News

Challenging the logic of frequent batch auctions

As CEO of a trading venue that has long used electronic auctions as its signature trading method, PDQ chief executive Keith Ross might seem like an unlikely person to challenge a proposal to replace central limit order book trading with frequent batch auctions. But for Ross, not all electronic auctions are created equal.

 

Moscow Exchange plans move to Tier III-certified data center

Moscow Exchange is beginning a relocation of its primary data center to a Tier III accredited facility, with plans to be fully operational by mid-2016. The move will give the exchange more space and internationally-recognized data center certification to continue to attract and support its growing western client base.

BSE boosts performance, monitoring and time synchronization with Solarflare

BSE Ltd., formerly known as Bombay Stock Exchange, is deploying intelligent network I/O software and hardware from Solarflare to boost the performance, stability and precision timing of the exchange's trading platform.

Purchase of Visa Europe could cost $10 billion and adversely affect operations, Visa says

Visa Inc. says a purchase of Visa Europe from the banks that own it could cost $10 billion and result in a "material and adverse effect on operations and net income," according to an annual report filed with the Securities and Exchange Commission. The company puts the likelihood that European banks would exercise their options to sell Visa Europe to the U.S. card company at 40 percent.

BNY Mellon and CME Group partner to offer new interest rate hedging tool

In a newly announced partnership, CME Group will introduce new futures for hedging risk on short-term collateralized loans and other nearly risk-free interest rate exposures, based on indices created by BNY Mellon. BNY will provide daily U.S. tri-party repo indices that reflect overnight interest rates on tri-party repo transactions collateralized by U.S. Treasuries, agency mortgage-backed securities and U.S. agency debt.

Goldman invests $15 million in Kensho, creator of virtual research assistant

Goldman Sachs has led a $15 million funding round for Kensho, the creator of a Siri-like virtual assistant for market research. Kensho's virtual assistant, named Warren, is able to answer complex...

Short of majority ownership, BGC extends GFI offer

BGC Partners has extended its tender offer to acquire rival interdealer broker GFI Group after its stake in the company more than doubled but fell well short of the majority needed to assume control. The offer to purchase shares of GFI for $5.25 per share in cash has been extended to end of business on Dec. 9.

Unanimous approval of Reg SCI adds rules for technology oversight

Regulation Systems Compliance and Integrity or Reg SCI, the rules devised to better insulate the market against the technical failures, received unanimous approval on Wednesday. The regulation--which mainly applies to exchanges, clearing houses and certain other market infrastructure players--mandates annual reports on efforts to safeguard systems and a policy for immediately notifying the Securities and Exchange Commission when a major technical problem is detected.

Banks outperforming retailers in mobile apps, study shows

Mobile apps have become the most common daily interaction channel for the banking industry as a whole, and 45 percent of smartphone users in the U.S. and U.K. have downloaded and been satisfied with banking apps, according to a study released today by Apigee Institute. By contrast, only 27 percent of the same pool of respondents have downloaded and been satisfied with apps from large retailers.

Fidelity experiments with virtual reality on StockCity data visualization app

Fidelity isn't the first company to launch an interactive virtual city app, but it's the first to create one in which the city is built entirely out of stocks. StockCity, developed by Fidelity's research and development think tank Fidelity Labs, is a data visualization app that recreates investors' portfolios as a 3-D city.

Hong Kong-Shanghai link starts with a flood then slows to a trickle

After a banner first day of trading Nov. 17, when the maximum 13 billion yuan in mainland equities were purchased through the Shanghai-Hong Kong Stock Connect, the rest of the week has so far fallen...

Financial firms wrestle with fourth-party risk

In manufacturing, companies are traditionally worried about every component of their supply chain, assessing each component's performance level and susceptibility to failure. As spectacular cyber breaches and technical glitches make headlines, financial firms that have outsourced portions of their infrastructures as cost-saving measures are now looking at their supply chains with that same critical eye.

Aequitas wins approval in Canada for HFT curbing exchange

Aequitas Innovations Inc. received approval from Canadian regulators to operate as an exchange beginning March 1. The company, backed by several of the largest financial firms in Canada, is designed to curb high-frequency trading and aims to challenge the dominance of TMX Group in Canada's stock market.

Deutsche Bank plans innovation labs to boost digital services

Deutsche Bank is reportedly working with IBM, Microsoft and India's HCL Technologies to set up joint innovation labs in Berlin, London and Palo Alto. The firm plans to send bankers across business units to these labs in an effort to spur innovation and improve digital services, the Wall Street Journal reported.

 

IOSCO report: Post-trade transparency in CDS market does not affect market risk

The availability of post trade data in the credit default swap (CDS) market does not have a significant effect on market risk exposure, according to a new report from the International Organization of Securities Commissions (IOSCO). The report, based on a review of existing studies, publicly-available post trade data and a survey of market participants, also found that more post trade transparency would help the market.

 

ICAP's EBS to launch anonymous FX liquidity pool

ICAP's EBS foreign exchange trading business will launch an anonymous bilateral liquidity pool in early 2015. The company will segment EBS Select, the new pool, so that prices will be delivered in an undisclosed environment and a segregated liquidity pool.

Nasdaq to unveil high-tech revamp of headquarters

Nasdaq is reportedly about to unveil the high-tech renovations to its Times Square headquarters building. The exchange reportedly spent $10 million to add features to the building, which is already...

Technology is key to surviving low rate environment, Bank of America CEO says

Technology investment has been key to managing the low interest rate environment, Bank of America Merrill Lynch CEO Brian Moynihan said Wednesday, by helping the firm improve efficiency while at the same time funding projects that could offer competitive advantages.

BGC amends GFI bid and appeals directly to shareholders

BGC is amending its offer and appealing directly to shareholders in its bid to acquire rival interdealer broker GFI. The latest offer continues a months-long battle for GFI, which is weighing competing offers from BGC and CME Group.

 

Markit, Genpact sign up more than 600 for KYC service

Markit and Genpact Ltd. announce they have signed more than 600 firms to their jointly developed centralized know-your-customer (KYC) information management service. The requirement for financial firms to manage KYC information has sparked the formation of several companies in the past year vying to be industry providers of KYC services.