Liquidnet, the technology-driven global institutional investment network, announced the official launch of its third business, Investment Analytics (IA). According to a story in MarketsMedia news, the new business combines the latest AI technologies, including machine learning (ML) and natural language processing (NLP), to uncover hidden insights within data and alerts users to key factors influencing their investments. The suite is comprised of four products, each tailored to a specific audience: IA Trader, IA PM, IA RSRCHX and IA APIs. IA Trader has been created to help equity traders...

US investment bank Citi is to overhaul its treasury function for cleared derivatives through a new partnership with post-trade and blockchain technology provider Baton Systems, according to a story in TheTrade news. Citi will automate rules for the movements of cash and securities collateral to and from clearing houses in a bid to reduce risk by removing manual entries in systems. The bank will also use Baton’s platform to aggregate data from its banks and custodians and track collateral from its clients through to central clearing counterparties. The system will offer real-time views of...

Morgan Stanley  said it is buying fund manager Eaton Vance Corp.  for $7 billion just days after completing its takeover of discount broker E*Trade Financial Corp., continuing the firm’s shift away from trading toward steadier, simpler businesses like money management. According to a story in The Wall Street Journal, the deal would nearly double the assets that Morgan Stanley manages on behalf of pension funds, insurance companies and other clients, to $1.2 trillion, and add about $1.7 billion of annual revenue. Boston-based Eaton Vance, founded in 1924, brings about $500...

Citadel Securities announced that it has reached a preliminary agreement to acquire IMC’s Designated Market Making (DMM) business on the floor of the New York Stock Exchange (NYSE). Citadel Securities will reinforce its position as the largest DMM on the NYSE both by number of securities and by market cap. Citadel Securities has been a DMM on the NYSE since 2016. In addition to overseeing daily trading in more than 1,500 NYSE-listed securities, the firm also regularly supports IPOs and direct listings. IMC has been a DMM on the NYSE since 2014, when it acquired Goldman Sachs’ DMM...

FIF CAT Tech Spec Working Group/CAT Committee: The Working Group and Committee discussed a recent notification from FINRA CAT removing the Phase 2d requirement to provide a new unique orderID on CAT Order Modification and Order Adjustment events, reviewed various questions to be submitted to FINRA CAT by FIF, reviewed the FINRA CAT TRF linkage webinar, discussed various TRF linkage issues, provided an update on a draft letter being prepared by FIF identifying challenges with the October 26 linkage compliance date, and reviewed recent FAQ updates relating to trades in a foreign currency...

FIF has been featured in an article from the Tabb Group on upcoming CAT interfirm linkage reporting requirements. The article mentions FIFs efforts to assist in one of CATs trickiest milestones by offering a CAT Counterparty Contact Utility as a free tool for all CAT Reporting Brokers or Agents thereof. As FIF continues to try and spread the word of this Utility far and wide, we ask our Weekly News subscribers to do the same, for the more brokers who input their firm's information, the more valuable the Utility will become. Request Access Page

Goldman Sachs is set to build an electronic foreign exchange trading and pricing engine in Singapore with the support of the Monetary Authority of Singapore (MAS). The FX trading engine is expected to go live in the first quarter of next year across deliverable and non-deliverable currencies. It marks the fourth FX pricing engine that the institution operates, including those in London, Tokyo, and New York, and will aim to deliver improved low latency execution for clients.

J. P. Morgan’s Global Custody business is using H4 next-generation documentation technology to help transform the client contract onboarding experience, reuse data contained in documents and build a digital library. According to a story in MarketsMedia news, H4 and J.P. Morgan have successfully piloted the new documentation platform in the Global Custody business, with a goal to roll out across J.P. Morgan’s Securities Services business in the coming months.

Nasdaq announced the launch of the cloud-deployed Nasdaq Automated Investigator for AML, the first automated solution for investigating anti-money laundering (AML) for retail and commercial banks and other financial institutions. Designed, built and offered in partnership with UK-based Caspian, Nasdaq Automated Investigator for AML expands Nasdaq’s global efforts in combatting financial crime and promoting market integrity in the capital markets and beyond. The Nasdaq Automated Investigator ingests alert data from any transaction monitoring system, collates all of the necessary data...