In other news, OSTRA & BP2S collaborate, Jefferies Credit Partners hires, and Reactive Markets & Tradefeedr partner for data streaming.
Integration Opens Access to Equity & Fixed Income Data
Exchanges and technology company Intercontinental Exchange (ICE), owner of NYSE, reports that it has integrated exchange-traded funds (ETF) data managed by RIMES into key offerings such as ICE ETF Hub, ICE Portfolio Analytics, and ICE FI Select offerings, officials say. The enhancement will enable clients to access equity and fixed income ETF data.
The ICE-RIMES collaboration will give clients who develop or use ETF products with “deeper insights, analytics and data,” officials say.
For instance, clients of ICE ETF Hub “will be able to use the RIMES ETF service to access issuer data across equity and fixed income securities, further building on ICE’s streamlined ETF create-redeem process, while ICE Portfolio Analytics and ICE FI Select clients will have critical constituent and fund-level data when evaluating, trading and executing fixed income securities,” according to ICE.
BP2S Supports Expansion of OSTTRA’s LimitHub
With help from BNP Paribas Securities Services (BP2S), post-trade solutions vendor OSTTRA is expanding the reach of a limit tool to encompass European over-the-counter (OTC) equities in an effort to facilitate compliance with the Central Securities Depositories Regulation (CSDR), taking effect February 2022, officials say.
The CSDR regulation requires buy-side firms, banks, and brokers to settle “European market transactions in a timely manner to reduce the chances of failing trades,” officials say.
The Traiana Equity LimitHub service will now be able to target market participants “seeking additional ways to mitigate settlement risks” in time for CSDR and that are looking for cost savings via reduced settlement costs and risk, officials say.
“The service will allow sponsoring general clearing members (GCMs) to credit check and approve their non-clearing member clients (NCMs) to clear European OTC equities via multiple CCPs, ahead of February’s CSDR deadline,” officials say.
“Equity LimitHub will offer sponsoring GCMs the ability to create and manage credit limits, as well as execute limit and authorization checks for NCM broker and swap providers,” officials say. “This will enable sponsored NCMs to join Traiana’s Equity CCP network for clearing, which can aid in reducing settlement costs and risk associated with bilateral settlement.”
The new tool will “enable BNP Paribas Securities Services to monitor our extensive NCM broker and swap provider client portfolio to approve their daily trading activity for clearing using our General Clearing Membership status,” says Camille Papillard, head of clearing and settlement products at BP2S, in a prepared statement.
JCP Fills New Post of Head of Investor Solutions
Jefferies Credit Partners (JCP), a private credit manager and the asset management arm of Jefferies Finance LLC, has hired the former head of the private investments program for South Carolina, Steve Marino, to be the head of investor solutions, a new position, officials say.
Jefferies Finance is a joint venture of Jefferies Financial Group Inc. and MassMutual, officials note.
“In the newly created role, Mr. Marino will focus on product development and strategy, working with JCP’s management, investment and business development teams to create and provide bespoke solutions for investors and strategic partners around the world,” according to JCP officials.
In South Carolina, Marino was responsible for “rebuilding a $10 billion portfolio of private equity, credit and real assets across commingled funds, SMAs, JVs, secondaries, and co-investments,” officials say. He also implemented “a turnaround of the private equity portfolio, doubling in size from 2018 to 2021, and successfully spearheaded the restructuring of the private credit portfolio.”
Based in New York City, JCP oversees a private credit platform and manages more than $10 billion of “proprietary and third-party capital invested across commingled funds, separately managed accounts and collateralized loan obligations (CLOs), officials say.
Reactive Markets & Tradefeedr Unveil Partnership
Reactive Markets, maker of the Switchboard cross-asset trading and price streaming network, is partnering with Tradefeedr, a data and analytics provider so that Switchboard clients can stream their crypto and foreign exchange (FX) post-trade data to Tradefeedr, officials say.
The new service is live and Switchboard clients “will see their post-trade data streaming from Switchboard to Tradefeedr within minutes,” officials add.
Switchboard provides liquidity for crypto and FX trading via an application programming interface (API) or a front-end trader desktop, officials say.
The Tradefeedr trading database helps “the sell-side, buy-side, regional banks, hedge funds, brokers, and central banks to connect, analyze their trading data, and collaborate,” officials say. The company launched a data analytics platform in June 2021, which has the support of 15 sell-side and 20 buy-side firms.
Reactive Markets and Tradefeedr have zero fee policies for buy-side firms that use their open platform services.
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