisation techniques, including mixed-integer linear programming, stochastic programming and multi-period optimisation, incorporating eligibility schedules, concentration limits, internal policies and venue-specific delivery constraints.

Users can compare allocation scenarios and prioritise different objectives before passing selected allocations into Baton’s automated instruction and collateral movement workflows.

Built on the company’s Core-Collateral infrastructure, the modular capability initially targets cleared collateral for clearing members, with scope to incorporate bilateral arrangements and institution-specific funding economics.

Belasko Launches Integrated Investor and Fund Manager Platforms for Private Markets

Belasko has launched two connected digital platforms designed to improve information access, communication and operational transparency for investors and fund managers across private markets.

The Investor Experience Platform (IXP) provides limited partners with access to fund information, documents, announcements and investment opportunities, alongside tools for tracking queries, deadlines and upcoming activities. The Client Experience Platform (CXP) gives general partners greater visibility into fund operations, investor engagement and service interactions, supporting investor relations and operational planning.

Both platforms are integrated with Belasko’s fund administration services, bringing data, communications and workflows into a shared environment intended to reduce reliance on disconnected systems and email-based processes.

The launch follows a period of testing and pilot programmes, with Belasko planning further automation and AI-enabled capabilities. Belasko, which administers more than $29 billion in assets, positions the investment as part of its strategy to modernise technology-enabled fund administration across UK and European private markets.

TTI Cats: Post Trade, Clearing & Settlement; Trading Systems & Workflow
Brief – S&P Global Expands AI and Analytics Capabilities Across Private Markets
S&P Global has expanded the AI, valuation and analytics capabilities of its iLEVEL private markets platform, introducing new tools for portfolio monitoring, data management and investment workflows. The enhancements include a native iLEVEL Agent, AI-powered data ingestion and natural-language search, enabling investment teams to automate data-intensive processes and retrieve portfolio information more efficiently.
An iLEVEL Model Context Protocol (MCP) server also allows clients to connect governed platform data and capabilities to external AI applications, including Microsoft Copilot and Claude, while retaining existing permissions and access controls. Enhanced integration with S&P Global Private Market Valuations streamlines third-party valuation workflows, while additional functionality supports private credit covenant monitoring and early identification of portfolio risks.
S&P Global has also expanded performance analytics datasets covering private credit, real assets and private equity, alongside integrations with Capital IQ, WSO and other enterprise solutions. The developments extend iLEVEL’s role beyond portfolio reporting towards integrated data, analytics and AI-enabled workflows across the private investment lifecycle.

S&P Global Expands AI and Analytics Capabilities Across Private Markets

S&P Global has expanded the AI, valuation and analytics capabilities of its iLEVEL private markets platform, introducing new tools for portfolio monitoring, data management and investment workflows. The enhancements include a native iLEVEL Agent, AI-powered data ingestion and natural-language search, enabling investment teams to automate data-intensive processes and retrieve portfolio information more efficiently.

An iLEVEL Model Context Protocol (MCP) server also allows clients to connect governed platform data and capabilities to external AI applications, including Microsoft Copilot and Claude, while retaining existing permissions and access controls. Enhanced integration with S&P Global Private Market Valuations streamlines third-party valuation workflows, while additional functionality supports private credit covenant monitoring and early identification of portfolio risks.

S&P Global has also expanded performance analytics datasets covering private credit, real assets and private equity, alongside integrations with Capital IQ, WSO and other enterprise solutions. The developments extend iLEVEL’s role beyond portfolio reporting towards integrated data, analytics and AI-enabled workflows across the private investment lifecycle.

Vermiculus Launches VeriIndex for Real-Time Index Calculation and Management

Vermiculus has launched VeriIndex, a real-time index calculation and management engine designed to help exchanges and marketplaces develop and operate specialised indices across traditional and emerging asset classes. The platform combines continuous index calculation, corporate action processing and index administration within a single system, initially supporting price-return and total-return indices.

VeriIndex calculates and publishes index values using live market data, with standardised interfaces for distributing results. A next-business-day simulation capability allows operators to assess and correct the impact of scheduled corporate actions and index changes before implementation. Its configurable architecture supports additional calculation methodologies, instrument types and pricing capabilities, enabling operators to expand their index offerings as market requirements evolve.

The system integrates natively with Vermiculus’ VeriTrade exchange trading platform but can also operate independently alongside third-party trading and post-trade infrastructure.

The launch extends Vermiculus’ market infrastructure portfolio as demand grows for indices covering emerging products, including tokenised assets, perpetuals and prediction markets.

DTCC Research Highlights Post-Trade Automation Gaps Ahead of Europe’s T+1 Transition

New research from DTCC and ValueExchange has highlighted significant gaps in European post-trade automation as the industry prepares to move to T+1 settlement in October 2027. The report finds that settlement volumes across Europe increased by 15% in 2025, while failed trades rose by 21%, adding pressure to already fragmented operational processes. Only 33% of European middle offices have invested in automated standing settlement instruction (SSI) storage and exchange, while approximately 68% of firms still rely on some manual trade matching. Just 62% appear prepared for upcoming place of settlement (PSET) requirements.

With T+1 compressing settlement timelines by approximately 83%, the research calls for greater standardisation, automated instruction flows and more consistent trade data across middle- and back-office systems. DTCC argues that existing matching infrastructure and reference data utilities provide a foundation for improving settlement efficiency, reducing exceptions and strengthening operational resilience ahead of the transition.

Xceptor Expands Japanese Operations with Second Megabank Partnership

Xceptor has expanded its investment in Japan following the selection of its data automation platform by another major Japanese bank, bringing its client relationships to two of the country’s three megabanks. The latest implementation, delivered in partnership with local technology specialist GRCS, will use Xceptor’s sovereign-grade SaaS platform to streamline fragmented post-trade workflows and reduce reliance on manual processes.

The company has also appointed Airi Iwamoto as Key Account Director and Satomi Hirono as Principal, Client Success, to support Japanese financial institutions, including banks and trading houses.

Its expansion focuses on automating operational processes such as trade affirmations, confirmations, end-user computing remediation and fund services. A Japanese-language interface is also being introduced.

FIX Trading Community Calls for Clearer Market Data Standards in UK Equities Reform

The FIX Trading Community has called for greater consistency, transparency and operational resilience in UK equity markets in responses to two Financial Conduct Authority consultations covering market structure reform and the proposed equity consolidated tape. Its recommendations include more granular liquidity reporting that distinguishes trading phases, execution mechanisms and genuinely addressable volumes, alongside clearer identification of automated and manual off-venue transactions.

FIX also advocates aligning UK trade flags more closely with EU standards, identifying technical and non-addressable trades, and introducing standardised, machine-readable communications for market outages.

For the consolidated tape, the association recommends keeping trading venue and systematic internaliser quote data separate, while prioritising completeness, reliability and resilience as trading models and operating hours evolve. FIX additionally cautions against extending transparency requirements to complex synthetic equity transactions without clearly defined scope, identifiers and assessment of regulatory implications.

The proposals aim to improve market data usability while reducing operational complexity for trading firms and data consumers.

SOLVE Previews New Issue Monitor for Structured Credit Markets

SOLVE has unveiled New Issue Monitor, a new capability within its SOLVE Quotes platform that combines structured credit primary market deal information with secondary market pricing and trading data.

Previewed at the ABS East conference in Miami, the solution enables portfolio managers, traders and analysts to track new issues from announcement through bookbuilding and pricing, alongside existing secondary market quotes. Users can monitor individual deals and tranches, track pricing developments and filter opportunities by deal size, weighted average life, credit enhancement and structure. The platform also provides saved views and aggregated summaries of deal activity. New Issue Monitor will offer coverage of structured credit deals from announcement, with 60 days of historical deal information available at release.

The integration builds on SOLVE Quotes’ existing machine learning and natural language processing capabilities, which process more than 30 million fixed income quotes daily, including coverage of over 150,000 structured product securities.