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Clear Street building execution platform to replace vendor systems
A job posting shows that the broker is building a new algorithmic trading stack from scratch, targeting direct market access for institutional clients by year-end.
Mercury rising as Cboe shutters Trade Alert
Trade Alert is the latest business arm to be shut down by Cboe, but a former staffer has set up Mercury Alerts to replace it.
Compute is leaving land. Recoverability isn’t following.
The limits of land may push datacenters to the ocean or even outer space, writes Vishal Gupta. But these options introduce new challenges.
Who’s counting the agent army?
The Waters Wrap: Agents are growing faster than the controls to manage them. Wei-Shen says that as firms struggle to measure their returns on investment, it may come down to who foots the bill.
Asia’s T+1 journey splinters as Hong Kong delays and Malaysia mulls
APAC markets are setting their own timelines for shorter settlement, while Deutsche Bank proposes an “earlier certainty” mechanism to ease the cross-border strain.
The SEC’s innovation exemption is facing its first test
Waters Wrap: With more than 20 issuer companies submitting objections to OKX and ICE’s new joint venture for tokenizing stocks, Nyela wonders if some cracks are starting to show in the regulator's innovation exemption.
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Asia’s T+1 journey splinters as Hong Kong delays and Malaysia mulls
APAC markets are setting their own timelines for shorter settlement, while Deutsche Bank proposes an “earlier certainty” mechanism to ease the cross-border strain.
Private credit has outgrown its spreadsheets
Private credit severely lacks operating leverage, writes Daniel Hellwig, but standardizing how terms are recorded and applying AI could inch it toward maturity.
JP Morgan retools Isda’s CDM for an AI world
The trade repository runs on a niche programming language, to which the bank has made new contributions that could help raise adoption.
The SEC’s innovation exemption is facing its first test
Waters Wrap: With more than 20 issuer companies submitting objections to OKX and ICE’s new joint venture for tokenizing stocks, Nyela wonders if some cracks are starting to show in the regulator's innovation exemption.
Artificial intelligence
Compute is leaving land. Recoverability isn’t following.
The limits of land may push datacenters to the ocean or even outer space, writes Vishal Gupta. But these options introduce new challenges.
Who’s counting the agent army?
The Waters Wrap: Agents are growing faster than the controls to manage them. Wei-Shen says that as firms struggle to measure their returns on investment, it may come down to who foots the bill.
JP Morgan retools Isda’s CDM for an AI world
The trade repository runs on a niche programming language, to which the bank has made new contributions that could help raise adoption.
Waters Wavelength Ep. 360: Innovation, regulation, and exposure
This week, Tony and Shen talk about the balance between innovation and regulation.
Podcasts
Waters Wavelength Ep. 360: Innovation, regulation, and exposure
This week, Tony and Shen talk about the balance between innovation and regulation.
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IMD/IRD Awards 2026 winner’s interview—SIX
IMD/IRD Awards 2026 winner’s interview—FINBOURNE Technology
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