Liquidity
How exactly does a private-share trading platform work?
As companies stay private for longer, new trading platforms are looking to cash in by helping investors cash out.
How a consolidated tape could address bond liquidity fragmentation
Chris Murphy, CEO of Ediphy, writes that the biggest goal of a fixed-income tape should be the aggregation of, and democratized access to, market data.
A tech revolution in an old-school industry: FX
FX is in a state of transition, as asset managers and financial firms explore modernizing their operating processes. But manual processes persist. MillTechFX’s Eric Huttman makes the case for doubling down on new technology and embracing automation to…
Waters Wavelength Ep. 294: Grasshopper’s James Leong
James Leong, CEO of Grasshopper, a proprietary trading firm based in Singapore, joins to discuss market reforms.
Choose your execution: Traders tout benefits of algos for ETFs
In a space dominated by RFQ protocols, trading desks are exploring hybrid strategies for executing ETF orders.
New equity trading protocols want traders to show their hand
A new generation of trading venues has emerged with the goal of unlocking liquidity and improving the efficiency of trades.
Northern Trust adds fixed-income capabilities for outsourced trading in Asia-Pacific
The custodian bank now offers 24/6 fixed-income trading coverage with desks in Chicago, London, and Sydney.
South Africa’s equity markets court HFTs with tech upgrades
Competition for flow has driven innovation in connectivity, risk, and data provision.
Dealer relief at delays to Refinitiv Matching’s tech migration
First phase of replatforming for Swiss spot pairs set to be pushed to mid-2025.
Interactive Brokers looks beyond US borders for growth opportunities
As retail trading has grown in volume and importance, Interactive Brokers and others are expanding international offerings and marketing abroad.
JP Morgan’s goal of STP in loans materializes on Versana’s platform
The accomplishment highlights the budding digitization of private credit, though it’s still a long road ahead.
Systematic tools gain favor in fixed income
Automation is enabling systematic strategies in fixed income that were previously reserved for equities trading. The tech gap between the two may be closing, but differences remain.
European exchanges turn to dark trading in battle for flow
The EU’s two biggest exchanges are launching dark pools this year. The apparent change in their stances on dark trading reflects a profound shift in equities markets.
Dark horse: Deutsche Börse building dark pool
New functionality allowing exchange members to execute sweep trades comes hot on the heels of European rival Euronext launching its own dark pool.
Blood, sweat, and tiers: how the SEC’s exchange rebates proposal could reshape US equities markets
The proposal to overhaul volume-based rebates for agency brokers may create significant shifts in liquidity, order routing, and competition. And industry practitioners are split on whether it’s for better or for worse.
Finding the investment management ‘one analytics view’
This paper outlines the benefits accruing to buy-side practitioners on the back of generating a single analytics view of their risk and performance metrics across funds, regions and asset classes.
Waters Wrap: On EMSs, regulation, and (among others) BlackRock Aladdin
Regulators in the US and Europe have turned their sights on execution management system providers. Anthony examines some of the questions the industry is trying to answer.
What is Aladdin Trader? BlackRock’s fixed-income tool still a mystery
Sources tell WatersTechnology that Aladdin Trader will expand on the platform’s ‘limited’ execution functionality.
Interop tech buys time for buy-side fixed-income traders
A few buy-side traders and portfolio managers spearheading a drive for greater interoperability are reaping the rewards of increased workplace efficiency. Is interoperability the fixed-income panacea the buy side has been looking for?
Banks find intriguing ‘data play’ via tokenization efforts
Tokenization is no longer just a peculiarity of the crypto world, as execs from global custodian banks discuss their firms’ tokenization and digital assets strategies.