Cboe Europe has announced the support of a range of participants for its new trading service Cboe BIDS VWAP-X. The new offering will allow users to source and match liquidity at a forward benchmark price and is scheduled to launch on October 21, subject to regulatory approvals. Early adopters of the new trading service include Bernstein, BNP Paribas, BMO Capital Markets, Instinet Europe, Jefferies KCx and Virtu Financial. Cboe BIDS VWAP-X is being provided as a service of Cboe BIDS Europe and will utilize BIDS’ conditional trade negotiation and execution workflow to match orders based on a...

Virtu Financial has moved to expand flexibility for its clients when looking to trade algorithmically by allowing them to switch algorithms mid-way through an order. Named Switcher, the new “algorithm of algorithms” as called by Virtu, is designed to allow clients greater optionality for an order throughout its lifecycle depending on changing conditions. “Clients have been asking for a more dynamic approach to algo wheel implementations that solves the constraint of only using one algo strategy for each order,” James Osborne, global head of algorithmic development at Virtu Financial said in...

J.P. Morgan Asset Management announced an enhancement to its Morgan Money platform, a short-term investment management solution with over $300 billion in assets under management (AUM), through a collaboration with Kyriba, a global provider in liquidity performance. This integration aims to streamline liquidity management processes, enhance the management of critical trading and accounting workflows, and provide real-time visibility into cash flow balances. Morgan Money, developed by J.P. Morgan Asset Management, is a global trading platform designed to offer robust short-term investment...

FIF is excited to announce our annual Chicago event, sponsored by Cboe Global Markets. The event will take place on Wednesday October 9 at Cboe's offices at 433 West Van Buren Street, Chicago, IL 60607. After opening remarks from a Cboe representative, there will be two panels, one focusing on options market developments and the other focusing on technology and market data. Registration in the lobby begins at 2 pm CT. The speaking engagement will be from 3-4:30 pm CT, with refreshments and networking afterwards from 4:30-6 pm CT. FIF would like to thank Cboe Global Markets for sponsoring...

FIF posted three new PowerPoint outlines during August. The first outline reviews the calculations in the recent FINRA rule filings for prospective CAT costs. The second outline provides background on the Notice of Proposed Rulemaking by the SEC and other financial regulators to implement the Financial Data Transparency Act. The third outline covers the rule filing by the Options Clearing Corporation to implement a margin add-on charge for intraday and overnight trading activities. These outlines include links to relevant regulatory filings.

The next call for the OFR Repo Reporting Working Group will be on Tuesday September 3 at 11 am ET. The Working Group will review and discuss the FAQs recently published by the Treasury Department’s Office of Financial Research relating to the reporting of non-centrally cleared bilateral repos.

FIF has scheduled a call for Tuesday September 3 at 2 pm to discuss next steps in response to the March 22 FINRA Trade Reporting Notice on Upcoming Trade Reporting Enhancements for Fractional Share Transactions. FIF submitted a letter to FINRA during May 2024. FIF has invited the members of the Data and Technology Committee and the TRF/ORF Working Group to participate on this call.  

On Tuesday September 3 at 3 pm ET, Ignacio Sandoval of the Orrick law firm will continue his review of the current status of the various rule filings by the Fixed Income Clearing Corporation (FICC) to implement the SEC mandates relating to centralized clearing of cash trades in Treasuries and Treasury repos. FIF has invited the members of the Back Office Committee, the Compliance and Surveillance Working Group, the Financial Risk Regulations Working Group and the TRACE / Fixed Income Working Group to participate on this call. If you would like to participate on this call and are not a...

In place of the regular CAIS Working Group call for this week, FIF has scheduled a joint call for the CAT CAIS and CAT Transaction Reporting Working Groups for Wednesday September 4 at 11 am ET. The agenda for the call will be to revise and finalize a planned FIF member survey on the volume of electronic blue sheet requests.