Articles by Theo Normanton
Can exchanges leverage new tech to claw back ETF share from RFQ platforms?
Systematic trading strategies and proliferating data are bringing efficiency to an otherwise-fragmented European ETF market.
Waters Wavelength Podcast: Countdown to T+1
DTCC’s Val Wotton joins the podcast this week to discuss the impending move to T+1 in the US.
Consolidated tape hopefuls gear up for uncertain tender process
The bond tapes in the UK and EU are on track to be authorized in 2025. Prospective bidders for the role of provider must choose where to focus their efforts in anticipation of more regulatory clarity on the tender process.
European exchanges turn to dark trading in battle for flow
The EU’s two biggest exchanges are launching dark pools this year. The apparent change in their stances on dark trading reflects a profound shift in equities markets.
Dark horse: Deutsche Börse building dark pool
New functionality allowing exchange members to execute sweep trades comes hot on the heels of European rival Euronext launching its own dark pool.
European firms prime for lopsided settlement in North America and at home
With T+1 imminent in North America and increasingly likely to traverse the Atlantic, operations and trading professionals in Europe are fighting on two fronts.
Waters Wavelength Podcast: Looking into the EU regulatory landscape
Eflow’s Ben Parker joins the podcast to discuss EU regulations.
Settling scores: industry pushes back on new penalties in settlement efficiency drive
Esma is asking for feedback on proposals that could see penalties for settlement fails increase by 25 times. But affected parties say adapting to the new system would be a technical upheaval and are calling for more structural reform.
JP Morgan DLT exec: Settlement rails needed for digital bonds to gain traction
At an Afme conference, Scott Lucas, head of markets DLT for JP Morgan, noted DLT’s progress in the bond space. Others said the tech has a long way to go before wider adoption.
Blood, sweat, and tiers: how the SEC’s exchange rebates proposal could reshape US equities markets
The proposal to overhaul volume-based rebates for agency brokers may create significant shifts in liquidity, order routing, and competition. And industry practitioners are split on whether it’s for better or for worse.
MarketAxess sees returns from new trading tools
Recently added portfolio trading, automation, and algo offerings drove the vendor’s revenue growth in Q4 2023.
‘When, not if’: EU plots course for T+1 transition
Not everyone saw eye to eye at a European Commission roundtable discussing how to shorten settlement cycles, but most participants recognized the need to make the transition to T+1.
Domain-specific AI: the hot topic of 2024?
Generative AI is increasingly being applied to specific domains within finance. But experts are divided on whether targeted models will take over from their general-purpose cousins.
Politics, public opinion collide in EC identifier consultation
The European Commission has said neither the Isin nor the UPI is ‘suitable’ for price transparency, and proposed modified alternatives in an industry consultation.
BlackRock developing AI copilots for Aladdin
The world's largest asset manager hints at new AI assistants for investment management clients.
Bloomberg’s Figi extends crypto inroads
In partnership with data provider Kaiko, Bloomberg has rolled out identifiers for almost 8,000 crypto assets as institutions increasingly look for structure and uniformity in a maturing sector.
One step forward, two steps back—European regulation grapples with the same old problems
Stop me if you've heard this one before...
UK pushes financial firms to adopt privacy-enhancing technologies
Lawmakers and vendors are set to usher in an era of mutualized data insights. Are banks ready?
Waters Wavelength Podcast: Episode 276 (Dos and don’ts for PR People, Part Four)
The team in London, plus Shen, gives an update on the rules all media relations teams should follow.
ECB’s Lagarde sets out vision for integrated European capital market
The president of the European Central Bank argues for a more ambitious, top-down approach to the capital markets union.
Settlement ‘instructions’: Firms look to US for guidance as Europe braces for T+1
Operations professionals in Europe look across the pond for lessons in managing shorter settlement cycles.
Isda doubles down on digital push with new tech team
The new division is tasked with identifying new areas for standardization.
Traders, vendors seek to modernize chronically underinvested FX tech
The average FX professional uses eight applications at any one time. But integrating the FX workflow is a daunting task.
New crypto Isins seen as ‘really important’ step for TradFi adoption
Execs at TP Icap and Societe Generale say the identifier removes a major barrier for crypto acceptance.