JPMorgan Chase & Co. agreed to buy digital wealth manager Nutmeg Saving and Investment Ltd., part of a push to establish a retail banking presence in the U.K. Nutmeg, founded in 2012, has more than 140,000 customers and £3.5 billion under management, the equivalent of around $5 billion. A price for the acquisition wasn’t disclosed but a Wall Street Journal story said it was about $1 billion. JPMorgan said in January it would launch a new digital bank in the U.K., offering consumer banking services there for the first time. Called Chase, it is currently being tested internally with...

Cboe Global Markets plans to combine MATCHNow and BIDS Trading and launch a block trading platform in Canada after recently acquiring both firms. Known as Cboe LIS powered by BIDS in Canada, the platform is expected to launch in February next year, subject to a regulatory review, providing block-sized liquidity for the buy- and sell-side in the region. According to a story in The Trade news, the platform will combine the conditionals order book from Canadian dark pool and alternative trading system (ATS) MATCHNow, with the BIDS trading model and proprietary...

IHS Markit has established connectivity with Lucera and Neptune Networks to deliver to mutual clients of thinkFolio investment management platform, Lucera and Neptune access to high-quality pre-trade data and liquidity signals. Lucera's LumeALFA Analytics is a new lighter version of its LumeALFA service, a fixed income data aggregation and market surveillance tool that provides its clients with a consolidated view of client -selected pre-trade liquidity data from major electronic venues and dealer inventory feeds, as well as connectivity to client-selected...

Financial technology leader FIS announced the first in a new series of solutions developed in partnership with C3 AI to help capital markets firms tap into the power of their organizational data to increase efficiency and better manage regulatory compliance and risk. The AML Compliance Hub leverages C3 AI’s machine learning technology, combined with the financial industry domain expertise of FIS, to improve the efficiency of financial crime detection. Designed to help capital markets firms fight the increasing threat of financial crime, the machine learning-based...

Back Office Committee. On June 15, Bill Kapogiannis and Diana Confessori-Simmons of DTCC will discuss the DTCC data warehousing initiative. Front Office Committee. On June 22, Chris Bok of OTC Markets will discuss the upcoming implementation of the amendments to SEC Rule 15c2-11 (“Publication or submission of quotations without specified information”), including rule changes, implementation status, and the status of impending guidance from the SEC. Data and Tech Committee. On June 30, Patrick Flannery of MayStreet will discuss “Market Data Delivery in the Cloud - Lessons Learned”.

Short Interest Reporting. Mark Fitterman and Gavin Meyers of the Baker McKenzie Law Firm will present on FINRA Regulatory Notice 21-19 relating to “Short Interest Position Reporting Enhancements and Other Changes Related to Short Sale Reporting”. SEC Market Access Rule. FIF will host a webinar on the SEC’s market access rule (Rule 15c3-5) in early July.  FIF will provide further detail when the dates for these two events have been finalized.

The next meeting of the FIF Rule 606 Working Group will be held on June 15 at 3 pm (ET). The Working Group will review a draft letter from FIF to the SEC requesting that the SEC issue updated FAQs on various topics, including options look-through, the Rule 606 definition of customer, and various ATS reporting scenarios.  

FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group reviewed a new FAQ from the Plan Participants on reporting the side field for an allocation that includes long and short sales. The Working Group discussed comments and questions from FIF members relating to options allocations, manual responses to options solicitations, client allocations, the YP representativeInd value, Phase 2d Reporting Scenario 2.3.11 relating to Guaranteed VWAP orders, Automated Investment Plans, manual repair of CAT errors, and complex option orders where different legs have different FDIDs. FIF...

Mike Smith, Director Global Exchange Relations Management at IPC, Adrian Ip, Director of Product Management at Aquis Technologies and Monica Summerville, Head of Capital Markets at Celent, in conversation with Clive Posselt from The Realization Group, discussed on a live webinar how the latest technologies are fueling how trading activities can benefit from cloud-based solutions; including enhanced communication, connectivity and performance across the financial markets. Watch the full webinar recording here.