Investment bank State Street is set to provide its trading technology infrastructure to startup institutional digital asset platform, Pure Digital, as it prepares to launch according to a story in The Trade news.   The Pure Digital platform uses a conglomerate of banks as liquidity providers, custodians, and clearers for execution of large trades with price granularity and transparency. It also offers pre-trade bilateral credit and multi/smart custody and buy-side firms can participate via existing prime broker and custodian...

Cboe Global Markets announced plans to extend the global trading hours session (GTH) for its S&P 500 Index options (SPX) and Cboe Volatility Index (VIX) options to nearly 24 hours each business day on Cboe Options Exchange in the fourth quarter of 2021, subject to regulatory review. Cboe’s move to offer a nearly 24 hours-a-day, five days-a-week (24×5) trading model aims to provide global market participants with expanded access to trade Cboe’s exclusively listed U.S. index options products based on the S&P 500 Index (SPX), the global benchmark of large-cap U.S. equities, and the...

The broker-dealer businesses of Credit Suisse and Nomura have settled US listed equities trades on a same-day settlement cycle on blockchain-based securities settlement platform Paxos according to a story in The Trade news. The exercise between Credit Suisse and Instinet occurred at 11am Eastern Time (ET) and settled at 4:30pm ET, demonstrating the ability for firms to execute and settle trades conducted throughout the day. The move comes at a polarizing time in the US equities market where experts and commentators have fiercely debated the merits of T+0 settlement versus T+1. DTCC has...

An article by FIF Managing Director, Howard Meyerson, is highlighted as the top story of the Tabb Forum this morning. The article focuses in on the new CAT fee proposal. Please find the article here. 

Broadridge Financial Solutions, Inc. announced it has signed a definitive agreement to acquire Itiviti Holding AB, a leading provider of trading and connectivity technology to the capital markets industry, in an all-cash transaction valued at €2.143 billion (approximately $2.5 billion) from Nordic Capital. With offices in 16 countries, Itiviti serves 24 of the top 25 global investment banks and over 2,000 leading brokers, trading firms and asset managers across 50 countries. Itiviti’s suite of Trading and Connect solutions offer tools to support both connectivity and adaptivity to...

BNP Paribas Securities Services and its platform Manaos announced a partnership with Clarity AI, a leading sustainability data science and technology company. Effective immediately, Manaos users have access to Clarity AI’s universe of sustainability data and insights. Manaos enables institutional investors to store their fund data on a single platform in order to obtain a comprehensive and transparent view of their investments. They can in turn estimate the Environmental, Sustainability and Governance (ESG) impact of their portfolios through a panel of innovative companies readily available...

Bakkt Holdings, the digital asset marketplace, announced the launch of the Bakkt App, the digital wallet that brings together bitcoin and other forms of digital assets into one platform. The Bakkt App gives consumers the power to use their digital assets how they prefer – converting participating rewards points to cash or using bitcoin as payment, for example – all within one application. By enabling consumers and merchants to unlock the value of the $1.2+ trillion in digital assets currently held in cryptocurrencies, loyalty and rewards points, and gift cards, the Bakkt App is designed to...

Cboe Global Markets has received approval from the US Securities and Exchange Commission to introduce periodic auctions onto its Cboe BYX Equities Exchange. The periodic auctions allow market participants to access frequent, price-forming auctions throughout the trading day, helping them find liquidity with a reduced market impact. Cboe said the launch was in response to increasing block-sized liquidity taking place off-exchange using conditional orders, adding that the auctions would provide traders with an on-exchange alternative to trade in size. 

Refinitiv announced the launch of House Views and Market Insights (HVMI), its next generation intelligent content management capability for wealth management firms. HVMI enables the efficient distribution of investment recommendations and research by connecting product and content manufacturers teams with wealth advisors. Wealth firms are challenged with effectively connecting and distributing the research and portfolio advisory content needed by advisors to support construction, portfolio management and investment insight needs. Managing all this content effectively and...