Oliver Haste

This move has allowed stakeholders insight into what CTs could look like, aimed at allowing participants to begin planning for how they might use the tapes.

Oliver Haste, chief administrative officer, designate, Bondtape, said: “These prototypes show the market that we are already capable of delivering robust, high-quality tapes and that we are committed to working together with the industry to develop the best product. 

“While these prototypes are only a small window into what the final tapes will look like, we believe in the power of demonstrating working products as early as possible to inspire confidence and seek actionable feedback.” 

Focused on both the EU and UK’s transparency regimes respectively, the prototypes consist of a ‘blotter’ each, comprised of the trade reports published on a given day. 

Specifically, the blotter updates intraday and includes a sorting and filtering functionality, allowing users to search by: maturities, venues, specific sets of international securities identification numbers (ISINs), and other areas. 

Read more: EU and UK regulators reveal updated plans for bond tape frameworks

According to Bondtape, the prototype “includes a functionality to ‘cleanse’ the reports, removing ‘out-of-date’ entries and leaving only the most recent, accurate version of a trade report,” importantly meeting FCA requirements for providers to offer both ‘raw’ and ‘clean’ data, which when used in practice work to prevent the ‘double-counting’ of trades.

The post Bond CTP contender Bondtape launches live prototypes for UK and EU appeared first on The TRADE.

Allen Zimmerman, SimCorp

The move will enable SimCorp to complement its Axioma risk models and portfolio construction capabilities with Yield Book’s fixed income analytics to deliver analytics for securitised debt.  

Yield Book products provide analytical insight into financial products in the fixed income sphere, including government and corporate bonds, US municipal bonds, mortgages and asset-backed securities and derivatives. 

This integration will provide SimCorp clients with improved access to fixed income analytics including risk forecasting, sensitivity analysis, stress testing and factor-based decomposition of risk.  

These capabilities aim to help institutional investors to address risk factors that are specific to this asset class and help them make better investment and risk decisions. 

Read more: Fireside Friday with… Yield Book’s Emily Prince 

“This partnership extends the depth of our fixed income capabilities by leveraging Yield Book’s market-renowned prepayment models and analytics directly within our products to support the most sophisticated fixed income and multi-asset managers,” said Allen Zimmerman, managing director, head of Americas at SimCorp. 

“This is another step toward enabling faster and more informed investment decisions.”  

This latest development builds on SimCorp’s existing collaboration with LSEG Data and Analytics for market and reference data, established in 2024, allowing for improved access to LSEG data across the investment platform SimCorp One. 

“The integration of Yield Book’s best-in-class fixed income analytics with Axioma Risk enables more clients with market-leading data, analytics and risk management tools at their fingertips,” said Emily Prince, group head of analytics at LSEG. 

The post SimCorp and Yield Book partner on analytics suite integration appeared first on The TRADE.

The solution is specifically set to help with Fundamental Review of the Trading Book (FRTB) demanding data requirements – wherein the body requires those institutions which implement rules via their own market risk models, to access reliable data. 

Namely, accurate and comprehensive data – specifically regarding cross-asset class financial instruments traded in regulated and over-the-counter (OTC) markets.

Fausto Marseglia, head of product management, FRTB and regulatory propositions at LSEG, further explained: “The independent audit of our solution reaffirms its accuracy and regulatory compliance. With our broad data coverage and trusted partnerships with major global market infrastructure providers, we are confident that we can help Deutsche Bank meet the complex requirements of FRTB.”

Currently, the largest FRTB data gap comes from OTC products – where LSEG’s coverage comes into play across both OTC and exchange traded derivatives instruments, through Tradeweb, LCH, Fenics Market Data, and Parameta Solutions.

Specifically, LSEG’s Trade Discovery offering aggregates data across: rates, credit, FX and equities.  

Piers Robson, FRTB initiative director at Deutsche Bank, said: “LSEG’s Trade Discovery solution provides us with comprehensive and trusted data to ensure our market risk models comply with regulation while supporting our fixed income business to retain its competitive edge in a dynamic market environment.”

The post Deutsche Bank selects LSEG compliance solution appeared first on The TRADE.

Andrew Ralich

Andrew Ralich, chief executive and co-founder of oneZero, said: “[The acquisition] underscores our commitment to delivering industry-first technology solutions, powered by data intelligence, that deliver unique value for our clients and foster loyalty with their customers. 

“Our vision for the future of capital markets – centred on customer focus and data-driven insights – dovetails perfectly with Autochartist technology and their commitment to driving retention, education and engagement through market data.”

Specifically, Autochartist’s cloud-based analytics and data engine will be integrated into oneZero’s market-leading offering. 

The deal follows on from Golden Gate Capital’s strategic investment into oneZero last November, at the time stated to be aimed at “fuelling both organic growth and strategic acquisitions”.

Read more: oneZero receives capital boost from new investor as it seeks to expand its role within the global OTC asset trading market

“Joining oneZero marks an exciting new chapter for Autochartist and our clients,” asserted Ilan Azbel, founder of Autochartist.

“Our clients will continue to benefit from the products and services they know and trust, now enhanced by oneZero’s industry-leading customer support, robust infrastructure, and extensive data resources.”

The post oneZero picks up automation business Autochartist appeared first on The TRADE.

The coverage expansion relates to LSEG’s Tick History Packet Capture (PCAP) product, and has also enhanced its low latency direct feeds, Real-Time-Direct (RTD) offering, with 105 feeds added to PCAP and 37 new markets added to RTD.

In addition, all PCAP data is now available in the cloud through AWS.

Stuart Brown, global head of data and feeds at LSEG, explained: “This expansion continues our low-latency strategy to meet the needs of our front-office customers and to provide market data across the entire latency spectrum.” 

Specifically, PCAP coverage expansion includes new feeds from 76 markets in EMEA, 14 in the Americas, and eight markets in APAC. These include: Johannesburg Stock Exchange, Shenzhen Stock Exchange and European Energy Exchange.

In addition, RTD’s services have been bolstered through the addition of 20 US equities and Canadian markets, and 17 global futures exchanges. The direct feeds expansion also includes a simplified architecture and lower latency, according to LSEG.

Read more: LSEG’s data and analytics head departs after 18 months

Market data has been a key discussion point so far this month, with a new report published on 4 February suggesting that exchanges are supplementing declining equity market revenues with higher market data prices, highlighting the fact that there are ‘no specific costs for producing market data’.

However, named trading venues in the report responded in turn, highlighting the findings full of “inaccuracies”, maintaining that the price of data is not only “fair” but also “transparent”.

Read more: Exchanges hit back at ‘inaccurate’ and ‘misleading’ accusations around market data costs

With market data access and costs among the top three market structure concerns for 2025, as reported in a recent JP Morgan survey, continued debate around this topic is set to continue, with significant changes to the status quo arguably unavoidable.

The post LSEG adds 105 feeds and 35 new markets to historical market data offering appeared first on The TRADE.

Over the last two years, BMLL has added more than 40 equities and futures datasets globally, covering 98% of the MSCI All Country World Index as of October 2024, and has also added more than 50 new trading venues globally over the last 18 months, as well as OPRA options data.

Speaking to The TRADE, Paul Humphrey, chief executive, BMLL, explains: “Our mission has always been to democratise access to the most granular order book data across the industry and help market participants make sense of liquidity dynamics, so they can improve their trading strategies.

“Expanding our derivatives coverage for Australia and South Africa is another step on our journey […] Our target remains MSCI Developed and Emerging economies. And in 2025 we will close out any remaining gaps!”

Read more: JSE SA Trade Connect 2024: Catching up to the global derivatives markets 

Specifically, JSE and ASX 24’s futures data has been onboarded, with full-depth level three order book data for ASX 24’s XSFE and JSE’s XSAF and ZFXM now available in the BMLL Data Lab.

Speaking in an announcement on social media, Humphrey also further asserted that the market should “expect this trend to continue”.

BMLL is continuing to focus on the growth of its operations. Last October, BMLL received a significant $21 million capital injection from an Optiver-led funding round which also included co-participation from existing investors FactSet, Nasdaq Ventures, IQ Capital’s Growth Fund, as well as additional investment from CTC Venture Capital.

The move followed BMLL’s Series B investment round in October 2022, which secured a $26 million strategic investment, and its Series A and seed funding rounds which raised $36 million.

The post BMLL adds ASX 24 and JSE to derivatives coverage appeared first on The TRADE.

Of those surveyed, 16% highlighted market data and costs as the top concern, while nearly 20% labelled it the second biggest market structure concern for this year. 

Market data has been a key discussion point this week, with a new report suggesting that exchanges are supplementing declining equity market revenues with higher market data prices, even with there being ‘no specific costs for producing market data’. 

Read more: Some exchanges pocketing nearly £5 billion from ‘inexplicable’ market data price rises, finds report 

Named exchanges in the report did, however, respond to these findings, labelling them ‘misleading’ and ‘inaccurate’.  

“The data presented in the report contains multiple errors and does not accurately present Turquoise’s trading volumes and market data costs,” said a spokesperson for LSEG. 

“The conclusions drawn in the report are therefore inaccurate and we will be contacting MSP to request the necessary extensive corrections throughout.” 

A Euronext spokesperson added: “An independent analysis commissioned by FESE and published by Oxera in September 2024, shows exchanges market data pricing remains reasonable, reflecting shifts in data consumption, evolving fee structures, and broader industry costs.” 

Furthermore, JP Morgan’s survey found that real-time data and analytics were the ‘most valued’ (30%) feature across all product categories and regions, indicating its critical importance to traders, the firm said. 

Looking at other tools, analytics and visuals to support trade idea generation were also found to be highly valued, with 17% of respondents choosing this tool. JP Morgan noted that this was particularly seen from traders based in the Americas, as well as across various product categories. 

“Exportable data and API solutions and axes have varying levels of importance depending on the product traded, with notable interest in certain categories like FX and precious metal options, and G10 Rates,” added JP Morgan in its report. 

Elsewhere, the findings also uncovered that access to liquidity was the top concern, highlighted by nearly 25% of respondents, while just over 20% respondents pinpointed regulatory change.  

Other key areas for concern according to those surveyed were: developments of financial market technology, market information leakage, execution costs and access to emerging and frontier markets. 

The survey – which received responses from more than 4,200 institutional and professional traders from 60 locations, across various asset classes – represents a “holistic view”, said JP Morgan. 

The post Market data access and costs a key market structure concern for 2025 appeared first on The TRADE.

While at LSEG he was also a member of the executive committee.

Singh boasts three decades of experience leading global businesses in data and analytics, capital markets, post-trade services, payments, and technology.  

His previous roles include stints as global head of securities services and head of global transaction bank, EMEA, at Deutsche Bank, head of custody and clearing, EMEA at Citi, and global head of sales at HSBC Securities Services. 

London-based Singh has also previously served in senior position at Mastercard and Euroclear.

Read more: Fireside Friday with… LSEG’s group head of analytics, Emily Prince

In his role at LSEG, Singh led LSEG’s global data and analytics businesses which included the Group’s flagship Workspace product – financial and real-time data and news for the financial community, as well as spearheading the development of new offerings through LSEG’s Microsoft partnership.

An LSEG spokesperson confirmed the move and told The TRADE: “LSEG’s data and analytics business continues to deliver strong momentum and, with the progress we have made, is very well positioned to innovate, drive change and grow. 

“Our leading capabilities in data, analytics, insights and news, together with our flagship Workspace product provide a platform for continued expansion.”

The post LSEG’s data and analytics head departs after 18 months appeared first on The TRADE.

The new development will see ThaiQuest gain access to the SIX financial data product suite through its data gateway designed for digital financial platforms, SIX Web API. 

The partnership seeks to bolster ThaiQuest’s data services by integrating market insights from SIX, offering its users more accurate market data and improving user experience.  

“We are delighted to partner with ThaiQuest and strengthen our support for financial markets across Asia,” said Matthew Nurse, global product director, financial information at SIX.  

“The financial data and API toolset from SIX is the ideal fit for digital applications and platforms, built for reliability and scale.” 

Read more: Fireside Friday with… SIX’s Marion Leslie 

The move will see market data from SIX fully integrated into ThaiQuest’s terminals, offering users access to improved financial information.   

Leveraging the SIX Web API, this partnership also enables efficient data processing, real-time delivery, and an enhanced user experience for financial professionals. 

In addition, the partnership comes as part of SIX’s goal to establish a strong presence in Asia. 

 “This partnership represents a step forward for ThaiQuest, as we continue to innovate and enhance our offerings,” said Pongsaya Hongswadhi, chief executive at ThaiQuest.  

“With the reliable data and modern API technology from SIX, we’re better equipped to serve our clients and meet the demands of a rapidly evolving financial landscape.” 

The post SIX enhances Asia market data access through partnership with ThaiQuest appeared first on The TRADE.

Released today, the new report by Market Structure Partners (MSP) entitled ‘There is no Market in Market Data’ revealed findings that suggest incumbent venues are supplementing dwindling equity market revenues and volumes with hikes in market data pricing, ultimately leading to what the paper calls “stifling of growth and innovation”.

Among the exchanges listed in the report are Euronext, Deutsche Börse, the London Stock Exchange Group’s Turquoise and Nasdaq Nordics.

Read more – Some exchanges pocketing nearly £5 billion from ‘inexplicable’ market data price rises, finds report

“The data presented in the report contains multiple errors and does not accurately present Turquoise’s trading volumes and market data costs,” said a spokesperson for LSEG.

“The conclusions drawn in the report are therefore inaccurate and we will be contacting MSP to request the necessary extensive corrections throughout.”

One example of an inaccuracy in the findings noted by LSEG are figures relating to its private investors data fees. The report claims that LSEG has increased its data fees for private investors by over 150% between 2017-2024.

“Market data for retail investors on Turquoise has always been free and there was no change in the LSE data charge for this community over this period,” continued the LSEG spokesperson. “Since January 2025, LSE fees for market data for retail have also been waived. Furthermore, all of LSEG’s equity trading entities are required to make Reasonable Commercial Basis disclosures.”

At the heart of MSP’s findings released on Tuesday is the claim that market data – which MSP argues should be a by-product of trading volumes – has grown to become a far larger revenue stream than it should be that is supplementing other business areas such as trading that are suffering from a lack of innovation and attention from exchanges.

In its findings, MSP claims that trading turnover on LSEG’s Turquoise reduced by 61% between 2020 and 2022. However, in the same period, market data revenues increased by 16.5%, according to the report.

Naming other specific venues, the report also found that between 2020 and 2023 – despite total equity markets transacting value reducing by 17% – Euronext only saw total equity market revenue decline by 0.5% thanks to an 8% uptick in market data revenue.

“An independent analysis commissioned by FESE and published by Oxera in September 2024, shows exchanges market data pricing remains reasonable, reflecting shifts in data consumption, evolving fee structures, and broader industry costs,” a Euronext spokesperson told The TRADE in response to the report.

The MSP report also names Deutsche Börse and Nasdaq Nordics.

In its findings it suggests that between 2020 and 2023, Deutsche Börse saw transacted value in equity markets reduced by 29%. Total equity market revenue, however, only declined by 12% due to a 10% increase in market data revenue.

The research on Nasdaq Nordics tells a similar story, seeing a 27% reduction in transacted value in equity markets between 2021 and 2023 but only seeing a 9% decline in total equity market revenue stemming from a 4% rise in market data revenue.

“The claim that exchange data fees are increasing is misleading; any price increases have been below inflation over the same period, and we are fully committed to fair and transparent pricing,” a spokesperson for Nasdaq Nordics told The TRADE.

“We are relentlessly focused on innovation and enhancing the resilience of our world class markets and data services, to ensure they keep up with the accelerating pace and sophistication of trading.”

Deutsche Börse did not respond to a request for comment at the time of publication.

The post Exchanges hit back at ‘inaccurate’ and ‘misleading’ accusations around market data costs appeared first on The TRADE.