FIF Back Office Committee. The FIF Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. The spotlight presenter for the meeting was Dianne O'Boyle of Symbiont, who discussed industry solutions to solve credit market risk using blockchain. FIF Rule 606 Working Group. The FIF Rule 606 Working Group continued its discussion of the FINRA proposal to require Rule 606-type reporting for routes in OTC equities. FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group held an additional call this...

MEMX announced it will launch a U.S. options exchange. MEMX Options will leverage the strengths of MEMX’s data-centric exchange architecture and state-of-the-art infrastructure. The exchange will adopt a price-time model and is targeting a Q4 launch, pending SEC approval. “We are excited to build upon our successful track record of delivering value to market participants. MEMX Options will use technological advancements to increase determinism, reduce costs and drive competitive improvements for our options members, just as we did in equities. As the only exchange founded to represent the...

Virtu Financial, a multibillion-dollar market-making firm, is looking to expand its crypto footprint in the coming months, according to a story in The Block news. That dynamic was on display during the FIA Boca futures industry conference in Boca Raton, where numerous crypto-focused firms have decamped to pitch the broader traditional finance space. At the conference, Virtu has staked out an ambitious roadmap for its involvement in the crypto market, eyeing a role as a wholesaler for brokers like Robinhood, the popular trading app. On Wall Street, wholesalers provide large institutions...

OTC Markets Group Inc., operator of regulated markets for 12,000 U.S. and international securities, announced that it has signed a definitive agreement to acquire the assets of Blue Sky Data Corp, a leading provider of equity and debt compliance data regarding state “Blue Sky” securities rules and regulations. This transaction, which is subject to customary closing conditions, is expected to close on or about May 2, 2022. according to a story in Globe Newswire. This acquisition allows OTC Markets Group to enhance its existing Blue Sky data offering, improve its value proposition to clients...

Bloomberg has launched Bloomberg Bridge, a new global all-to-all service that supports intermediated trading for corporate and emerging market bonds. According to a story in MarketsMedia news, clients will initially be able to trade G10 investment grade and high yield corporate bonds in addition to emerging markets bonds (USD, EUR, GBP). Clients will be able to launch request for quote (RFQ) tickets for applicable securities or respond to an RFQ to execute a trade, supported by dedicated Goldman Sachs intermediation desks. Bloomberg Bridge is scheduled to go live in Europe in Q2 2022 and...

IPC, a provider of secure, compliant communications and multi-cloud connectivity solutions for the global financial markets and trading community, announced its decision to onboard Amsterdam, Brussels and Frankfurt based Drebbel s.r.o. as the sales channel for IPC’s Connexus® suite of products in several important continental European markets. Drebbel is an end-to-end fintech sales company that provides clients with prospection, sales and long-term account management. IPC has identified a unique window of opportunity to aggressively expand its presence in Europe with products that...

Miami International Holdings, Inc., owner of MIAX, MIAX PEARL, MIAX Emerald, Minneapolis Grain Exchange, and Bermuda Stock Exchange, announced that Vermiculus Financial Technology AB (Vermiculus) has been selected to deliver a real-time clearing solution for MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO). The system will provide clearing services based on VeriClear™, an elastically scalable and Artificial Intelligence (AI) powered real-time clearing system developed by Vermiculus. VeriClear™ is a multi-asset, microservices based clearing solution that...

HSBC, with almost $3 trillion in assets, is the first global bank to enter The Sandbox metaverse, said the blockchain gaming firm in a story in Coin Desk news. The bank will buy a plot of land at The Sandbox metaverse, which it will develop to engage with sports, e-sports and gaming fans, the statement said. Details of HSBC's development in the virtual plot of land weren't announced. A promotional GIF that was posted along with the statement showed an HSBC stadium next to a virtual body of water. HSBC sees "great potential" in creating "new experiences through...

Exegy Inc., a leader in high-performance market data, predictive signals, trading platforms, and execution technology, unveiled its expanded product portfolio that provides more comprehensive solutions across the capital markets ecosystem. Following its 2021 merger with Vela Trading Systems and backed by Marlin Equity Partners, Exegy’s key focus has been consolidating and enhancing its product suite under the Exegy brand and optimizing service delivery. The Exegy portfolio now includes these key capabilities: Market Data: Exegy’s new consolidated feed, Axiom, adds to the...