Waters Rankings 2024: All the winners and why they won

This video clip features the winners of the 35 categories that make up the 2024 Waters Rankings. As with past editions of these awards, this year’s Rankings feature a number of multiple-category winners, including Bloomberg, S&P Global Market Intelligence, RiskVal Financial Solutions, Trading Technologies, IPC Systems, SS&C Technologies and Moody’s.

Below are the winners with their respective products or services in parentheses, while the list of highly commended entrants—those firms that finished second in each category―appears toward the bottom of the page.   

Waters Rankings 2024 Category Winners

• Best agency broker – Interactive Brokers
• Best crossing network provider – Liquidnet (Equities/Fixed Income)
• Best algorithmic trading provider – Trading Technologies (TT Premium Order Types)
• Best clearing house (clearing service provider) – LCH
• Best artificial intelligence (AI) technology provider – AlphaSense
• Best sell-side order management system (OMS) provider – Bloomberg (Bloomberg TOMS)
• Best buy-side order management system (OMS) provider – SS&C Technologies (Eze OMS)
• Best portfolio management system provider – RiskVal Financial Solutions (RVPortfolio)
• Best execution management system (EMS) provider – Trading Technologies (TT platform)
• Best performance measurement and attribution system provider – FactSet
• Best transaction-cost analysis (TCA) system provider – Tradeweb (TCA)
• Best enterprise data management (EDM) system provider – S&P Global Market Intelligence (EDM)
• Best market data provider – Bloomberg (B-Pipe)
• Best reference data provider – Association of National Numbering Agencies – ANNA Service Bureau (ASB)
• Best alternative data provider – Bloomberg (Bloomberg Alternative Data)
• Best ESG data provider – Bloomberg (Bloomberg’s Sustainable Finance Data)
• Best corporate actions solution provider – SIX (Global Corporate Actions and SIX Flex)   
• Best low-latency data feed provider – Moody’s (NewsEdge Signal)
• Best data analytics provider – RiskVal Financial Solutions (RiskVal Pre-Trade Analytics)
• Best managed data service provider – Bloomberg (Data License Plus [DL+])
• Best distributed-ledger technology provider – Broadridge Financial Solutions (Distributed Ledger Repo)
• Best AML compliance solution provider – Vneuron (Reis Risk and Compliance Suite)
• Best market risk solution provider – Rival Systems (Rival Risk)
• Best credit risk solution provider – Moody’s (Moody’s EDF-X, CreditEdge, RiskCalc, Data Alliance, and Moody’s CreditView solution with Research Assistant)
• Best market surveillance provider – Nasdaq (Nasdaq Surveillance Solutions: Nasdaq Trade Surveillance & Nasdaq Market Surveillance)
• Best reporting system provider – S&P Global Market Intelligence Cappitech
• Best accounting system provider – SS&C Advent (Advent Portfolio Exchange [APX] and Geneva)
• Best cyber-security provider – AI Risk (AI Risk Software Platform)
• Best reconciliation management provider – Duco
• Best outsourcing service provider – Northern Trust (Integrated Trading Solutions)
• Best trading floor communication system provider – Cloud9
• Best network provider – Broadridge Financial Solutions (Nyfix Order Routing Network)
• Best mobile solutions provider – IPC Systems (Unigy Mobile Client)
• Best cloud-based application provider – Derivative Path (DerivativeEdge)
• Best cloud infrastructure provider – IPC Systems (Connexus Cloud)

Waters Rankings 2024 Highly Commended

• Best agency broker – Northern Trust (Integrated Trading Solutions)
• Best crossing network provider – Instinet (Instinet BlockCross)
• Best algorithmic trading provider – Northern Trust (Global Foreign Exchange)
• Best clearing house (clearing service provider) – Apex Fintech Solutions (Apex Clearing & Custody Services)
• Best artificial intelligence (AI) technology provider – SmartStream Technologies (SmartStream Air)
• Best sell-side order management system (OMS) provider – Trading Technologies (TT platform)
• Best buy-side order management system (OMS) provider – Trading Technologies (TT platform)
• Best portfolio management system provider – FactSet
• Best execution management system (EMS) provider – FactSet
• Best performance measurement and attribution system provider – SS&C Technologies (SS&C Sylvan)
• Best transaction-cost analysis (TCA) system provider – S&P Global (Transaction Cost Analysis [TCA])
• Best enterprise data management (EDM) system provider – JP Morgan (Fusion by JP Morgan)
• Best market data provider – Moody’s (Moody’s Structured Finance Portal, SF-API, and Structured Finance Data Feeds)
• Best reference data provider – Bloomberg (Bloomberg’s Reference Data)
• Best alternative data provider – Moody’s (Moody’s NewsEdge Feed)
• Best ESG data provider – Moody’s (Moody’s ESGView)
• Best corporate actions solution provider – Wall Street Horizon (Merger & Stock Event Data)
• Best low-latency data feed provider – Dow Jones (Newswires Elementized News Feed)
• Best data analytics provider – Bloomberg (Bloomberg Liquidity Assessment [LQA])
• Best managed data service provider – S&P Global Market Intelligence (iLevel Managed Data Services)
• Best AML compliance solution provider – S&P Global Market Intelligence (CLM Pro by S&P Global Market Intelligence)
• Best market risk solution provider – FactSet
• Best credit risk solution provider – Bloomberg (Bloomberg Credit Risk)
• Best market surveillance provider – LeapXpert (The LeapXpert Communications Platform)
• Best reporting system provider – Moody’s (Moody’s Reporting Studio)
• Best accounting system provider – FIS (FIS Global Securities Processing Platform, formerly Torstone)
• Best cyber-security provider – LexisNexis Risk Solutions (LexisNexis ThreatMetrix)
• Best reconciliation management provider – SmartStream Technologies (TLM Reconciliations Premium
• Best outsourcing service provider – Devexperts
• Best trading floor communication system provider – LeapXpert (The LeapXpert Communications Platform)
• Best network provider – IPC Systems (IPC Network Services)
• Best mobile solutions provider – Devexperts (DXtrade)
• Best cloud-based application provider – SS&C Technologies (Eze Eclipse)
• Best cloud infrastructure provider – SS&C Technologies (SS&C Aloha)