Sifma, ICI, and DTCC lay out the path to T+1

The Securities Industry and Financial Markets Association (Sifma), the Investment Company Institute (ICI), and the Depository Trust and Clearing Corporation (DTCC) have published a report targeting the first half of 2024 to shorten the US securities settlement cycle from trade date plus two days to trade date plus one day.

The report provides firms with a roadmap for shortening the settlement cycle, reducing risks and costs for the industry while building on the benefits achieved in the move to T+2 in 2017. While the paper says that the industry has achieved consensus around T+1, further shortening the settlement cycle is not feasible in the short term, as it requires an overhaul of current-day clearance and settlement infrastructure, changes to business models, revisions to regulator frameworks, and potentially the implementation of real-time currency movements.

As part of ongoing efforts to decrease risk in the system, Sifma, ICI, and DTCC started discussions around accelerating the settlement cycle in 2020.  

SimCorp launches data warehouse, powered by Snowflake

Investment management solutions provider SimCorp has launched its Cloud Data Warehouse, powered by Snowflake. 

In line with SimCorp’s clients’ ambitions to move to real-time data access, SimCorp’s Cloud Data Warehouse aims to give investment management clients a data platform that will meet their investment and analytics needs. Snowflake’s Data Cloud enables SimCorp clients to access all the data they require when they need it. Scalability allows new sources of data to be onboarded when required.

The new solution was developed as part of the Powered by Snowflake program, which was launched in June 2021 and has added 175+ partners to date. It is designed to accelerate the delivery of differentiated applications on Snowflake by supporting developers in Snowflake’s Data Cloud.

FlexTrade integrates Tradefeedr FX data and analytics

Multi-asset execution and order management systems provider FlexTrade Systems has announced that Tradefeedr’s unified data analytics API is fully integrated and available within FlexTrader EMS. Tradefeedr enables collaborative analysis of trading performance between liquidity providers and their clients using standardized common metrics.

The first FlexTrade client, a European tier-one buy-side firm, is now in production using the integration.

The move aims to provide buy-side teams using FlexTrader EMS with access to real-time FX data. they can leverage Tradefeedr’s FX database via a library of analytics templates covering transaction cost analysis, custom best execution policies, and liquidity management, or build their own reports and analytics. FlexTrade’s API integration delivers the data and analytics directly into the FlexTrade EMS Order Blotter. 

SmartTrade and TickTrade merge for SaaS FX platforms

SmartTrade, a provider of multi-asset electronic trading solutions, has acquired TickTrade Systems, a Toronto-based technology provider of FX and payments software-as-a-service solutions for financial institutions.

Both companies provide liquidity management solutions and FX trading systems aimed at enabling financial institutions to develop and run trading platforms. The combined company will deliver FX trading technologies; smartTrade’s connectivity, aggregation, and risk management technology with TickTrade’s analytics, payments, and distribution technology.

The company will operate under the smartTrade name. smartTrade CEO David Vincent will lead the combined organization. TickTrade co-founders Baha Ohcebol and Alexander Culiniac will maintain senior management roles within the combined business.

Investor firm Hg, which has backed smartTrade since 2020, will remain majority investor in the combined group, along with Keensight and Pleiade Venture.

Two Sigma and eVestment to provide investment data through Venn

Two Sigma, through its analytics platform Venn, and institutional investment data analytics provider eVestment, a Nasdaq company, have announced a strategic alliance under with eVestment data will be integrated into the Venn platform.

The new alliance allows clients of both companies to complete more of their analysis via one platform.

Using Venn, institutional investors can perform analysis and better understand sources of risk across multiple asset classes. eVestment is a source for investment manager data spanning public and private markets. By integrating eVestment data into Venn, investment teams can uncover insights to drive decisions around investment evaluation, and portfolio construction and optimization.

BNY Mellon’s Pershing to acquire Optimal Asset Management

BNY Mellon’s Pershing has agreed to acquire Optimal Asset Management, a direct indexing solutions provider. Optimal’s software provides customizable solutions to investors seeking personalized portfolios, and meets a growing client need for greater investment customization by selecting individual equities in an index solution.

The acquisition will form part of the new Pershing X offering, a recently launched business unit within Pershing that will build solutions for the advisory industry.

The direct indexing market is expected to grow from $350 billion in assets under management in 2020 to $1.5 trillion in AUM by 2025.  

Trading Technologies connects platform with Yuanta Futures

Trading software, infrastructure and data solutions provider Trading Technologies International has contracted with Yuanta Futures Taiwan, a Taipei-based broker, to connect the TT platform to the Taiwan Futures Exchange (Taifex). The TT platform will provide Yuanta with a combined carry broker and multi-broker solution so that clients can access Taifex through TT’s infrastructure.  

“The addition of Taifex to our portfolio of connected exchanges reflects the strong demand we are seeing for access to Asia’s derivatives markets,” says Mark Pottle, regional executive sales director for Trading Technologies in Asia.