Independent US securities regulator the Financial Industry Regulatory Authority has fined high-frequency trading firm Trillium Brokerage Service a total of US$2.26 million and suspended 11 of its employees for using algorithms to manipulate stock prices.
Trading systems provider Fidessa has launched global market coverage for its fragmentation analysis tools, the Fidessa Fragmentation Index and the Fragulator.
Trading systems and connectivity provider Orc Software has introduced a new direct market access service to pan-Asian multi-product commodity and currency derivatives platform the Singapore Mercantile Exchange.
RealTick, the operator of a global cross-asset execution management system, has added broker Bank of America Merrill Lynch's pairs trading algorithm to the list of tools available on its EMS.
US regulator the Securities and Exchange Commission has approved new rules to expand its circuit breaker programme to include all constituents of the Russell 1000 index and certain exchange-traded funds.
Citi has established a new origination function for its transition management business in EMEA, which will actively seek mandates across asset classes.
Italian trading venue Borsa Italiana, part of the London Stock Exchange Group, has acquired a 94.4% share in Pro Mac, the management company of Italian small and mid-cap market Mercata Alternativo Del Capitale.
US-based asset manager C.S. McKee has gone live on software provider Charles River's Investment Management System, allowing it to electronically access domestic liquidity through the firm's FIX-based network.