Our roundup includes news from Xignite, AWS, Broadridge, AxeTrading, Overbond, and New York State Comptroller’s office.
Old Mission Can Now Target ETF Issuers & Buy Side
A Chicago-based, multi-asset market-maker, Old Mission, reports that FINRA has approved a brokerage license modification that allows the Old Mission Markets subsidiary to launch trading services directly to buy-side institutions and exchange-traded fund (ETF) issuers during the second quarter of this year.
Before the regulatory approval, Old Mission was strictly “a proprietary trading shop on its own behalf, but with this news will offer its quantitative trading services direct to the buy side,” officials say, adding that the ETF trading landscape is a key part of this expansion. Old Mission describes itself as a specialist “in trading the hardest-to-price and most illiquid ETFs.”
The change will enable Old Mission Markets to complement the existing market-making business conducted via the Old Mission Capital broker-dealership, officials say.
In addition, Old Mission has hired industry veterans Bryan Christian and Harry Whitton to help build the new institutional customer-facing business, officials say. Christian, the former head of U.S. sales at Cboe Global Markets, has joined the firm as managing director, head of business development and strategy. Whitton has joined as senior vice president, head of ETF sales and trading, officials say. He most recently worked in ETF sales trading at market maker Virtu Financial and before that post held senior sales positions at other financial services firms in the ETF industry.
“The seismic changes underway in the industry — in particular the rotation of assets from mutual funds to ETFs, the continued tightening of spreads and the increasing focus on execution quality — all play directly into our core strengths,” says Joe Guzowski, co-founder and CEO of Old Mission in a prepared statement. The launch of an institutional, client-facing business “is a natural evolution of our firm,” Guzowski says.
Xignite Offers APIs via AWS Data Exchange
Xignite, Inc. reports that its cloud-based financial application programming interfaces, or APIs, are now available in its data exchange via cloud-based Amazon Web Services.
Xignite offers end-of-day and historical equities and ETF information on North American exchanges, including such data as dividend amounts ratios for the securities, the vendor says, adding that its customers “integrate financial data via Cloud APIs” for such fintech apps as such as “robo-advisors, trading platforms, stock charts and investment analysis software.”
The company tallies more than “more than 150 billion API requests each month.”
Its data derives from approximately 100 data providers and exchanges, Xignite also says, specifying Morningstar, FactSet and MSCI.
Broadridge to Integrate Wealth Management Wares
Broadridge Financial Solutions, Inc., an operations systems, software and services provider, reports that Michael Alexander has been named president of wealth management, a new position to lead a revamp of the business group’s offerings.
Alexander, who joined Broadridge in 2006, will now be responsible for bringing together Broadridge’s wealth solutions in an integrated platform that will enable managers at financial services frims to “deploy an integrated front-, middle-, and back-office solution,” officials say.
The integrated wealth management platform to come will also offer “component solutions” for advisor websites, data aggregation, performance reporting, corporate actions, and back- and middle-office managed services, Broadridge says.
For the newly created position, Alexander, whose most recent post was as president for the Broadridge wealth and capital market solutions division, will report directly to Tom Carey, president of global technology and operations at Broadridge, officials say.
AxeTrading to Use Overbond’s AI Analytics
AxeTrading, a fixed income trading software company, and Overbond, a vendor of artificial intelligence (AI) analytics, report that they are working together to help the end-users of the Axe Trader software improve their trading of bonds and other fixed income instruments.
This capability can be activated for any AxeTrader user with a “simple configuration,” that users can do themselves, their IT team can set up, or AxeTrading can send to them, AxeTrading says.
AxeTrading also notes that its “software provides fixed income traders with market aggregation and trading workflows in a single desktop enabling more efficient and transparent trading using adaptive, open and flexible technology. AxeTrader interacts … across over 45 execution venues and connects to 11 leading market data sources, including Overbond.”
Overbond’s calls its COBI Pricing an “AI bond pricing solution for electronic bond trading” that uses “deep data aggregation and AI modelling” based upon five years of live markets data and 20 years of back-data history. Overbond was founded in 2015.
NY Pension Fund Names Sustainable Investments Director
Wall Street veteran Andrew Siwo has joined the New York State Common Retirement Fund as its first director of sustainable investments and climate solutions, a position that will support the implementation of the pension fund’s Climate Action Plan, according to the New York State Comptroller’s office.
Siwo, who has worked on Wall Street for 15 years, was most recently an investment director and head of mission-related investing at Colonial Consulting where he focused on SRI, ESG and impact investments, officials say. Before that position, her served as a manager at the Global Impact Investing Network (GIIN), where he validated impact investment funds and curated an impact investing platform designed for institutional investors and fund managers. Siwo began his career on Wall Street in the investment banking division at JPMorgan.
“Climate change is an increasingly urgent risk facing all investors, and I am determined to protect New York State’s pension fund by keeping it at the forefront of those addressing it, says Thomas DiNapoli, comptroller for the state of New York.
Siwo will report directly to Anastasia Titarchuk, the pension fund’s chief investment officer, officials say.
Siwo “will oversee an outstanding $12 billion commitment to the Climate Solutions Program, working in partnership with all asset class teams. In addition, the director will provide internal training to investment teams on sustainable investing to further integrate ESG factors into investment selection decisions,” officials add.