Goldman Sachs is creating a new group to consolidated electronic strategies in fixed income commodities and currencies. The new group will be called Systematic Market Making, and will be led by Goldman Sachs partner Konstantin Shakhnovich.
Content personalization company Selerity has added Twitter data to its content recommendation solution. The Twitter partnership means that Selerity, a key partner with the Symphony communications platform launched last year, can now provide both its own clients and Symphony users with real-time personalized recommendations of Twitter content based on users' interest, such as by company, by financial instrument or by sector.
A Securities and Exchange Commission executive suggested progress could be forthcoming over the next few months in the effort to build the Consolidated Audit Trail (CAT), the massive database effort that will enable regulators to monitor markets in a high-frequency world.
Two online lending platforms announced major funding wins recently, signaling a continuation of last year's growing interest in the online lending model. Real estate platform Patch of Land has received a $250 million investment from an East Coast credit fund which will purchase loans through a forward flow arrangement. Credibly, a small business lender, has secured a $70 million credit facility led by SunTrust Bank.
The CME Group Foundation is giving the Cambridge Centre for Alternative Finance at the University of Cambridge a $1 million donation to support the center's research into the growth of alternative finance channels around the world.
Visa is leveraging the open application programming interface (API) framework that the company announced last week to allow financial institutions to give consumers more control over their credit cards. The new Visa Consumer Transaction Controls service, allows Visa card issuers to give consumers tools for setting spending controls, receiving transaction alerts, or even temporarily suspending their own credit card accounts.
Since its acquisition of Interactive Data Corp two months ago, Intercontinental Exchange has announced partnership with BlackRock related to Treasury bond exchange traded fund (ETF) indices, and a transaction-cost analysis deal with AllianceBernstein. Both deals involve data from ICE's new Interactive Data Corp. acquisition and are examples of how ICE plans to leverage the data company address what it sees as evolving data needs in current markets.
In the near term, the Chinese investor group planning to acquire the Chicago Stock Exchange (CHX) supports the exchange's planned launch of a new dark auction model, expected to begin rolling out sometime this spring. In the longer term, the acquisition of CHX by Chongqing Casin Enterprise Group (the Casin Group) may serve as a link for Chinese companies interested in accessing U.S. markets, or using U.S. market strategies and technology in China.
Financial technology "disruptors" have been particularly intelligent about targeting portions of the financial services space that are underserved by banks. One of those areas that is viewed as having fallen through the cracks is a portion of the small-medium business market that is perceived to be too sophisticated for retail banking services, and not large enough to merit a direct one-to-one personal relationship managers.
Many robo-advisors seek to help millennials plan for retirement, but the investment app Stash is setting its sights on young people for whom retirement is still an abstraction. Through social media marketing, and a low $5 investment minimum, the app has attracted 40,000 investors in the first 100 days. It has also attracted $3 million in seed funding.
TD Ameritrade has agreed to acquire the research, benchmarking and consulting capabilities of FA Insight, to give registered investment advisors (RIA) better and more customized access to business data.
Tradeweb has launched an electronic over-the-counter marketplace for trading exchange traded funds in the U.S. The request-for-quote based platform is modeled after a platform Tradeweb successfully launched in Europe in 2012.
International Securities Exchange Holdings, Inc. has won approval from the Securities and Exchange Commission of its Form 1 application for its ISE Mercury Exchange. The new options exchange will open for trading on February 16.
Credit Suisse is taking more aggressive cost savings measures after restructuring charges contributed to a loss of billions of dollars in the fourth quarter. The firm says it will cut bonuses and 4,000 employees in new cost-saving measures.
IPC, the global provider of communications software and solutions for financial firms, announced that it completed its acquisition of competitor Etrali Trading Solutions. The company says it has already readied a combined solution that encompasses both IPC and Etrali communications products and solutions, as well as Etrali's compliance expertise.
While its large asset manager clients may not have yet entered the robo-advisory space, Northern Trust's global fund services business is already preparing for the increased transparency demands that the robo-advisory trend signals.
ICAP is planning to roll out a new service through which buy-side firms would access ICAP's inter-dealer liquidity pool through sponsorship by a dealer. The service, which will be offered initially in credit markets, is intended to address some of the liquidity challenges the credit markets are facing, an ICAP executive said during a conference panel last week.
A Morgan Stanley group that invests in financial technology on behalf of the bank's equities division, has reportedly shrunk significantly in recent months.
Tullett Prebon has said that the U.S. Department of Justice has requested additional information and documentation related to its proposed acquisition of ICAP's global hybrid broking and information business. The DoJ request focuses on the proposed shareholding and governance arrangements between Tullett Prebon and ICAP Newco that would be in place following the deal.