Articles by Theo Normanton
TMX’s indexing pivot bears first fruit
The acquisition of index provider VettaFi has boosted revenues in the exchange’s analytics division, but further growth could mean taking on the heavyweight data providers like S&P, FTSE Russell, and MSCI.
Size matters: US equity market players wrangle over new tick size regime
The industry expects the SEC to finalize the Reg NMS shake-up as soon as late summer. While there is broad agreement about the need for change, the extent of the reduction in access fees and tick sizes will have a big impact on markets.
EU firms press for faster move to T+1 after smooth US rollout
Following the example set by North America, 70% of attendees at a European hearing on shorter settlement cycles favored a Q4 2027 switch to next-day settlement.
Waters Wavelength Podcast: Deutsche Bank’s Boon-Hiong Chan
Boon-Hiong Chan from Deutsche Bank joins the podcast to talk about blockchain interoperability.
Finra clears hurdle with CAT launch, but several others remain
Two major components of the consolidated audit trail are now in place. But wrangling over the CAT’s future continues.
Ace high or busted flush? Digital Asset’s mixed fortunes mirror DLT adversity
The vendor hoped to remodel post-trade using blockchain technology—and it still might—but its bumpy progress raises questions over the future of DLT in finance.
All eyes turn to North America as T+1 arrives
As T+1 settlement becomes a reality in North America, long-lingering questions will get their answers.
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.
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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...