Sash Sarangi

The offering will allow LINK users to access currency-related insights and stay on top of major market news which may influence currency values, through using EMAlpha’s multilingual AI-powered information flow scanning and summarisation tool available on the platform. 

Michael O’Malley, head of LINK at State Street, said: “Leveraging EMAlpha will help our clients make more informed decisions allowing us to provide the most optimal services to our clients. We are pleased to be able to deliver the most timely, relevant, and accurate market information as we combine our award-winning suite of electronic trading platforms with EMAlpha’s advanced AI solutions.” 

The integration also marks LINK’s first third-party integration onto the ‘smart desktop’ platform, which provides clients with a space to create and operate easy-to-deploy customisable trading and workflow solutions.  

State Street has said that the integrated tool will allow trading and investment professionals to access and react to real-time global information, and aims to provide a deeper view of market sentiment. 

The offering is also expected contribute to informed decision making, particularly in periods of market volatility, without the challenges of location, medium or language.  

“Our team is proud to partner with State Street GlobalLINK and to have the opportunity to share our AI and data-driven insights and actionable solutions with clients of LINK,” said Sash Sarangi, founder and chief executive of EMAlpha.  

“Our multilingual AI model will allow LINK users to access real-time information, providing a deeper understanding of market sentiment from many different language sources, optimising the way traders strategise and help them make better decisions.” 

Read more – State Street unveils updates to its digital trading and FX platform 

The move marks a recent development for LINK which was launched in February 2025 as an update to State Street’s suite of trading solutions, GlobalLink. 

The platform replaced GlobalLink Digital, as part of the firm’s comprehensive rebranding effort, and is designed to compile an array of trading, analytics and research solutions into a single digital environment. 

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Chris McConville

The firm has said that the new offering, called KCx Spark, adapts to modern trading, and addresses market needs including securing best execution, reducing latency, managing impact and adapting to fast-changing conditions by efficiently routing orders across venues.  

Chris McConville, Kepler Cheuvreux’s global head of execution services and trading, said: “KCx Spark is the first module launched on KCx Omni, our next-generation, event-driven execution platform integrating algo engines, OMS, EMS, TCA analytics, portfolio optimisation, and IOI workflows.” 

The new SOR also leverages advanced quant models and level 3 data from historical market data and analytics provider, BMLL Technologies, with the aim of enhancing algo performance.  

Kepler Cheuvreux has also said that clients will be able to use KCx’s employment of time-order delivery to mitigate latency arbitrage.  

Read more – Kepler Cheuvreux’s KCx launches MENA execution access 

BMLL Technologies chief executive, Paul Humphrey, said in a statement on social media: “BMLL is proud to support Kepler Cheuvrex’s KCx Spark, their new SOR with accurate and timely data powering quality execution. We obsess over the detail of the data, ensuring its quality so our clients do have to, allowing them to focus on innovation and R&D to improve performance.” 

Read more – Kepler Cheuvreux launches Asia-Pacific direct market access 

The new offering follows a drive in expansion for KCx in recent months. In January 2025, the division expanded its execution access to the Middle East and Northern Africa (MENA), following the announcement on new direct market access (DMA) capabilities in the Asia-Pacific markets in December.  

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XTP Risk Janus is an intraday solution for pre-trade to post-trade risk management. 

The new development has been created by LIST, an ION company, and integrates the XTP Risk Janus and its Margin Engine often used in cleared derivatives trading, to improve the accuracy of CME’s SPAN2 Approximation algorithm, launched in 2023.  

The solution, which has been enhanced using AI, is expected to allow traders to obtain faster and more precise margin estimates, improving decision making and risk control outcomes in real-time.  

“We explored the possibility of using AI to apply a correction factor to SPAN2 Approximation to bring it closer to the original SPAN2 calculations,” said Riccardo Bernini, head of the financial engineering team at LIST.  

“The outcome is surprisingly good and gives our clients faster, more precise margin estimates. It ensures that they can effectively manage risk and make informed trading decisions with the speed required for pre-trade validation.” 

The new model integrates the CME SPAN 2 deployable library to calculate CME margin requirements for cleared derivatives trading and provides the option to use the group’s later algorithm, CME SPAN2 Approximation when quicker calculations are needed.  

ION has said the innovation will address issues associated with the CME SPAN 2 original model. Through improving the accuracy of CME’s SPAN 2 Approximation calculations with AI, LIST’s solution is expected to produce results which closely match the original model while also maintaining speed-efficient pre-trade validation.  

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Tanuja Randery

The announcement marks an extension of LSEG and AWS’ multi-year collaboration and will see the exchange migrate its internal systems to the cloud. 

The move is also expected to improve the exchange’s strength and security during client interactions and provide faster and more accurate risk analysis to LSEG’s risk intelligence division by incorporating generative AI platform, Amazon Bedrock.  

Daniel Maguire, group head of markets at LSEG, said: “Our ongoing collaboration with AWS is an important part of the group’s cloud strategy. LSEG’s role as a leading global market infrastructure and data provider means that operational resilience is the foundation of everything we do – and cloud services are the cornerstone of our approach.” 

LSEG clients will be able to continue using historical, quantitative FTSE Russell indices through AWS, which is expected to address challenges of time-to-insight and operational costs by allowing for deep access to market trends and patterns.  

“AWS has deep expertise in meeting the unique needs of financial markets participants around the world, and we are excited about the opportunity to scale our work with LSEG,” said Tanuja Randery, AWS EMEA managing director. 

Read more – LSEG and Murex expand connectivity via AWS to improve real time cloud data services 

The partnership between LSEG and AWS has been ongoing since 2017, when the exchange began migrating some of its workloads to the provider, with the aim of modernising its infrastructure and increasing efficiency. 

In May 2023, LSEG used AWS to expand its connectivity with capital markets trading and risk solutions provider, Murex, and enhance real time data services for clients. The move allowed Murex’s MX.3 platform to be integrated with LSEG’s Real-Time – Optimized (RTO) cloud-based data solution when hosted on AWS.  

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Steve Miele

The move will allow buy-side trading desks to connect to nominated brokers on the Turquoise Plato Block Discovery trading service, providing increased control over block orders and self-directed orders to Turquoise and enhancing liquidity while reducing market impact. 

The offering is set to go live in H2 2025, subject to regulatory approval, and will be made available through LeveL Markets’ platform, Luminex.  

“We are delighted to partner with LeveL Markets to expand our dark trading offering on Turquoise and to launch our new solution for large block trading,” said chief executive of Turquoise Global, Adam Wood.  

“This further underlines our commitment to providing our members with diverse sources of liquidity and working with the market to deliver increased efficiencies and functionality across our equity trading services.”  

Read more – Turquoise and Plato draw commercial partnership to a close  

 The Luminex platform aims to provide buy-side clients with an anonymous, non-quoted trading destination to source block liquidity while reducing market impact through its proprietary user interface.  

Steve Miele, chief executive of LeveL Markets, LLC, said: “With the launch of this exciting partnership with Turquoise, we are able to further deliver on our purpose to satisfy the liquidity needs of buy-side firms. Through our trading solutions and Turquoise’s new block manual conditional order type, this collaboration will enable users to source further block liquidity while reducing market impact.” 

 The new collaboration with LeveL Markets follows the end of Turquoise’s commercial relationship with Plato Partnership announced in July 2024, which had seen the pair working together to drive change in best practice guidance and deliver increased efficiencies in anonymous European equity block trading.  

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Peter Eliades

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Benjamin Lucas

The partnership combines Amundi Technology’s platform for asset managers, insurers, pension funds and family offices, ALTO Investment with Murex’s OTC front-to-back solution. 

Through the use of ALTO’s portfolio management features and integrated market data, the combined offering is expected to meet evolving market demands by enabling asset managers to make informed decisions while reducing operational risks. 

Murex president, Maroun Eddé said: “Through this new agreement, Amundi Technology clients will have access to Murex’s extensive global OTC derivatives coverage, which is used daily by Amundi Group’s asset management companies around the world.  

“The integration of Murex’s market-leading OTC derivatives capabilities will support ALTO client expansion into the most complex portfolio strategies.” 

The partnership also integrates Murex’s risk platform MX.3, which aims to enhance operational efficiency and achieve more accurate assessments by providing advanced tools for managing OTC derivatives, including payoff modelling, lifecycle event management and insightful risk analytics.  

The two firms have worked together since 2007, and Amundi manages its OTC derivatives portfolios front-to-back through leveraging MX.3. 

Benjamin Lucas, chief executive of Amundi Technology said: “ALTO clients can now have the OTC processing power they need through our partnership with Murex, all in a single solution provided by Amundi Technology.  

“This is another example of how an open architecture can help investment managers to simplify their operating models by connecting market-leading solutions in a single platform.”

Read more – Migration to Murex’s MX.3 platform

Murex’s platform MX.3 has gained traction in recent years. In May 2024 Commerzbank migrated its foreign exchange, commodities, derivatives, and equities onto it. 

Similarly, expansion in May 2023 meant that MX.3 could be directly connected to the London Stock Exchange’s real time market data service, Real-Time – Optimised (RTO), when hosted on Amazon Web Services.  

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The development will see the trading platform leverage CobaltFX’s Dynamic Credit process to achieve more flexible and scalable trade execution by optimising credit intermediation, reducing operational risk and enhancing liquidity efficiency.  

24 Exchange has said that the partnership will allow counterparties to pre-set credit relationships and allocate available credit based on real-time trading conditions.   

Jason Woerz, president of 24 Exchange, said: “We are thrilled to be live with FX swaps trading and to offer our clients a more efficient, cost-effective trading environment. The collaboration with CobaltFX, allows us to redefine how credit is managed in the FX market, giving participants unprecedented access to liquidity.” 

Cobalt relaunched as CobaltFX following its acquisition in December 2022 by United Fintech, with a complete focus on foreign exchange in what chief executive Marc Levin described at the time as “returning to the company’s roots”.

This latest development is also expected to address challenges which often face the FX swaps market, including credit limitations, operational inefficiencies, pre-funding constraints and settlement risks to allow traders to access deeper liquidity pools and execute larger trades.

Read more – BNP Paribas expands CobaltFX relationship to streamline bank credit allocation

“24 Exchange’s adoption of our Dynamic Credit process is a testament to its ability to revolutionise credit management in FX markets,” said Darren Coote, chief executive of CobaltFX. 

“By optimising credit usage in real-time, we are helping the industry reduce risk while increasing efficiency and transparency.” 

In November 2024 the US Securities and Exchange Commission approved 24 Exchange in an effort to “significantly expand trading outside of regular trading hours” for NMS stocks. 

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The global fintech has said that its Digital Assets Solutions will address the growing demand for disclosure and governance solutions for cryptocurrency and tokenised assets.

Broadridge claims the solutions will bolster investment democratisation, by ensuring regulatory compliance while enhancing investor education.

“Broadridge’s new Digital Asset Solutions will enable investors to better access, understand, and monitor these digital assets across the full range of intermediaries and exchanges offering these products,” said co-president of Broadridge’s investor communication solutions business, Mike Tae.

“We have drawn on our deep expertise in helping tens of millions of main street investors better understand their equity and fund investments to develop solutions that will bring similar transparency to digital assets.”

A crypto asset disclosure survey carried out by Broadridge found that investors need better access to basic information in the crypto and digital assets space, which can often be difficult to reach due to being both on-and off-chain.

In October 2024 the company launched Broadridge ClearFi as a component of Broadridge Digital Asset Solutions, designed to help investors and advisers access, understand and monitor their digital asset investments more quickly and efficiently.

The company also claims that the solution can evaluate digital assets by consolidating data taken from hundreds of trusted sources to increase transparency and investor education.

Aviad Stein, head of Digital Asset Solutions at Broadridge said: “Broadridge Digital Asset Solutions bridges the gap between traditional finance (TradFi) and decentralised finance (DeFi) offering services designed for cryptocurrency exchanges, traditional broker/dealers, wealth managers, digital asset custodians, and investors.”

“We are empowering financial institutions to innovate and grow while providing investors with the necessary tools to make informed decisions in an increasingly complex market.”

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The Real-Time Events Data offering focuses on the option to subscribe to real-time, push-based updates which “only cover events of interest”, as opposed to “a firehose of information” – aiming to automate the full spectrum of workflows.

Specifically, the notification-driven market event feeds extracts and normalises data from unstructured sources and enhanced the Bloomberg Market Data Feed (B-PIPE).

Colette Garcia, global head of enterprise data real-time content at Bloomberg, explains: “Events data has traditionally posed challenges for front-office professionals due to fragmented disclosures and required manual searches across sources, time-sensitivity of the data, and the need to monitor up to thousands of tickers at once. 

“As the front-office embraces automation to navigate evolving market conditions driven by regulation, multi-asset trading strategies and volatility, Bloomberg is committed to delivering real-time events data alongside B-PIPE market data to empower customers to make informed, data-centric decisions for immediate alpha capture and effective risk management.”

The solution is also set to be further supplemented later this year with information around corporate earnings, corporate events calendar, and economic releases.

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