Interdealer broker Tullett Prebon is acquiring from CME “a long term license of a hybrid trading technology” that it will further develop internally “to provide bespoke, proprietary, customer-facing capabilities,” officials say. Tullett Prebon has been busy lately, having purchased the hybrid, U.S. voice-broking business operations of Creditex from the Intercontinental Exchange (ICE), and before that… Read More >>
U.K. Firms Told to Keep to MiFID II Timetable
In the current period of post-Brexit limbo, questions are being asked over the fate of impending European regulations such as the Markets in Financial Instruments Directive II (MiFID II) which is due to come into force in 2018. While tempting to push it down the agenda — it has been continually delayed — financial institutions… Read More >>
Brexit Political Turmoil Puts Markets in Limbo
Former U.K. Prime Minister Harold Macmillan once famously said that a “week is a long time in politics,” but if recent events are anything to go by perhaps the statement should apply to 24 hours. Within a day last week, U.K. politics was turned on its head in a series of events that would be… Read More >>
New FIX Version Supports Nanosecond Connections
A version of the FIX electronic trading protocol that supports high-performance transactions and data feeds is officially launching via the FIX Trading Community standards body, in an effort to help securities firms keep up with high-speed hardware, software and network connections. The standards body is releasing “a standard, non-proprietary binary message encoding” upgrade, dubbed the… Read More >>
Agency-Broker Launches Portal for Order Inspection
Dash Financial Debuts a Transparency Portal An agency broker-dealer, Dash Financial has launched DROP360, a real-time, drop-copy facility that provides transparency into “order routing behavior, execution behavior, costs and performance” for options and equities, and relays the information in a machine readable format that uses the FIX electronic trading protocol. Essentially, the DROP360 service is… Read More >>
FIX to Get Extensions for MiFID II Compliance
The FIX protocol is being modified to provide mappings to the ISO 20022 data standard required for trade reporting to European authorities, and a forthcoming FIX version will support Market Model Typology (MMT) 3.0, intended to facilitate MiFID II compliance, according to the FIX Trading Community standards body. MiFID II transaction reporting extends the reporting… Read More >>
LSEG & Boat to Launch Combined Reporting Services
TRADEcho to Hit Early Next Year The London Stock Exchange Group (LSEG) and Boat Services Ltd. will be offering TRADEcho, a combination of the two vendors’ existing and complimentary trade reporting services, officials say. TRADEcho is slated to be available by the first quarter of 2017 and will offer a single trade reporting venue and… Read More >>
LCH Launches a Spider for Swaps Portfolio Margining
LCH Spider to Help with OTC and Listed Derivatives Clearinghouse LCH has launched its “LCH Spider” service, described as a portfolio margining tool for over-the-counter (OTC) and listed interest rate derivatives, for members and clients using LCH’s SwapClear and Listed Rates offerings, officials say. “LCH Spider is a fully automated service that analyses member and… Read More >>
ESMA Amendments Provide Relief via MiFID II
The European Securities and Markets Authority (ESMA) recently issued amendments to its draft Regulatory Technical Standards (RTSs) under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) that should give firms, especially those that trade less frequently, more breathing room. “The amendments are designed to respond to the legitimate concerns of the European… Read More >>
ATS Firm Broadens Surveillance via Enterprise-Wide Platform
A broker-dealer/alternative trading system, PDQ ATS, has deployed the Validus run-time enterprise risk and compliance platform from Eventus Systems in order to get a broader view of risk exposure, say officials at the firm and the vendor. From its headquarters in Glenview, Ill., PDQ ATS provides liquidity aggregation for market participants via an auction process,… Read More >>
