This Week: MEMX; Paxos/Credit Suisse/Instinet; Blue River; CJC/TREP & More

MEMX Releases Launch Timeline

The Members Exchange (MEMX) has released its launch timeline. Key dates include May 11 (platform testing begins); June 1 (member certification begins); June 6 and June 20 (user acceptance testing begins); and July 24 (the planned date for the exchange to officially launch). Click here to read CEO Jonathan Kellner’s full plan for the coming months.

Additionally, Kellner and Tom Fay, chief operating officer, recently joined the Waters Wavelength Podcast to talk about why there’s a need for a new exchange in the US, the work that has gone into getting it off the ground, and what else needs to be in place before launching.
 

Paxos Begins Settling US Securities Trades For Credit Suisse, Instinet

Paxos Trust Company has launched the Paxos Settlement Service (PSS), which can settle select US-listed equity trades between broker-dealers Credit Suisse and Instinet. PSS is a private, permissioned blockchain solution designed to allow two parties to bilaterally settle securities trades directly with each other. The service allows for the simultaneous exchange of cash and securities to settle trades. Societe Generale is next in the pipeline to go live on PSS.

Additionally, Paxos announced that it will submit its application for clearing agency registration with the US Securities and Exchange Commission (SEC) in 2020 so that it can offer the PSS to broker-dealers to settle US-listed equities.
 

CJC Launches Cloud Offering for TREP’s DACS Component

CJC, a market data technology consulting and services firms, has launched a DACS-in-the-cloud solution. DACS, short for Data Access Control System, is the entitlement system which forms part of the Thomson Reuters Enterprise Platform (TREP), which is Refinitiv’s market data distribution platform. CJC currently manages 150 DACS connections globally. The newest offering, which leverages public cloud technology, can be offered at varying levels of service, from a simple cloud deployment with remote management, to a fully-managed, technical and commercial solution.

• Read More: Refinitiv’s TREP market data platform and its predecessors have been central to financial firms’ data architectures for more than 20 years. But with the vendor embroiled in a sale to LSEG, and rivals touting alternative migration paths, can a bold cloud gambit maintain TREP’s position? Click here to read Max Bowie’s deep-dive into TREP.
   

Blue River Acquired by IQ-EQ

Investor services firm IQ-EQ has acquired Blue River Partners, which specialized in outsourced solutions for alternative asset managers. The deal, which was for an undisclosed amount, will grow IQ-EQ’s US operation to 200 people, about 180 of which will come from the Blue River.

Blue River services more than 400 customers. It provides fund administration to private equity funds; fund operations, middle-office and outsourced chief financial officer (CFO) services to hedge funds; management-company operations services; and regulatory compliance solutions across all advisory structures, according to the release. In addition, Blue River’s offering includes tax compliance and advisory services; IT and cybersecurity consulting and managed services; and a host of operations, tax, and IT services to portfolio companies and assets owned by private equity funds.
 

Sterling Enhances Risk Offering

Chicago-based Sterling Trading Tech (STT) rolled out customizable margins and enhanced Value at Risk (VaR) calculations for its risk analytics solutions, the Sterling Risk Engine (SRE), which was launched in 2017 and is delivered via an as-a-service model. Specifically, a new horizon-risk component was added, giving clients the ability to view risk and margin requirements on a look-forward basis, including post-expiration of option positions. Additionally, Sterling Risk Monitor, the web-based GUI for SRE, added a new Portfolio Viewer, expanded Greeks, and new navigation.