big xyt, the independent provider of smart data and execution analytics solutions to the global trading and investment community, has been selected by Cowen Execution Services Limited, a wholly owned subsidiary of Cowen Inc. to strengthen Cowen’s European equities trading platform and help identify unique liquidity opportunities for its clients. By providing granular metrics alongside bespoke dashboards, big xyt will give CESL an edge in navigating Europe’s complex equities markets. CESL selected bigxyt because of its independence and innovative ability to provide high-quality...

BNP Paribas has made its broker-to-custody solution available across Europe following its expansion in equities flow trading in the region. The broker-to-custody solution allows clients to execute trades via BNP Paribas and other participating brokers while benefiting from integration with its custody offering. BNP Paribas noted that by integrating execution and custody, clients are able execute and settle trades across different markets with one single instruction and can simplify and automate trade workflows for enhanced straight through processing, achieve greater operational...

US crypto exchange FTX US has confirmed that it will be making a strategic investment into IEX Group, the operator of the US-based Investors’ Exchange, in order to develop a transparent market structure for the buying, selling and trading of digital asset securities.  The question of crypto regulation has long been a thorny problem, and FTX US has been clear about its ambitions to become a regulated exchange, working with regulators to create a platform that enables both retail and institutional engagement with digital assets.  Earlier in March, parent company FTX...

Goldman Sachs Group Inc. is planning to offer over-the-counter Ether options trading and has seen growing interest from clients in the second-largest digital currency, said Andrei Kazantsev, global head of crypto trading at the bank according to a story in Bloomberg news. The firm is planning to launch cash-settled Ether options “in due course,” he said during a webinar. Last month, Goldman traded its first over-the-counter Bitcoin options. Options are used by crypto investors to hedge risks or boost yields, and over-the-counter transactions are typically larger trades...

The FIF Short Sales/Reg SHO/Short Interest Reporting Working Group will meet on Thursday April 14, 2022 at 11am ET to continue its review of a draft comment letter on the SEC’s recent proposal to mandate a new buy to cover order marker. The Working Group also will discuss other issues identified by FIF members relating to the SEC’s recent rule proposal on Short Position and Short Activity Reporting by Institutional Investment Managers.

The FIF Rule 606 Working Group will meet on Thursday April 14, 2022 at 2pm ET to discuss recent guidance from the SEC staff relating to Rule 606 reporting for notional value orders that include fractional shares. The Working Group also will provide an update on a recent discussion with FINRA relating to its proposal to require Rule 606-type disclosures for routing in OTC equities.

On Friday April 8, 2022, FINRA CAT published a significant number of updates to the CAIS Technical Specifications. The CAIS Working Group call for this Wednesday at 11 am will focus on these updates. In addition, starting on Monday April 18 at 11 am, FIF will schedule weekly calls to review these updates to the Technical Specifications. These Monday calls will be in addition to the regularly scheduled Wednesday and Friday CAIS calls and will continue until the review of these updates has been completed. The CAIS call for Friday April 15 is cancelled because of Good Friday.

FIF Short Sales/Reg SHO/Short Interest Reporting Working Group. The FIF Short Sales/Reg SHO/Short Interest Reporting Working Group continued its review of a draft comment letter on the SEC’s recent proposal to mandate a new buy to cover order marker. The Working Group also discussed other issues identified by FIF members relating to the SEC’s recent rule proposal on Short Position and Short Activity Reporting by Institutional Investment Managers. CAT Monthly Update Working Group Call. The CAT Monthly Update Working Group reviewed guidance and updates from the SROs and FINRA CAT on CAT...

On Tuesday April 5, 2022 at 3pm ET, Wayne Aaron and David Soden of the Vedder Price law firm will discuss the SEC’s recent rule proposal on “Short Position and Short Activity Reporting by Institutional Investment Managers”. Under the rule proposal, any firm buying or selling for its own account or exercising investment discretion with respect to the account of any other person and exceeding a specified reporting threshold would be required to report on a monthly basis specified short position and short activity data for equity securities. The rule proposal also proposes a new “buy to cover”...