Waters Wrap: A few years ago, it seemed the big cloud providers were positioning themselves to dominate the capital markets tech scene. And then came ChatGPT.
With the US already on a T+1 settlement cycle, and the UK and EU preparing for the shift in 2027, there’s pressure for Asia to follow suit. But moving may involve more risks than expected.
The Waters Cooler: MIAX sells (most of) its derivatives exchange, BNY integrates with Morningstar on collateral, and science delights in this week’s news roundup.
Firms should think not only about tokenization’s potential but also the underlying infrastructure and identity resolution, writes Cusip Global Services’ Matthew Bastian in this guest column.
Tony speaks with Patrick McGarry, who is riding his bike across America to raise $100,000 for the Tunnel to Towers foundation and to honor his sister, Katie, who was at Waters’ inaugural conference on 9/11.
Benchmarking: Most firms say proprietary LLM tools make up less than half of their AI capabilities as they revaluate earlier bets on building in-house.
As allocations to private market assets grow and are increasingly managed together with public market assets, firms need systems that enable different data types to coexist, says GoldenSource’s James Corrigan.
27 Jan 2026
26 Jan 2026
