In other news, Temenos offers NAV oversight, TT and Talos partner, and Euronext buys a Nexi business unit.
ICE Best Execution Platform Gets a Makeover
Officials at Intercontinental Exchange, Inc. (ICE) report that the exchanges and technology company is doubling its coverage of fixed income instruments via improvements to the ICE Best Execution Service platform.
The enhancements encompass pre-trade analysis, and front-, middle- and back-office services, and will help the ICE platform manage more than two million types of fixed income instruments, officials say.
“This product expansion includes an extensive library of both liquid and less liquid, hard-to-value instruments across sovereigns, investment grade and high yield corporates, emerging markets, money market, U.S. municipals, agency pass-throughs, convertibles, and securitized assets including CMOs, ABS and MBS,” according to ICE’s official statement.
“The new web-based Best Execution platform offers a graphical interface and allows customers to analyze best execution results for more than 2 million securities including many that are not captured by the Municipal Securities Rulemaking Board (MSRB) and Trade Reporting and Compliance Engine (TRACE) datasets,” according to ICE.
The new viewer allows stakeholders across the front-, middle- and back-offices “to view, compare and analyze execution data and results across the fixed income trading business,” officials say.
The other enhancements include more detailed best execution data, and transaction cost analysis to help “customers quantify and compare relative performance for their trades and execution strategies,” officials say.
The ICE Best Execution service uses ICE Continuous Evaluated Pricing to “help traders, portfolio managers and compliance officers” monitor trading, meet regulatory compliance requirements and measure trading effectiveness across a growing number of venues and protocols.
ICE operates the New York Stock Exchange, other exchanges, and clearinghouses.
Temenos Launches NAV Oversight Solution
Temenos has launched the Multifonds Navigator, a net asset value (NAV) oversight and contingency solution for asset managers that outsource their fund accounting operations to third-party administrators, officials say.
“Multifonds Navigator provides an estimated NAV and IBOR [investment book of record] valuation that is calculated across asset classes and multiple jurisdictions automatically. This allows asset managers to independently verify their fund administrator’s NAV calculation and provides a contingency solution in the event of an unplanned outage,” according to Temenos. The cloud-based subscription “addresses the increasing calls for transparency, accountability, and operational resilience.”
Multifonds Navigator can free up resources “by creating highly efficient, automated, and repeatable processes, presenting asset managers with an opportunity to further streamline their fund operational functions,” officials say.
TT Partners with Talos to Expand Crypto Reach
Trading Technologies International (TT) and Talos, an institutional digital asset trading technology vendor, are partnering to allow TT’s cryptocurrency clients to use the Talos infrastructure and market connectivity from within the TT platform, officials say.
“The agreement represents the first major strategic partnership propelling TT’s expansion into multiple asset classes, including cryptocurrencies,” according to the statement from the vendors.
The partnership, announced at the International Derivatives Expo (IDX) in London, represents the first phase of the partnership agreement, which will “give TT clients ready access to 14 additional cryptocurrency markets in Q3 2022, beyond the four already offered directly through the TT platform,” officials say. Future phases of the partnership will incorporate more of Talos’ trading services onto the TT platform.
“TT began offering access to cryptocurrency spot and derivatives markets in 2018, building native connectivity to markets including Coinbase, BitMEX, Bakkt and Deribit,” officials say. “TT has also supported trading of bitcoin futures and options on CME Group since those products launched. The new partnership with Talos vastly expands on TT clients’ ability to trade on a broad range of digital asset markets, alongside other asset classes, including with Binance, Bitstamp, ErisX (now part of Cboe Global Markets), FTX, Gemini, Kraken and others.”
7RIDGE’s acquisition of TT “late last year has given us the ability to make a substantial investment into broadening our offering into new asset classes, including through partnerships with the most innovative and reliable firms with domain expertise,” says Keith Todd, CEO of TT. “Among our first priorities is becoming a primary hub for crypto trading.”
“Institutional demand continues to build for this asset class, along with a need for reliable technology partners to help facilitate adoption,” says Jason Shaffer, the executive vice president, product management, TT who is leading the vendor’s cryptocurrency initiative.
TT offers trading software, infrastructure and data solutions for proprietary traders, brokers, money managers, commodity trading advisors (CTAs), hedge funds, commercial hedgers and risk managers. TT also offers access to international exchanges and liquidity venues
Euronext Buys Nexi’s Capital Markets Technology Unit
Euronext Group reports that it has purchased for €57 million ($59.4 million) the capital markets technology business of Nexi S.p.A., which runs MTS, Euronext’s fixed-income trading platform, and Euronext Securities Milan (formerly called Monte Titoli).
The acquisition “is a new step in Euronext’s strategy to leverage its … capabilities in trading and post trade. The transaction will also strengthen the core operations of MTS and Euronext Securities Milan, which joined Euronext in April 2021. With this transaction, Euronext internalizes the core trading platform of MTS and its largest IT contract,” officials say.
“Following the transaction, Nexi will continue to provide technology services to Euronext under transitional arrangements and other services under related commercial agreements,” officials say. “The transaction, which will be realized through Euronext’s subsidiaries MTS and Euronext Securities Milan, is expected to close in the second half of 2022 and is subject to the customary approvals from the competent authorities and completion of the union consultation procedure.”
“This sale, consistent with our strategy following the mergers with SIA and Nets, will allow us to focus further on our core business, digital payments, accelerating our growth in Europe and focusing on the realization of synergies,” says Renato Martini, digital banking and corporate solutions director at Nexi, in a statement.
Need a Reprint?