With new significant minority investment from venture capital firms Rochester Advisors and Cerium Technology, Codestreet, the provider of fixed-income sales and trade matching software for brokers, hopes to promote an atypical approach to addressing low dealer inventory issues in the corporate bond market. Many new trading venues are attempting to tackle lower dealer balance sheets by empowering the buy side to circumvent dealers and trade among themselves. Codestreet is looking to empower the dealers.
Reform of the ISDAFIX benchmark will take effect next month, when Intercontinental Exchange's ICE Benchmark Administration (IBA) begins transitioning the benchmark to a new calculation methodology based on tradable quotes.
ICAP plans to launch an anonymous sessions-based electronic trading platform for corporate bonds next month. Called Scrapbook, the platform will be accessed by ICAP's Web-based ecommerce portal and will leverage the company's e-commerce team.
BATS and Direct Edge created a special "integration site" months ago to facilitate the transition for Direct Edge customers as the legacy Direct Edge stock exchanges EDGX and EDGA were migrated to proprietary BATS technology. The integration site helped achieve 99 percent participation of customers of the legacy Direct Edge exchanges through the migration, the Kansas City Business Journal reported.
JPMorgan Chase is creating a new Global Credit Index group focused on trading credit index products like exchange-traded funds and credit default swaps benchmarks. The bank says the new 12-member group is being formed in response to increasing customer preferences for trading index-based fixed income products instead of individual bonds.
A string of Wall Street players from the New York Stock Exchange to BBVA Ventures took part in the $75 million Series C funding for Coinbase, the largest ever funding round for a bitcoin startup. In crossing over from traditional finance to digital currency, the finance players cited reasons ranging from interest in the blockchain to the growth potential of the new asset class to explain their investments.
Financial firms of all sizes grapple with the challenge of demonstrating to regulators that they have appropriate controls in place to mitigate risks to their businesses. For financial firms operating from cloud-based platforms, data sovereignty and data access rights are increasingly emerging as key issues of regulatory compliance, one provider says.
Global asset manager Russell Investments has partnered with FX technology company Integral Development Corp. to launch an FX trading platform for buy side firms. Called the Russell FX (RFX) Network, the platform helps buy-side firms internally net trades and externally match trades among the buy-side community.
Nine asset managers led by Fidelity are reportedly about to launch a dark pool that will allow them to trade large blocks of stock among themselves without the involvement of sell-side firms or high-frequency traders.
When government budgets were trimmed in recent years, many governmental departments took a new approach to IT security.
Softcard, the carrier-backed mobile wallet that recently announced a round of layoffs, is reportedly in takeover talks with rivals Google and PayPal. Rumors indicate that acquisition talks between Softcard and Google may be the most promising.
Several firms were expressing interest in purchasing UK retail FX trading firm Alpari after the Swiss National Bank's surprise decision to un-peg its currency from the euro last week left Alpari and others in the industry with deep losses. Alpari applied for insolvency on Monday.
Switzerland's SIX Swiss Exchange is the latest to attempt to tackle liquidity issues in the corporate bond market. The exchange plans to launch an electronic corporate bond trading platform in the first half of the year aimed at facilitating trades of large blocks of less liquid corporate bonds.
DRW Trading Group has agreed to acquire smaller rival Chopper Trading, marking a consolidation of two prominent Chicago-based high-speed proprietary trading shops.
Neo Technology raised $20 million in its latest financing round to further develop its Neo4J graph database. Fueled by an explosion of interest in big data, graph databases are seeing strong growth, with an increasing number of financial services firms tapping the technology for issues like fraud detection, entitlement management and IT infrastructure management.
IBM unveiled the z13, this week, a mainframe that the company says is the most powerful ever built. With the ability to deliver real-time encryption on billions of mobile transactions a day, IBM says the system was designed for the mobile economy.