Waters - Q1 2025
Articles in this issue
Terry Duffy on CME’s cloud future, takeover targets, and ... candy
CME CEO Terry Duffy explains the relatively narrow strategy that the derivatives exchange has taken under his leadership, especially compared to its peers.
No, no, no, and no: Overnight trading fails in SIP votes
The CTA and UTP operating committees voted yesterday on proposals from US exchanges to expand their trading hours and could not reach unanimous consensus.
FactSet-LiquidityBook: The buy-side OMS space continues to shrink
Waters Wrap: Anthony spoke with buy-side firms and industry experts to get a feel for how the market is reacting to this latest tie-up.
European exchange data prices surge, new study shows
The report analyzed market data prices and fee structures from 2017 to 2024 and found that fee schedules have increased exponentially. Several exchanges say the findings are misleading.
New study reveals soaring market data spend led by trading terminals
The research finds that 2024 was a record year for overall market data spend, supported by growth in terminal use, new license schemes by index providers, and great price variation among ratings agencies.
‘I recognize that tree’: Are market data fees defying gravity?
What do market data fees have in common with ‘Gilmore Girls’ and Samuel Beckett? Allow Reb to tell you.
The CAT declawed as Citadel’s case reaches end game
The SEC reduced the CAT’s capacity to collect information on investors, in a move that will have knock-on effects for its ongoing funding model case with Citadel.
Market data for private markets? BlackRock sees its big opportunity
The investment giant’s CEO said he envisions a far bigger private market business in 2025.
To unlock $40T private markets, Hamilton Lane embraced automation
In search of greater transparency and higher quality data, asset managers are taking a tech-first approach to resource gathering in an area that has major data problems.
Jump Trading CIO: 24/7 trading ‘inevitable’
Execs from Jump, JP Morgan, Goldman Sachs, and the DTCC say round-the-clock trading—whether five or seven days a week—is the future, but tech and data hurdles still exist.
Pisces season: Platform providers feed UK plan for private stock market
Several companies in the US and the UK are considering participating in a UK program to build a private stock market composed of separate trading platforms.
‘The opaque juggernaut’: Private credit’s data deficiencies become clear
Investor demand to take advantage of the growing private credit markets is rising, despite limited data, trading mechanisms, and a lack of liquidity.
Bloomberg debuts GenAI news summaries
The AI-generated summaries will allow financial professionals to consume more data, faster, officials say.
Microsoft exec: ‘Generative AI is completely passé. This is the year of agentic AI’
Microsoft’s Symon Garfield said that AI advancements are prompting financial services firms to change their approach to integrating AI-powered solutions.
Agentic AI and big questions for the technologists
Waters Wrap: Much the same way that GenAI dominated tech discussions over the last two years, the road ahead will feature a lot of agentic AI talk—and CIOs and CTOs better be prepared.
Hyperscalers to take hits as AI demand overpowers datacenter capacity
The IMD Wrap: Max asks, who’s really raising your datacenter costs? And how can you reduce them?
DLT and digital contracts for market data: Has the hammer found the nail?
Waters Wrap: A new platform that a custom-made DLT underpins is coming to market. Anthony examines its merits and, surprisingly, finds a lot.
JP Morgan, Eurex push for DLT-driven collateral management
The high-stakes project could be a litmus test for the use of blockchain technology in the capital markets.
Cusip Global Services wants to know, ‘What’s your damage?’
The evidence and discovery phase of the case against the identifier bureau is set to expire in March, bringing an anticipated jury trial one step closer.
‘We started late’: Oracle makes case for its market data cloud offering
Executives from Oracle, LSEG, and CJC detailed the ‘eye-opening’ performance and latency of the Oracle Cloud Infrastructure.
TMX launches ATS in US
The move represents the first expansion of the exchange group’s markets business outside of Canada.
Orchestrade resists SaaS model in favor of customer flexibility
Firms like Orchestrade are minimizing funds and banks’ risks with different approaches to risk management.
Big xyt exploring bid to provide EU equities CT
So far, only one group, a consortium of the major European exchanges, has formally kept its hat in the ring to provide Europe’s consolidated tape for equities.
When it comes to data inventory management, asset managers need a ‘rescue’ plan
The IMD Wrap: Inventory management may be a necessity, but it doesn’t need to be a chore. A little innovation can turn this cost center into a value generator.
Big questions linger as DORA compliance approaches
The major EU regulation will go live tomorrow. Outstanding clarifications and confusion around the definition of an ICT service, penetration testing, subcontracting, and more remain.
