This Week: ION/LuxSE, BNY Mellon, Nasdaq, and more

ION subsidiary List connects electronic trading system to Luxembourg Stock Exchange

List, a subsidiary of ION, connected its FastTrade electronic trading system to the Luxembourg Stock Exchange (LuxSE) this week. This follows the migration of List’s Borsa Italiana clients onto Optiq, Euronext’s exchange protocol, earlier this year.

FastTrade, a multi-asset electronic trading system, released a new adapter component to connect to LuxSE, says Enrico Melchioni, product owner for FastTrade List. The project, talks for which began six months ago, required both hardware and software installments to connect to the exchange.

“The software is not that complex. … Network issues are a delicate thing. You have to guarantee certain performances like low latencies, and there may be different issues to consider,” Mechioni says.

The first component is the physical line that connects the computer in the exchange with the client’s computer. The second is a piece of software that ‘speaks’ the same language, or protocol, as the exchange. This allows the client to receive market prices, order, and executions, Melchioni explains.

FastTrade is connected to about 20 other exchanges. Each regional exchange group has its own internal protocol. List has a normalized connectivity architecture that allows it to integrate via an adaptor across those various protocols. LuxSE, like Borsa Italiana, uses Euronext’s Optiq protocol. Existing functions such as trading, execution, and liquidity provision will be available to users accessing LuxSE.

The ETS provider’s next steps will be exploring connectivity to Europe’s burgeoning dark pools.

OTC Markets Group introduces overnight trading

OTC Markets Group, an operator of regulated financial markets, introduced OTC Overnight. The platform, expected to be available in quarter two of this year, will make OTC equity securities available for trading Sunday through Thursday between 8 p.m. and 4 a.m. Eastern Time.  

Active securities across the over-the-counter market tiers such as Adidas, Air Canada and Techtronic Industries, will be eligible for trading in an overnight session by broker-dealer subscribers in US dollars. OTC Markets Group plans to expand the offering to additional securities within its network as clients and overnight trading demand grow.

S&P’s commodities arm acquires conference producer World Hydrogen Leaders

S&P Global Commodity Insights, a division of S&P Global, has acquired World Hydrogen Leaders, a portfolio of hydrogen-related conferences, events, and market intelligence.

The acquisition comes as S&P Global Commodity Insights estimates that hydrogen supply could triple by 2050, up from 2023’s 95 million metric tons (mmt) to 256 mmt in 2050. The acquisition adds to the company’s portfolio of conferences and complements its portfolio of energy transition data, analytics, and insights.

Financial terms of the transaction were not disclosed.

Nasdaq rolls out GenAI feature for market surveillance

Nasdaq released a generative AI feature within its market surveillance technology business to aid market abuse investigations. The solution uses generative AI to streamline the examination process for suspected market manipulation and insider dealing.

The exchange plans to leverage the tool for its US equity market surveillance. The tech will be sold to both regulators and marketplace clients.

The feature uses Amazon Bedrock, an AWS platform to help build generative AI applications. It can, for example, produce a consolidated table of a company’s regulatory filings, summaries and links to company, sector, and peer company news, news sentiment analysis, and other mitigating or aggravating factors that may impact a given security.

BNY Mellon introduces Global Markets Trading

Bank of New York Mellon folded its sales and trading divisions into one group, Global Markets Trading (GMT). GMT provides execution services in foreign exchange, fixed income, equities, and capital markets. The offering comes alongside the bank’s newly launched buy-side trading solution.

FinTech Studios releases two GenAI platforms, Apollo Pro and RegLens Pro

FinTech Studios, a generative AI platform for enterprise search, market intelligence and regulatory intelligence, released Apollo Pro and RegLens Pro, GenAI enterprise search platforms.

The platforms use large language models (LLMs), including OpenAI’s recent GPT-4o, to produce attributable, fact-based generative insights, workflows, market intelligence and regulatory intelligence for corporations and financial institutions. Apollo Pro and RegLens Pro will also support additional LLMs, including ones from Amazon, Anthropic, Google, Meta, and Microsoft later this year.

CJC and BCC Group Partner on managed services for One platform

CJC, a market data managed services provider, partnered with BCC Group, a European software development firm, to provide managed services for BCC’s One platform, used to transfer market data from on-premises to the cloud.

The One platform will be a fully hosted solution, available on-premises or in the cloud, using 24-hour monitoring and critical infrastructure support from CJC.

BCC Group’s One platform combines feed handlers, last value cache, publishing, subscribing, authentication, entitlement management and reporting, scalable fan-out, and out-of-the-box graphical user interface integration.

Temenos launches responsible generative AI solutions for core banking

Temenos launched responsible generative AI solutions as part of its banking platform. The solutions integrate with Temenos Core and Financial Crime Mitigation.

After investment in research and development to support its AI initiatives, Temenos patented Explainable AI solutions. Temenos is now working on GenAI for banking. With Temenos GenAI, users can ask natural language queries to generate insights and reports.

Temenos says it will release GenAI solutions for Temenos Wealth and Temenos Digital in the near future. The company has already released tech for banks using generative AI to automatically classify customer banking transactions.