Andrew Williams

The offering was initially launched with EUR/USD currency pairs in 2024, and the move now marks an expansion of multi-asset post-trade capabilities, with the GBP/USD offering accounting for approximately 75% of SwapAgent’s trading activity. 

According to the exchange, the offering is set to address market needs by allowing participants to target the majority of cross currency swaps through direct access to a single, authoritative data store – eliminating third party reliance and streamlining the compression process.  

Andrew Williams, chief executive of Post Trade Solutions at LSEG, said: “At Post Trade Solutions, we are continually looking for ways to improve the post trade landscape and enhance our services as the market evolves. Adding multilateral compression runs to currency pairs at SwapAgent that are most demanded by our network provides customers with material gross notional reduction while increasing efficiency.” 

The new offering is also expected to allow participants to reduce risk and optimise their portfolio by using quarterly compression runs with existing currency pairs, as well as achieve compression across their portfolios through targeting the inter-dealer cross currency market serviced by SwapAgent. 

SwapAgent forms part of LSEG’s post-trade division designed to mitigate risk and drive cost efficiencies, and has seen significant developments since the infrastructure was integrated into the exchange, such as sweeping risk into SwapAgent via regular and on-demand counterparty risk optimisation runs.  

The success of SwapAgent’s GBP/USD execution follows significant post-trade expansion for LSEG. In November 2022, the exchange was cleared to acquire portfolio optimisation services provider Quantile Group, with the aim of helping derivatives run smoother. 

Read more – LSEG expands multi-asset post-trade offering with Acadia acquisition 

This was also closely followed by the acquisition of Acadia in December 2022, which provides risk management, margining and collateral services for the uncleared derivatives markets.  

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The new functionality incorporates AI agents to support operations teams in converting data into actionable insights and covers fails research, inventory optimisation and email integration automation.  

The firm has said that the offering will address challenges such as issues across real-time operational intelligence and execution and aim to accelerate fail resolution, optimise capital deployment and reduce operational expenses. 

“We are continuously innovating and evolving OpsGPT to optimise how clients can better operate and grow, particularly by unlocking agentic capabilities to better manage risk, capital, and operational efficiency in today’s rapidly evolving trading environment,” said Quentin Limouzi, global head of post-trade at Broadridge. 

The new offering follows a drive in post-trade efficiency, as the industry prepares for Europe, Switzerland and the UK’s move to the T+1 settlement, scheduled for 11 October 2027, following the US’ shift in 2024. 

Limouzi added: “In response to shortened settlement cycles, escalating operational risks and increased cost of capital, firms need to invest in simplifying complex technology ecosystems and harmonise data to enable AI-powered automation.” 

Read more – Broadridge adds GenAI-powered analytics to improve multi-asset post-trade processing 

The solution is also set to significantly reduce resolution timelines and response cycles through using AI, and Broadridge has said that this new offering will establish a foundation for comprehensive workflow orchestration throughout the post-trade lifecycle.  

The addition of agentic capabilities follows recent OpsGPT enhancements in recent months. In January 2025, Broadridge added GenAI-powered analytics feature to its platform to bolster multi-asset post-trade processing and operational reporting. 

Read more – Broadridge launches buy-side AI-powered algo service 

The firm also launched a new artificial intelligence powered insights service in December 2024, aimed at arming the buy-side with better information around algorithmic strategies on NYFIX, the firm’s order routing network. 

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The expansion follows recent regulatory approval, and forms part of the clearinghouse’s push to become one of Europe’s leading multi-asset class central counterparty clearinghouses (CCPs).  

Cboe Clear Europe has said that ETPs set to be eligible for clearing will be subjected to specific criteria based on market capitalisation, as well as underlying asset availability and product types.  

Bitcoin, Ethereum, Tether, XRP and BNB are among the product types set to be included in the offering. 

“We are excited to broaden our clearing capabilities to encompass crypto-backed ETPs, marking another milestone in our mission to become a leading multi-asset class CCP in Europe,” said Vikesh Patel, president of Cboe Clear Europe.  

“As an organisation deeply committed to innovation and collaboration with clients to address their needs, we’re looking forward to enhancing the ability of investors to access to this evolving asset class through a highly regulated, trusted and proven market structure framework.” 

The clearinghouse has now said that it will take steps to begin working with the venues that list the eligible products.  

Read more – Cboe Clear Europe begins clearing of European Securities Financing Transactions 

Expansion of clearing services to cover a variety of assets has been a focus for Cboe Clear Europe in recent months. In March 2025, the clearinghouse announced that it had begun clearing of European Securities Financing Transactions (SFTs) in cash equities.  

The service was the first-of-its-kind to be offered and is expected to transform the bilateral process for SFTs for these asset classes into a centrally cleared model.  

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John McKenzie

The company, which serves as Canada’s equities and fixed income clearinghouse, designed the new infrastructure under its post-trade modernisation initiative (PTM), replacing certain legacy systems related to clearing and settlement, and depository and entitlement payments.  

Through upgrading the infrastructure, TMX claims that the evolving needs of marketplace participants, regulators, investors, financial institutions will be better served with enhanced security, simplified user interaction, and greater flexibility for future enhancements. 

“Post trade modernisation represents a game-changer for Canada’s equities, fixed income and OTC clearinghouse and a key milestone in the evolution of TMX,” said John McKenzie, chief executive of TMX Group. 

“The launch of the new platform advances our core technology capability and ultimately strengthens Canada’s ability to compete for global investment,” McKenzie continued. “TMX’s investment in clearing technology also delivers on our enterprise wide commitment to ensuring these critical systems are efficient, resilient and adaptive.” 

The newly upgraded infrastructure is powered by Tata Consultancy Service’s scalable and standards compliant clearing and settlement solution, TCS BaNCS for Market Infrastructure.  

The Toronto-based company has also said that the new platform will provide important upgrades to critical components of Canada’s capital markets infrastructure. 

Kevin Sampson, CDS president, said: “The successful completion of the complex PTM project is the culmination of a great deal of hard work by a dedicated team here across clearing and technology divisions, working in close collaboration with TCS, and our network of industry participants.”  

The move is also set to build into recent initiatives launched by the firm, such as its Canadian Collateral Management Service (CCMS) announced in 2024, which aims to optimise triparty collateral management and reduce operational risk.  

Read more – TMX VettaFi Acquires Credit Suisse bond index suite from UBS 

Most recently, TMX Group’s subsidiary acquired Credit Suisse bond indices from UBS in February 2025, in a push to bolster its fixed income index capabilities.  

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Andrew Douglas

The ValueExchange report – led by the UK Accelerated Settlement Taskforce and sponsored by Euroclear, the Depository Trust & Clearing Corporation (DTCC) and several industry associations – found that the majority of the 550 organisations surveyed are beginning preparations to meet the guidelines set out by the taskforce’s implementation plan.

“We are encouraged to see such strong, early engagement from the industry ahead of the UK’s transition to T+1 in 2027,” said Andrew Douglas, chair of the UK Accelerated Settlement Taskforce. 

“With the industry Implementation Plan now published, firms now need to begin their T+1 preparations as soon as possible in 2025, so that they can be fully prepared for our industry deadlines in 2026 and 2027.”

Challenges remain, however. The survey revealed a limited amount of planned activity in 2025, while 26% of respondents indicated that they will miss the target of all trade allocations and confirmations being completed on trade date by 31 December 2026.

More than half of respondents (51%) said they need more clarity on the specific operational details behind the industry guidelines, with alignment discrepancies between the UK and the EU a key concern for participants.

Chris Elms, chief executive of Euroclear UK and International, added: “There is strong industry engagement on the UK’s T+1 transition, and it is encouraging that many firms are building on their North American T+1 investment and expecting those upgrades to benefit the UK transition.

“But, with 26% already at risk of missing the 2026 deadline for same-day allocations, and 35% unclear on what T+1 means in practice, particularly around funding and valuations, the need for decisive action is pressing.”

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The implementation has been approved by the Bank of Spain.

Specifically, the new system improves efficiency and reduces risks in FX transactions – an advantage over bilateral settlement, according to the exchange, wherein one counterparty faces the loss of the total transaction amount if the other does not deliver the sold currency. 

The offering is also set to reduce the reliance on credit lines, thus increasing both the number and volume of potential counterparties. 

José Manuel Ortiz, head of securities services (interim), said: “We are convinced that our neutral position as an operator of financial markets and the robustness of our technical infrastructure will allow us to offer a high-quality and highly available service to participants. 

“The implementation of the FXS service represents an important step towards greater efficiency and security in foreign exchange transactions in Europe.” 

Read more: BME implements new reform to bolster Spanish settlement system

FXS also offers potential for integration of the service into the SWIFT network and netting of all transactions between two counterparties.

Once live, the system will be available to financial institutions across the EU and Switzerland.

Going forward, BME confirmed that it is also working on other initiatives aimed at increasing its presence across the FX landscape.

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Vikesh Patel

The first-of-its-kind service transforms the bilateral process for SFTs for these asset classes into a centrally cleared model.

Specifically, the service utilises BNY and JP Morgan as tri-party collateral agents, with Pirum serving as the transmitter of new trade instructions and post-trade lifecycle events for clients.

Several entities are already on board, with other banks, asset managers, broker-dealers, and agent lenders having also completed final testing in preparation for clearing.

Move comes as Cboe seeks to make the trading of SFTs more capital efficient, especially as regards risk-weighted assets.

The offering also provides: savings from cross-margining between cash equities and SFTs, greater settlement efficiencies, elimination of agent lender disclosures, and improved practices around fees management and corporate actions, explained Cboe.

“This launch responds to strong client demand for a clearing solution to help improve the capital efficiencies associated with stock borrowing and lending activities – delivering significant benefits to all participants in this ecosystem, including asset owners which lend out inventory as a way of generating additional income for their members,” said Vikesh Patel, president of Cboe Clear Europe. 

“[…] We look forward to building out this new ecosystem and exploring opportunities to expand the service into other asset classes and regions.”

This development from Cboe has been informed in part by the increased regulatory, capital and operational burdens as regards SFTs being imposed by: Central Securities Depositories Regulation, Securities Financing Transactions Regulation, and planned Basel IV implementation. 

Among the first to utilise the new offering were JP Morgan and Natixis CIB, confirmed Cboe, acting as borrower and principal lender respectively.

Speaking about the trade, Grégoire Froehlich, GSF trader at Natixis CIB, said: “Clearing SFTs at Cboe Clear Europe enhances our capital efficiencies and reduces operational complexities associated with these products. We’re delighted to be among the first participants to clear this product at Cboe Clear Europe.”

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The offering provides users direct two-way connectivity to consume CCP information and instruct collateral movements across its network. Through the move, Baton Systems’ client can now use automated workflows which are powered by real-time data to optimise margin for Euronext derivatives and options.

These products were previously cleared through LCH SA but have now migrated onto Euronext Clearing.

Read more: Euronext agrees to sell LCH SA stake for €111 million as part of ongoing clearing migration

With the addition of Euronext Clearing, Baton’s CCP coverage now includes 96% of initial margin worldwide (as per Public Quantitative Disclosures).

Arjun Jayaram, founder and chief executive of Baton Systems, said: “By adding Euronext Clearing to our Core-Collateral network, we’re enabling our clients to improve efficiency, transparency, and decision-making at a critical time in the post-trade process. This advancement further solidifies our position as a trusted partner for clearing members, financial institutions, and collateral managers across the globe.”

Baton’s CCP connections allow users to access up-to-date balance information, including intraday and end-of-day positions. This can be subsequently aggregated with access to up-to-date eligibility schedules for all connected CCPs.

The information can wither be integrated into a clients’ internal system using APIs or accessed directly through Baton’s platform.

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Brian Steele, DTCC

NSCC has targeted Q2 2026 for implementation, subject to regulatory review and approval of any necessary rule changes.  

Extending clearing hours aim to deliver maximum liquidity, alongside reducing counterparty risk, given that NSCC will be able to apply its central counterparty guarantee to overnight activity across different time zones for participants worldwide. 

Phase one of the new extended trading hours schedule was implemented by NSCC in September last year, allowing market centres and trading platforms to submit trades at 1.30am ET, which is roughly two and a half hours earlier.  

Plans for phase two, expected to take effect in Q2 next year, will see NSCC operate 24/5 from Sunday at 8pm ET to Friday at 8pm ET, to support overnight trading activity from alternative trading systems and exchanges.  

“As interest in near round-the-clock trading of US equities grows, we are meeting this demand by extending our clearing hours to support our clients and further strengthen the safety and soundness of the markets,” said Brian Steele, managing director, president of clearing and securities services at DTCC.   

“[…] We look forward to continuing to work collaboratively across the industry towards a successful implementation. At the same time, we remain engaged with SIFMA to align to a consistent view of the US trading day.”  

With the industry indicating a preference to establish standard operating hours across exchanges and ATS providers for the US market, NSCC added that it will continue to work with SIFMA, regulators and the industry to support the alignment of extended trading hours and any required changes to post-trade processes.  

Steve Byron, managing director, head of technology, operations and business continuity at SIFMA, said: “SIFMA and its membership are supportive of the establishment of a consistent US trading day across exchanges which enables increased access to US markets for a global client base. 

“The expansion of trading hours, however, presents several challenges for the industry that will need to be overcome to minimie disruption to firms and existing post-trade clearing and settlement processes.”  

Over the last few months, major exchanges have begun to push for expanded trading hours on their platforms. Most recently, Nasdaq stated that it began engaging with regulators to enable 24-hour trading, five days a week on the Nasdaq Stock Market.   

Read more: Nasdaq to launch 24-hour trading for US equities 

Nasdaq will join Cboe Global Markets and the New York Stock Exchange (NYSE), who have also announced plans for extended trading hours for equities. 

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José Manuel Ortiz

Coordinated by Iberclear, the new settlement model has come into force following the approval of Law 6/2023, on Securities Markets and Investment Services, and Royal Decree 814/2023. 

The law removes the obligation for the central securities depository (CSD) to have an information system for the supervision of trading, clearing, settlement, and registration of negotiable securities, as a required component for the traceability of operations on negotiable securities from trading to their final settlement. 

The removal of this information system will eliminate the need to simultaneously link the management of the registry with the settlement process, helping reduce operational risks and costs associated with post-trade processes.  

This change is expected to increase efficiency in the settlement of securities, simplify operational processes, and reduce the volume of failed operations on their theoretical settlement date. 

In addition, the implemented changes will enable the Spanish market to comply with the European standard of matching criteria, known as Party 2.  

Adopting this standard facilitates the interoperability of the Spanish market with the rest of Europe, which as a result, aligns settlement processes with European practices.  

The Spanish securities market will also be harmonised, improving operational efficiency and increase its competitiveness by reducing barriers to cross-border investment and settlement. 

The change will also prepare the Spanish market for the transition to the T+1 settlement cycle, expected to be implemented in Europe in October 2027. This migration claims to reduce risks by improving market efficiency.  

Read more: EU watchdogs launch new governance structure to support T+1 transition 

“The implementation of this reform has been a joint effort of the entire industry. The collaboration and commitment of all stakeholders have been key to the success of the project, as well as the involvement and participation of the CNMV,” said José Manuel Ortiz, head securities services a.i., at SIX. 

“We are very satisfied with the boost to the efficiency and competitiveness of the Spanish capital markets and their settlement system that this reform brings.” 

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