Execution management
Waters Wrap: On EMSs, regulation, and (among others) BlackRock Aladdin
Regulators in the US and Europe have turned their sights on execution management system providers. Anthony examines some of the questions the industry is trying to answer.
What is Aladdin Trader? BlackRock’s fixed-income tool still a mystery
Sources tell WatersTechnology that Aladdin Trader will expand on the platform’s ‘limited’ execution functionality.
Better tech brings threat of two-speed trading in fixed income
Smaller asset managers may get left behind as automation allows the big players to prosper.
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.
LiquidityBook buys Messer in effort to beef up portfolio management capabilities
The OEMS provider has purchased the Hong Kong-based PMS provider—but don’t say it’s solely a play for the buy side.
Goldman’s Marquee is a gradual revelation
Multiple apps are being corralled into a sticky cross-asset ecosystem, updated with Python and cloud
Terminal velocity: MarketAxess bets on algo trading as electronification of fixed income gathers speed
MarketAxess hopes to bring fresh ideas from other asset classes with acquisition of multi-asset algorithm provider Pragma.
Shall we compare thee to a multilateral trading venue?
As regulators confirm that perimeter guidance applies to tech firms, the focus shifts to enforcement.
Connective tissue: S&P's InvestorAccess enables secondary market-like trading of primary issues
Through a combination of its own technology and partnerships with fixed-income mainstays Bloomberg and Tradeweb, S&P is looking to create end-to-end workflows to simplify trading of primary bond issues for both buy-side and sell-side firms.
Outsourced trading sees uptick as buy side seeks more bang for its buck
Buy-side firms see outsourced trading as a way to simplify their operating model, while custodians see an opportunity to sell bundled services.
Tradeweb treads fine line as API trend brings challenges
Buy-side rates traders look to dodge platform’s interface but remain barred from cross-venue price-shopping.
Fenics Market Data’s secret source
The ability of capital markets practitioners to make judicious business and investment decisions is directly determined by the quality of data underpinning those decisions. Fenics Market Data’s Rich Winter discusses the benefits of sourcing data from…
Lessons from credit: Could all-to-all help Treasury markets?
Regulators are looking to all-to-all trading as a possible solution for worrying volatility and deteriorating liquidity in US Treasury markets.
Waters Wavelength Podcast: Fixed income execution & innovation
This week, Spencer Lee, chief markets officer at TS Imagine, joins Tony on the podcast to discuss execution issues and innovation within the fixed income space.
LiquidityBook looks to displace Fidessa as sell-side OMS of choice
What began as a small buy-side technology offering, now has ambitions to oust Fidessa in the sell-side OMS space. LiquidityBook, now armed with a handful of ex-Fidessa employees, has secured the product expertise. Can it secure the clients?
More trading venues face extra supervision under FCA plan
“Woolly” rules fuel concern that bulletin boards and tech providers could be swept in
UK divergence on trading venue perimeter threatens more costs and a complex compliance landscape
The FCA is in the middle of a tug of war over the definition of a trading venue. Will it diverge in a bid to present itself as a competitive market internationally or align with its EU partners?
Waters Wrap: Ion’s fixed income EMS & how tech development theory is changing
Some of the largest trading platform providers have embarked on major integration projects in recent years. As fintech disruption continues, Anthony says this is not a fad, but an evolutionary shift.
Rival platforms battle to control electronic trading of CLOs
Octaura has the backing of dealers, while Kopentech is leaning into its buy-side roots
How Liontrust AM reimagined tech vendor partnerships to retain IP post-Majedie acquisition
Buying off the shelf can be cheaper and faster than building in-house, but giving up IP rights to critical platforms is a trade-off some firms aren’t willing to make.
FDC3 creator sets sights on cloud-based interop with new company
Nicholas Kolba’s new venture aims to provide cloud-based interoperability for financial services apps—free of desktop containers and proprietary implementations.
Is an EMS an exchange? Vendors alarmed by scope of Reg ATS amendments
Some industry participants are worried that proposed amendments to Regulation ATS could see the trading perimeter expanded to include a wide array of messaging systems.
Natixis: Interop is a buy-side “necessity”
The asset manager is building front-office interoperability based on a canonical data model.
Reg ATS: SEC 'bowing to public pressure' in reopening proposal
The US markets regulator has extended the comment deadline on a proposal to regulate Treasuries venues after it faced a storm of complaints from the public and financial industry.