Specifically, a former TD Securities trader was found to have spoofed the US Treasury cash securities market; the SEC has ruled that the firm “lacked adequate controls and that it failed to take reasonable steps to scrutinise the trader”.
The move follows LMAX’s acquisition of Cürex last year, increasing the business’ proposition for asset managers and other buy-side participants.
The selection procedure for the bond consolidated tape provider (CTP) and the CTP for shares and exchange traded funds ETFs will launch in January 2025 and June 2025 respectively.
Technical group stresses the need for automation ahead of the implementation process, urging market participants to begin automating as soon as possible.
The TRADE sits down with Timothee Consigny, chief technology officer at H2O Asset Management, to unpack the current state if play when it comes to artificial intelligence across the financial services industry, including what should be front of mind and how to best approach implementing the technology in the day to day.
In addition, Ediphy has confirmed its intention to bid for the European tape as well.
Alignment with the EU ‘not a prerequisite’ for the UK’s move to a shortened settlement cycle, chair of the taskforce’s technical group says.
The inspection relates to potential violations of EU antitrust rules which include directly or indirectly fix purchase or selling prices or any trading conditions.
Head of sales trading, UK clients at Kepler Cheuvreux has also left the firm, The TRADE understands.