Venue
Cboe completes integrations of triple acquisition, turns focus on risk and analytics
In 2020, Cboe Global Markets acquired three businesses in rapid succession. Two years later, the tech stack integrations are complete, and the now-combined entities make up the majority of the exchange’s rebranded Risk and Market Analytics Group.
One versus many: Firms question viability of UK CT model
Market participants and industry groups are challenging the UK government’s approach to a competitive framework for the consolidated tape.
EU trading venue definition could crush innovation, say bank execs
Firms worry that regulating a broader net of firms could unravel progress in fixed income electronification and raise costs for market participants
SEC sets its sights on fixed-income platforms with Reg ATS revamp
US regulator’s mammoth January proposal has something in it for most US trading systems, but Jo suspects it will be the definitions of exchanges that hit the hardest.
Looming court battle could void SEC’s market data efforts
Litigation preview: What will the big exchanges argue in a court case to reverse the SEC’s initiatives?
Competing CTPs won’t work, warn EU firms, calling for single tape provider
As the industry awaits upcoming EC proposals, some firms are voicing concerns that mandating multiple CTPs could create fresh problems around data fragmentation and connectivity costs.
Six partners with BMLL for best execution analysis
The Swiss exchange is using the vendor's data and analytics to provide insight to brokers around Swiss EBBO liquidity.
Definition of a trading venue: Reg review risks ensnarling tech vendors
Industry participants are divided over the definition of a trading venue and how regulators should revise the regulatory framework.
Confusion remains over SEC’s market data efforts
Jo ponders some of the important pieces of the regulator’s National Market System modernization that remain obscure.
UnaVista SFTR closure casts doubt on viability of reg reporting
The decision to shutter the service is another blow to the industry and the business case of reg reporting under SFTR.
People Moves: Theta, Google, B2C2, Tourmaline, and more
A look at some of the key "people moves" from this week, including Paul Flanagan (pictured), who joins Theta as strategic sales advisor.
Waters Wrap: On outages, teamwork & greed (And ESG innovation & consultants)
Anthony examines a proposed protocol in Europe that would help keep liquidity flowing if there’s a major exchange outage. He also discusses innovation in the realm of ESG, and Esma’s new data analytics platform.
Four years of academic study on HFT yields complicated results
A transatlantic group of researchers has examined a treasure trove of market data to see whether or not high-frequency trading is a necessary component of today’s market structure. The answer is largely ‘yes,’ but with caveats.
Waters Wrap: ESG’s growing influence on market data consolidation (And exchange data)
Anthony explains why he thinks ESG will play a major role in the anticipated market data consolidation that’s to come. He also looks at moves made by some exchanges to cut out the data vendor middleman.
LSEG to replatform Matching and FXall
Migration to stock exchange’s tech platform aims to deliver faster speeds and more order types.
Symphony suspends Sparc pending registration talks with CFTC
The comms provider may have to register its RFQ workflow and messaging tool as a Sef, or perhaps permanently shut down the business line.
BMLL partners with quants for HFT regulation
Researchers from a Paris university are using the provider’s data and coding environment to build models for more efficient regulatory approaches.
This Week: Google Cloud/Commerzbank, SmartStream, Anna DSB, and more
A summary of some of the past week’s financial technology news.
US competing consolidators grapple with pricing uncertainty as SEC, exchanges battle over new Sip regime
Vendors who want to provide consolidated market data under the SEC’s new system can’t make plans until they know how they are going to be charged for market data. But the fee schedules are mired in legal action and confusion.
Jumping ship: Concerns raised over LSEG’s 2022 Docklands datacenter move
The project comes at a time when Euronext is considering a datacenter move, and sources speculate that Six might also be another candidate to migrate. Market participants are split on the news of the LSEG migration, with some calling it “frustrating,”…
Has Covid stopped the clocks on FX timestamp efforts?
Budget reallocation may not be the only factor stalling standardization progress, say market participants.
SEC’s Market Data Infrastructure Rule Not Easily Said or Done
The finalized equities market infrastructure reforms will make a difference, but some market participants are calling for additional clarity.
Waters Wrap: Machine-Learning Models Suffer from Covid (And Exchanges in the Cloud, Pt. 2)
Anthony says that while machine-learning models have been hit-and-miss during the pandemic, NLP is taking on greater importance. He also looks at how exchanges are looking to move their core matching engines to the cloud.
Manulife Refines ESG Methodology and Plugs Data Gaps with NLP
The asset manager has adopted materiality tools, industry handbooks, and NLP techniques to help navigate ESG data limitations.