This Week: MEMX, IUAM/SS&C, Northern Trust, EBS and BME

A summary of some of the past week’s financial technology news.

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Members Exchange Goes Live With US Equity Venue

Members Exchange (MEMX), a market operator founded by a group of financial firms, has launched its US equity trading venue.

MEMX began trading with nearly 50 exchange members on September 21. For the first iteration of the exchange platform, MEMX is offering live trading in seven symbols and in phases two of its roll out it will trade all National Market System listings.

The initial seven symbols are Acasti Pharma Inc. (ACST), Alphabet Inc. (GOOG), BlackBerry Ltd. (BB), Consolidated Edison Inc. (ED), Exxon Mobil Corporation (XOM), Ford Motor Co. 6.20% Notes Due June 1, 2059 (F-B), and the iShares Ultra Short-Term Bond ETF (ICSH).

Ahead of the launch, MEMX had begun production trading in all NMS test symbols on September 8. The firm has also conducted three successful user acceptance tests with customers in August.

MEMX was founded in January 2019. The Securities and Exchange Commission approved its exchange application in May 2020.

Itaú USA Asset Management Selects SS&C for Fund Administration

Itaú USA Asset Management, the buy-side arm of Itaú Unibanco, Brazil’s largest non-government run bank, has appointed SS&C GlobeOp as its fund administrator.

SS&C will provide fund administration, including full middle- and back-office services, investor services, performance analytics, regulatory compliance assistance and risk management for Bank Itaú’s Cayman-domiciled funds.

The deal enables Itaú to consolidate its technology stack for fund administration onto a single platform and allows the asset manager to meet necessary deliverables, such as a daily Net Asset Values.

Northern Trust Launches Reporting Solutions for Asset Owners

Northern Trust has rolled out two new reporting capabilities, Valuation Status and Advanced Client Reporting, on its Front Office Solutions (FOS) platform.

FOS is a cloud-based service and data platform designed to enable investment officers to have a central view of disparate data sources across all asset classes. The FOS Valuation Status is designed to enable institutional investors gauge current portfolio values and alert them when prices are updated. In turn, investors can implement proxy valuations which estimate performance based on a fund’s beta. The Advanced Client Reporting tool offers the ability to customize report packages, such as quarterly investment board meetings or individualized family member reporting. 

EBS Institutional Connects to IHS Markits thinkFolio

EBS Institutional (EBSI), a provider of electronic trading platforms and technology services in foreign exchange markets, has announced the connectivity between its execution management system (EMS) and IHS Markit’s thinkFolio, a multi-asset investment management platform.

From the fourth quarter of 2020, thinkFolio clients will have access to EBSI’s EMS and mutual clients will be able to use the IHS Markit IM platform’s cash and currency management capabilities, analytics, and liquidity services. The integration between the two systems should enable portfolio managers and traders to aggregate or split FX orders in thinkFolio, before routing them to be executed through EBSI.

EBS and EBSI are part of the CME Group.

BME Partners with CSS to Bolster Regulatory Reporting Suite

Bolsas y Mercados Españoles (BME) has teamed up with Compliance Solutions Strategies (CSS) a regtech platform provider, to provide a combined offering of its regulatory reporting solutions to the Spanish and Portuguese markets.

The integrated solutions will enable financial services clients in those regions to capture, consolidate and report all data to meet their transaction reporting requirements.

The combined offering aims to operate as a central platform for clients to reduce reporting costs and help them meet their global compliance obligations.

 

 

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Where have all the exchange platform providers gone?

The IMD Wrap: Running an exchange is a profitable business. The margins on market data sales alone can be staggering. And since every exchange needs a reliable and efficient exchange technology stack, Max asks why more vendors aren’t diving into this space.

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