As part of the deal, clients of FactSet will be able to connect to Tradefeedr’s analytics services via its Portware EMS.

“Our clients are increasingly demanding advanced FX analytics, to inform their decisions and improve trading outcomes,” said John Marchese, VP head of FX EMS sales at FactSet.

“Integrating Tradefeedr’s API into our EMS will inform pre-trade decision-making about the execution of particular trades, providing high levels of automation and data-driven recommendations based on data.”

Clients will also be able to access a new pre-trade decision making service which will enable asset managers and hedge funds using the Portware EMS to select algo execution or request for market, as well as selecting a liquidity provider to use depending on requirements.

“This collaboration with FactSet automatically provides clients with a cohesive and transparent view of trading data, enabling more astute decision-making,” said Balraj Bassi, chief executive and co-founder of Tradefeedr.

“Our network of clients, LPs, venues and EMS partners continues to grow, meaning that the Tradefeedr APIs are fast becoming the new standard for trading analysis, decision support and buy-side to sell-side collaboration. This connection enables us to bring new asset manager clients to the Tradefeedr network, which will enhance market transparency, and further improve FX analytics for the benefit of all participants.”

FactSet is not the only EMS or execution platform to be built out to by Tradefeedr in the last 12 months.

In September last year, the firm confirmed a partnership with FlexTRADER EMS, aimed at expanding FX pre-trade forecast data.

It also integrated with LSEG FX in February in a deal aimed at expanding FX execution optionality by building out to LSEG’s FX trading ecosystem and FXall platform.

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In his new role, Bhat will be responsible for collaboration with front-to-back asset serving platform, State Street Alpha, as well as overseeing all business in the region.

Speaking to his appointment, Bhat said: “I am delighted to be joining CRD at a time of exceptional demand and excited to work closely with our Charles River and State Street Alpha clients, continuing our open partnership model that has been at the core of our success. 

“I look forward to working with my new colleagues to build on growth and expansion in the region.”

Prior to joining CRD, Bhat worked in various senior positions over 25 years, focused on sales, consulting, and engineering. Before joining FactSet, he spent a decade at Tata Consultancy Services.

Spiros Giannaros, chief executive and president of CRD highlighted that Bhat’s primary location in Singapore will allow him to work closely with the broader State Street organisation, specifically on go-to market initiatives and client servicing.

He also added: “In addition to his responsibilities for Charles River APAC, Vin will have client and commercial oversight of the Middle East and take on committee chair for a newly formed alpha APAC executive committee.” 

State Street confirmed plans to acquire buy-side front office services provider Charles River Development in a landmark $2.6 billion deal back in July 2018.

CRD’s flagship Investment Management Solution (IMS) automates front and middle office processes for buy-side firms in more than 40 countries, including 50 of the top 100 asset managers that in aggregate have more than $25 trillion in assets under management.

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FactSet Portware EMS has also made a new functionality available, ‘Live Watchlist’, allowing buy-side institutions to assess the viability of executing larger ADV orders without alerting the market.

Appital Insights went live in September 2023, helping unlock liquidity unavailable through traditional electronic trading venues. The offering allows buy-side traders and portfolio managers to gain exposure to liquidity events in relevant equities that meet their minimum average daily volume (ADV) or pricing thresholds, alongside being able to execute large or illiquid equity trades before entering the market via Appital Turquoise BookBuilder.

Read more: Appital launches new initiative to help buy-side unlock liquidity

“Portware clients will benefit from a synchronised and dynamic update of their ‘Live Watchlist’ in Appital, allowing them to assess the viability of executing larger ADV orders without risking information leakage or price erosion,” said Mark Badrya, chief executive of Appital.

“Asset managers expose orders to Appital Insights without fear of signalling to the market because there is no matching or execution at this level of platform interaction. They know that Appital Insights does not impact ‘on-screen’ prices and they retain full control of the order.”

According to the business, 40 asset managers with more than $15 trillion AUM are now signed up –  with over 60 in the onboarding stage – up from 22 asset managers in August 2023, when Appital Insights was first launched.

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Blair Hawthorne

The Portware platform, utilised globally by buy-side traders, is an advanced, multi-asset EMS providing access to diverse market participants and liquidity destinations. 

Specifically, LoopFX’s ‘peer-to-bank’ matching engine technology is set to be embedded into Portware to allow FactSet clients to access the offering directly in the existing workflow on the desk.

Chris Matsko, head of foreign exchange trading services at FactSet, said: “This announcement showcases FactSet’s dedication to enhancing our products by working with innovative solutions that provide the best possible outcomes to our valued clients.”

Read more: FactSet on trends within buy-side trading

LoopFX serves both the buy- and sell-side, sourcing large block liquidity in a dark pool and eliminating information leakage, reducing trading costs, and improving execution processes for FX trades over $10 million. It matches asset managers and banks at an independent market mid-rate. 

“Portware is a trusted hub for some of the world’s largest asset managers whose clients now have direct access to LoopFX functionality within their preferred workflows,” said Blair Hawthorne, founder and chief executive of LoopFX.

Back in July 2022, State Street partnered with FactSet to streamline data flows across the front, middle and back-office through the State Street Alpha’s data platform, promising an improved experience from client portals for equity, fixed income and multi-asset strategies.

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FactSet and BMLL’s initial offering will include Market by Price Level 2 Tick History, which aims to resolve data quality challenges associated with current industry Level 2 offerings.

The new offering builds upon BMLL’s historical Level 3 data engineering capabilities, allowing FactSet to bring an improved Level 2 product to market, providing clients with deep market insights and real-time data.

BMLL’s cloud-native data and analytics will provide the depth of venue coverage needed by FactSet’s clients across a range of use cases including quant research, back test, best execution, transaction cost analysis, compliance, surveillance and risk.

The collaboration comes as part of FactSet’s strategy to provide cloud solutions that help clients improve and modernise their market data technology, as well as expanding the firm’s real-time data and tick history capabilities.

FactSet’s joint solution with BMLL will allow clients to access Level 2 Data on a common delivery platform which FactSet claims will accelerate research, optimise workflow and trading strategies, and generate alpha.

“BMLL is a specialist provider of historic Level 3 Data. Our unique industry-leading normalisation and harmonisation processes, capturing every message at nanosecond precision timestamps, enable us to deliver the cleanest market data available anywhere in capital markets,” said Paul Humphrey, chief executive of BMLL.

The move follows BMLL’s latest $26 million Series B funding round, which was co-led by FactSet, among others, to provide market participants with the ability to make more informed investment decisions by accessing improved data and analytics.

“Through our collaboration and investment in BMLL, FactSet is empowering a broader set of clients and democratising access to rich insights derived from the full depth of historic order book data, which was previously only available to those with dedicated infrastructure and in-house capabilities to curate this level of data and analytics,” said Jonathan Reeve, EVP, head of content and technology solutions at FactSet.

“We share a common vision with BMLL and look forward to delivering a differentiated advantage to our clients by leveraging the full power of Level 3 granular tick data.”

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big xyt

big xyt provides independent smart data and analytics solutions to the global trading and investment community. The market data provider allows firms to process and normalise large data sets on demand and in real time, allowing execution performance to be analysed, compliance with regulatory standards, and to reduce the complexity and costs of technology and operational requirements.

big xyt’s security analytics solution, Liquidity Cockpit, helped position the firm as an independent reference for equity market structure, alongside serving as a building block for more accurate benchmarking of global execution strategies. In addition, Open TCA, which is used for execution analytics, is redefining independent analysis with optimal flexibility for the user, according to big xyt. The firm provides actionable insights for complex markets, while providing flexibility for data scientists and clarity for decision makers.

Over the past year, big xyt has partnered with a number of firms to improve market data access. In November last year, big xyt and ETFbook partnered to improve transparency in European ETF/Ps. The partnership looked to make it easier to identify available products across any segment or exposure. In February, big xyt partnered with Cambridge University to launch a Global Exchanges Directory to centralise key information on major exchanges into a single portal for easy reference.

Elsewhere, Cowen Execution Services integrated big xyt data to drive European equities trading growth. The integration offers additional market structure visibility and provides clients with access to liquidity opportunities, Cowen said.

BMLL

BMLL Technologies is a provider of harmonised, Level 3 historical data and analytics to the world’s capital markets participants. The firm offers banks, brokers, asset managers, hedge funds, global exchange groups and academic institutions immediate and flexible access to the most granular Level 3, T+1 order book data and advanced analytics, in a harmonised format.

Over the last 14 months, the company claims to have doubled  its revenue alongside adding Tier 1 clients including investment banks, exchanges, buy-side firms and regulators. In March, BMLL expanded geographically, with Tim Baker appointed as senior adviser, responsible for growing the firm’s US client base, and developing and implementing the company’s growth strategy in the region.

In November 2021, BMLL expanded into futures, offering full-depth Level 3 futures order book data from CME, Eurex and ICE in one harmonised format. Full-depth order book data covers equity indices, fixed income, short-term interest rates, commodities, cryptocurrencies and FX.

Elsewhere, BMLL introduced the Exchange Market Participant Analytics (EMPA) service in November last year – a managed service for exchanges to better analyse and understand their market participants. The service allows exchanges to analyse and report on granular executions per liquidity provider to benchmark and report activity. 

In February, BMLL also became one of the founding members of the Sustainable Trading initiative, a membership network set up by industry veteran, Duncan Higgins, to drive positive change in the financial markets trading industry by helping firms improve the ESG performance of their trading businesses.

Bloomberg

Bloomberg’s market data feed generates value from data across the enterprise. A consolidated feed from 35 million instruments provides normalised data, enhancing analysis and decisions from front-office to operations. Bloomberg offers flexible delivery options including cloud and API, and with timely accurate data, enterprises are able to capture opportunities, evaluate risk and ensure compliance in fast-moving markets.

The Bloomberg Market Data Feed (B-PIPE) offers global connectivity to consolidated, normalised market data in real time. B-PIPE, which was built for the front-office, provides coverage of all the same asset classes as the Bloomberg Terminal.

Over the past year, Bloomberg has collaborated with a range of companies to offer improved market data access. In March, Bloomberg launched real-time data access on Google cloud. The Google cloud collaboration gives both front and back-office professionals access to Bloomberg’s tick-for-tick data and real-time analytics services.

In July, GAM Investments integrated a suite of solutions from Bloomberg in a bid to simplify its risk and portfolio management capabilities. The asset manager will use the suite of buy-side solutions to manage market risk exposure and liquidity and investment risk.

In June, Bloomberg revealed plans to launch new set of tradable trackers based on its own indices. Tradeable Trackers, the new indices set to launch in Q4, are expected to deepen liquidity and improve intraday price transparency.

FactSet

FactSet offers data solutions that powers users’ investment workflows with hundreds of fundamental and alternative datasets backed by advanced data connectivity. FactSet offers over 40 years of data collection, integration, and management behind clients’ investment strategy and leverages open technology and flexible delivery options to maximise the value of clients’ data. The firm allows users to monitor global markets, research public and private companies, and gain industry-level insight with multi-asset class coverage, governance, and linking of financials, estimates, debt, ESG, news and research, and more.

In December last year, FactSet snapped up CUSIP as S&P Global ended its more than 50-year relationship with the company. As part of the acquisition, ‘Gold standard’ for securities identifiers, CUSIP became part of FactSet Content and Technology Solutions.

On the EMS side, FactSet has partnered with a couple of firms over the past year. BlackRock continued its Aladdin expansion with FactSet EMS integration in February this year. The multi-year partnership sees mutual clients of FactSet’s EMS and BlackRock’s flagship platform optimise trading workflows through a turnkey solution. Elsewhere, FactSet expanded its asset class offering with new fixed income trading capabilities. The offering on FactSet’s Portware trading solution allows clients to trade efficiently across more asset classes.

In July, State Street streamlined data flows through a partnership with FactSet. The collaboration promised an improved experience from client portals for equity, fixed income and multi-asset strategies.

Parameta Solutions, TP ICAP

Last year, Interdealer broker TP ICAP rebranded its data and analytics division and combined it with the post-trade business under one umbrella. Operating as Parameta Solutions, the new division includes TP ICAP’s data and analytics products and solutions with post-trade services. 

Parameta Solutions, TP ICAP offers OTC market data, from pre- to post-trade, which helps clients manage complex markets more effectively. The firm’s global platform offers clients access to scarce and valuable OTC market data and information-led products.

Parameta Solutions draws data from brands in the industry, including Tullett Prebon, ICAP and PVM, and covers all major asset classes.TP ICAP’s portfolio of brands offers deep liquidity pools and the firm’s pricing sources, technology infrastructure and delivery options help clients address their challenges. In addition, the company supports clients in meeting regulatory requirements, managing risk, improving operational efficiency and implementing new technology.

In August, Parameta Solutions partnered with PeerNova to launch a consensus network for independent price valuation. The two firms claimed that the service improves both business resilience and regulatory response by addressing the evolving risk environments for price valuation and control groups at banks globally.

The post Leaders in Trading 2022: Meet the nominees for…. Outstanding Market Data Provider appeared first on The TRADE.

State Street has partnered with FactSet to streamline data flows across the front, middle and back-office through State Street Alpha’s data platform. 

The two companies expect the partnership to provide clients with an improved experience from client portals for equity, fixed income and multi-asset strategies through to custody.  

“Data is at heart of our Alpha strategy,” explained John Plansky, head of State Street Alpha. “This partnership furthers our Alpha strategy by now enabling clients to create and analyse portfolios using FactSet.” 

The integration promises greater portfolio analytics for clients, with intra-day updates as trades are executed and allocated in Charles River. Proposed trades in FactSet will transfer to Charles River for compliance and order management. 

“Our clients consistently tell us that they are forging deeper, more strategic relationships with fewer partners and they expect their resulting partners to increasingly collaborate to better support them,” said Phil Snow, FactSet’s CEO. “This partnership exemplifies that concept, and I am thrilled that we are bringing our teams together to put clients first.” 

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Sources familiar with the matter informed The TRADE that Newton Investment Management has appointed buy-side veteran, Jason Reeve, in an unconfirmed title. Reeve joins Newton Investment Management from Sloane Robinson, where he spent 21 and a half years as a partner and head of trading. The appointment marks the second major buy-side move in the last weeks, following Millennium’s appointment of Staskus.

In an effort to aid the expansion of its ecosystem, FactSet has appointed Joel Kornblum to work with its partnerships and alliances team. Joining FactSet from BNY Mellon, Kornblum brings a wealth of experience across the end-to-end investment operational process to the role: including experience in investment data management, performance measurement and investment accounting.

Bank of America has appointed Robert Mackenzie Smith as vice president of electronic trading and market structure for its fixed income, currency and commodities (FICC) business. Smith joins Bank of America from Bloomberg, where he spent the last 10 months as a senior research analyst for financial market structure, based in New York.

Adding to the ongoing trend which has seen numerous senior figures entering the crypto space from the conventional markets, crypto financial services provider Babel Finance has appointed Yang Song as head of treasury. Song joins from Commerzbank, where he spent 12 years, most recently as vice president of treasury. The newly created treasury role is designed to help the company expand the scope of its services to more diverse client groups.

Following a successful $110 million Series D funding round, foreign exchange novation platform provider, Capitolis, confirmed that it has expanded its employee base by 50% compared to the same period last year. Capitolis has welcomed a number of major strategic recruits and notable promotions across its New York and Tel Aviv offices as part of its expansion. Among the additions, Lindsey Baptise was promoted to chief financial officer. Meanwhile, Leon Leviner joined the company as head of FX engineering, responsible for the delivery of the FX compression products. Elsewhere, Ben Townson joined the product team as vice president, head of product management for compression; Milos Marinkovic joins as vice president, engineering; Sofiane Nait-Saidi joined the Capitolis capital labs team as vice president, quantitative strategy; and finally, Stephen Fanale joined as algorithm team lead.

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Kornblum brings considerable experience across the end-to-end investment operational process to the role: including experience in investment data management, performance measurement and investment accounting.

Kornblum joins FactSet from BNY Mellon, where he most recently oversaw strategic consulting for BNY Mellon’s OMNI Digital Services.

Prior to that, he served as global head of strategic alliances and consultant relations for BNY Mellon’s data and analytics solutions.

Kornblum previously served as vice president of sales at Eagle Investment Systems, before it was acquired by BNY Mellon.

Later roles at Eagle Investment Systems included regional sales director and global head of strategic alliances and consultant relations.

“I look forward to working with and further collaborating with so many of you in the near future, while also building new relationships,” said Kornblum in a LinkedIn post announcing his appointment.

Earlier this month, equity capital marketplace, Appital, integrated with FactSet’s Portware Enterprise execution management system (EMS) to provide mutual clients with access to its bookbuilding platform. Buy-side traders will be provided with more transparent bookbuilding and price formation through the integration.

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The integration will enable buy-side traders to place larger orders or participate in additional liquidity opportunities. In response to increased client demand, it will also provide the buy-side with a more efficient and transparent way to execute large-in-size orders with reduced market impact or risk of price erosion.

Buy-side traders looking to execute large orders in excess of five days ADV, including in highly illiquid, small and mid-cap stocks, will have access to real-time visibility and increased control over the bookbuilding and deal distribution process.

“The buy-side is constantly looking for innovative ways to optimise execution, and liquidity discovery is crucial for our clients, particularly in less liquid markets,” said Rob Watts, director, strategy and product management, trading solutions at FactSet.

“Appital automatically alerts them to new liquidity opportunities within Portware, enabling them to efficiently execute size without information leakage.”

In December last year, Appital began the onboarding of buy-side firms ahead of its platform launch scheduled for later this later, with more than 30 asset managers taking the necessary legal and technical steps to join Appital at launch.

In January, Instinet announced that it was set to be the first executing broker to join Appital’s platform ahead of its launch. Most recently, Bernstein became the latest broker to join the platform.

“Bringing the bookbuilding process inside the EMS infrastructure with FactSet’s Portware is a significant step forward, reducing the risks inherent in the traditional phone and email processes,” said Brian Guckian, chief development officer of Appital.

“They can proactively source liquidity and efficiently drive the bookbuilding process in real time on one automated platform.”

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