Our free FinTech roundup also covers: a MEMX memo, a promotion at Gresham, and OneMarketData’s special database offering.
Ex-Goldman MD Is New Head of Equities Tech
Sujay Telang
Liquidnet, a block liquidity and investment network services provider, reports that it has named Sujay Telang as its new head of equities technology. Telang is a former Goldman Sachs managing director and an electronic trading executive, the vendor notes.
Liquidnet officials call their new hire the “latest investment into strategic hires and advanced technologies combining quantitative analytics, insightful models, and innovative algorithms in order to improve and further automate the trading process.”
Telang’s mandate is to “drive the future development of Liquidnet’s equity trading platform and the creation of new, data-driven offerings, namely in algorithmic trading,” Liquidnet says in a prepared statement.
Telang, who joins Liquidnet after 16 years at Goldman Sachs, will be based in New York and report to Patrick Strobel, chief technology officer (CTO) for Liquidnet, per the vendor.
MEMX CEO Posts Pre-Launch Update
Jonathan Kellner
The chief executive officer of the Members Exchange (MEMX), a new trading venue aiming for a September 4, 2020 launch, has offered “news to share on a couple of fronts” in a recent blog post.
Jonathan Kellner, the MEMX CEO, writes in the blog post that the firm has “received FINRA approval for our routing broker-dealer, MEMX Execution Services, LLC; “added Citi to our roster of investors”; and “is now working with more than 50 participants to onboard or connect to our market, ensuring that these firms will be prepared for day one and putting us on track to launch with a truly diverse set of liquidity.”
The MEM timeline, Keller says, is as follows: June 29: Platform Testing begins; July 13: Member Certification begins; August 1: User Acceptance Test #1; August 15: User Acceptance Test #2; and September 4: Exchange Launch.
FTF News previewed MEMEX developments in a dispatch available at: https://bit.ly/37IAnwa
Gresham Promotes to Fill Cloud Services Post
Marc Binck
Gresham Technologies reports the appointment of Marc Binck as head of cloud services. His mandate, the vendor says, is “to spearhead its global strategy.”
Binck was previously the vendor’s director of operations, cash management, where he was “instrumental in developing Clareti’s multi-banking connectivity arm over the last two years. He will now focus on cloud migration to enable Clareti users to classify, authenticate and reconcile a diverse and complex range of data types in the cloud in real-time.”
Gresham’s statement notes “remote working environments caused by COVID-19 and a renewed regulatory focus on cloud adoption have accelerated demand for Cloud technology across both buy-side and sell-side in recent months.”
The new cloud-services head “will be responsible for the continuous delivery and integration of cloud services across the entire Clareti platform of data reconciliation, cash management and payments solutions,” according to the vendor.
Gresham is based in the City of London, and its “customers include some of the world’s largest financial institutions, all of whom are served locally from offices located in Europe, North America and Asia Pacific,” the vendor’s statement adds.
OneMarketData Launches ECTQ Database
OneMarketData, a tick data management and analytics vendor, has launched its European Composite Trade and Quote (ECTQ) database, which was designed to support transaction cost analysis (TCA) efforts and regulatory solutions, officials says.
The ECTQ database service “eliminates the need for firms to construct their own tick database from raw data files, saving significant time, resources and expense,” officials say. The service aggregates 33 market sources such as exchanges, multilateral trading facilities (MTFs) and dark pools. It covers more than 18,000 entities that trade across more than one venue.
The OneTick ECTQ service offers users multiple benefits, including symbol mapping; adjustment factors; data aggregation; timestamps; and trade conditions.
“Recent volatility has significantly increased market volumes and message rates, increasing the infrastructure necessary to collect and aggregate intraday tick data,” says Jeff Banker, senior vice president at OneMarketData, in a prepared statement.
In 2015, OneMarketData acquired Tick Data, LLC, a provider of historical intraday market data, officials say.
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