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TransFICC Secures Citi Investment TransFICC, a provider of low-latency connectivity for fixed income and derivatives markets, has secured a strategic investment from Citi, which joins existing shareholders, Illuminate Financial, Main Incubator (which is part of Commerzbank), and The FinLab. TransFICC aims to resolve the issue of market fragmentation by providing banks and asset managers with a unified, low-latency, robust and scalable API. TransFICC seeks to enable financial institutions to access their required e-trading venues, while streamlining technology requirements and reducing operational costs. In addition to securing this investment, TransFICC has joined Citi's Innovation Lab in London, the first external company to do so.
AirSwap Rolls Out Conversational OTC Features AirSwap, a decentralised global network for Ethereum tokens, is rolling out a private, beta version of its new conversational OTC features today, August 15th. AirSwap staff and partners gave product overviews and demos at a private event on August 8th at its Brooklyn loft, which featured presentations on the AirSwap Widget, the Developer Toolkit and a new conversational OTC product. Key partner firms also discussed integration and building on AirSwap. The event kicked off with AirSwap advisor, VC and blockchain enthusiast, Bill “Yoda” Tai, giving an overview of AirSwap’s role in the evolution to frictionless, decentralised, peer-to-peer trading, discoverable by search.
Bank of England Turns to Fintech for Atomic Settlement The Bank of England says it is looking to explore synchronisation of payments in its RTGS (Real Time Gross Settlement) service, including cross border payments relating to international currency transactions. In a release the Bank says it believes that this functionality could provide an opportunity to reduce cost and risk, improve efficiency, and support innovative new methods of settlement. “We are now seeking to work with a small group of organisations to further explore the potential for this functionality,” it states.
Greenwich Sees e-Trading Shift from FX A new report from research group Greenwich Associates says that the focus of e-trading efforts in financial markets is switching away from mature markets like FX and into high yield bonds and cash equities. In its latest report, From FX to High-Yield Bonds: Global Electronic Trading Update, Greenwich’s head of research, Kevin McPartland, says that the main action has shifted to new frontiers like high-yield bonds and those changing at the hands of new regulations like cash equities, where the impacts of MiFID II and advances in automated trading technology have triggered a surge in e-trading.
AlphaBot Adds Performance Data for Cryptocurrencies AlphaBot has added performance data and analysis tools enabling investors to compare, portfolio build, and compile reports on more than 1,600 cryptocurrencies and tokens. Launched earlier this year, AlphaBot helps allocators - including high net worth individuals, family offices and institutions - find and connect with investment platforms, hedge funds, data sources and other providers. Using AlphaBot, allocators can obtain fund performance and benchmarking data, then model, build and execute portfolios. “As the cryptocurrency markets grow and mature, AlphaBot now is the only platform that allows for thorough research, analysis, and comparison of performance of crypto currencies along-side other investments including hedge funds, CTAs, and equities all in one place,” says Dmitri Alexeev, CEO of AlphaBot.
Cobalt Goes Live on BT Radianz Cloud Cobalt, a London-based back and middle office infrastructure provider, announced that it will be hosting its systems in the BT Radianz Cloud. The Cobalt system delivers this shared infrastructure by using a combination of an immutable shared ledger and low latency technology in a bid to “significantly reduce post-trade cost and risk for the financial markets”. By creating a shared view of trade data, Cobalt seeks to free up back and middle office resources from multiple layers of reconciliation; creating one immutable record of FX transactions from which to provide multiple services.
Thomson Reuters Partners with Cryptocurrency Aggregator Thomson Reuters is partnering with CryptoCompare, a cryptocurrency market data aggregator, to integrate order book and trade data for 50 cryptocoins onto its Eikon platform. In a release issued today the two companies claim that adding CryptoCompare’s data to the Eikon platform will allow trading professionals and investors to gain a comprehensive view of the cryptocurrencies market and of market participant behaviour, enabling them to predict price movements with a high degree of probability. Eikon users will be able to see data for actively trading coins, allowing them to potentially identify buy and sell opportunities and expand their digital asset portfolios.
CLS and IBM Partner in DLT Initiative CLS and IBM have announced a collaboration on a proof of concept (PoC) for LedgerConnect − a distributed ledger technology (DLT) platform for the financial services industry designed to enable sell and buy side firms, FinTechs and software vendors to deploy, share and consume services hosted on a shared distributed ledger network. The companies say that on the new initiative financial institutions will be able to access services in areas such as, but not limited to, know your customer processes, sanctions screening, collateral management, derivatives post-trade processing and reconciliation and market data.
Survey: Financial Firms Look Towards Public Cloud In a new survey conducted by Thomson Reuters, 90% of financial services firms said that they will use public cloud for the majority of their market data needs in less than four years, while 24% said that they will do so within just one year. Meanwhile, respondents said their firms would be increasing investment in public cloud by over a half, from 30% of IT budgets in 2017 to 47% in 2019. These results are particularly significant, given that financial services firms are increasingly fuelled by data, whether to discover profitable new insights or to help them automate their reporting processes and manage costs at a time of intense regulatory pressure.
FX Connect Releases Automated Order Router Tool State Street’s FX Connect rolled-out a new piece of functionality in the form of its Automated Order Router (AOR). The platform says that this AOR will allow buy side firms to further streamline their current execution process by allowing for rules-based trading for Request for Stream (RFS) sessions; where buy side firms can establish a rule-set inclusive of defined attributes, which will determine the submission and/or acceptance of orders with minimal human involvement. Users can monitor these automated orders in real time in their ‘Active Orders’ view and take manual action to accept or cancel the orders as needed.