On Thursday, May 26, 2022 at 11 am ET, FIF will host a call focused on implementation challenges firms are facing as a result of the SEC’s application of Rule 15c2-11 to fixed income securities. To lead off the discussion, Jason Palsgrove of Bloomberg will discuss the Bloomberg Fixed Income Quotation Transparency Product Related to SEC Rule 15c2-11. The Working Group also will discuss how firms are defining what constitutes a fixed income quote. FIF has invited the members of the FIF TRACE/Fixed Income and Compliance Working Groups to the call. If you would like to participate on this call...

FIF TRACE/Fixed Income Working Group. The TRACE/Fixed Income Working reviewed new FAQs published by FINRA relating to TRACE reporting by covered depository institutions. The Working Group reviewed guidance provided by the Federal Reserve Board to an FIF member on this topic. FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group reviewed draft FIF member comments and questions for FINRA CAT relating to DAY orders in non-US equities executed on T+2 or after, reporting the tradingSession for NAV orders, reporting the RLO and IDX handlingInstructions...

Bloomberg announced the launch of a new Price Transparency Data Solution aimed at helping clients tackle the regulatory challenges presented by SEC Rule 2a-5’s requirements for readily available market quotations. This data solution is powered by BVAL, Bloomberg’s evaluated pricing service, and is part of a growing portfolio of data points helping clients further understand the nature, composition and depth of BVAL prices. These new Bloomberg Data License fields provide inputs to help clients assess and apply new SEC Rule 2a-5‘s requirements for readily available market quotations. The...

Exegy Incorporated, a provider of front-office trading solutions differentiated by hardware acceleration, predictive analytics, and premium managed services, has acquired Enyx, a developer of FPGA-based, high-performance trading solutions. Operating as Exegy Inc, the combined company is the only global firm offering a product suite that leverages low-latency field-programmable gate array (FPGA) technology at all stages of the trading lifecycle according to a story in Hedgeweek news.

Northern Trust is looking to enhance the onboarding process for investors in private capital funds through a collaboration with Fenergo, a software provider focused on client lifecycle management (CLM). The new capability is part of Northern Trust’s digital innovation program to support private capital fund managers and their underlying investors. It comes as industry pressures are driving private capital fund managers and their investors to seek greater efficiency and oversight to address complex onboarding and monitoring requirements. Leveraging Fenergo’s multi-tenant Software as a...

Cboe Global Markets has closed its acquisition of institutional cryptocurrency exchange ErisX, with the newly combined company’s executives saying they intend to integrate quickly while digital asset markets remain hot. ErisX operates a US-based digital asset spot market, as well as a regulated futures exchange and clearinghouse. Set to be rebranded as Cboe Digital, the business will function as a subsidiary run by ErisX CEO Thomas Chippas. A company of 55 people at the time of acquisition, ErisX will now leverage Cboe’s more ample resources, Chippasid said in a story in Blockworks...

J.P. Morgan Asset Management launched a new Tax-Smart Separately Managed Account Platform that it said enables advisors to build customized portfolios and seek better after-tax returns for their clients. The new SMA platform combines J.P. Morgan’s investment expertise with ActiveTax technology from 55ip, a fintech firm it acquired in late 2020. The platform will be “one of the first of its kind to offer custom index" SMAs and model portfolios of mutual funds and exchange-traded funds in one digital portal, providing “seamless portfolio customization, tax management and reporting...

Effective for trading today, the MIAX Options Exchange will introduce support for Complex Stock Tied Orders (including cQCC Orders submitted with the stock component) with a net price of up to 4 decimal places.  Firms are encouraged to ensure conformance to the MIAX Options’ market data specifications existing support of prices to 4 decimal places. Complex Customer Cross (“cC2C”) Orders, Complex Orders without Stock and Simple Orders will continue to support prices of up to 2 decimal places.

Chronicle Software (Chronicle), specialist provider of low-latency microservices and technology solutions for financial services, has been selected by StoneX to enhance its equities trading performance. Chronicle’s FIX engine is a core trading technology built to meet the most stringent performance and resilience requirements of many of the world’s leading FX banks. With exceptional low latency, high throughput (c.1m messages per server/second), rule-based routing for ease of scalability, multi-level security and a robust design supporting uninterrupted trading.