Thomson Reuters subsidiary to manage regulated benchmarks
Thomson Reuters has created a subsidiary in preparation for financial benchmark regulation. Thomson Reuters Benchmark Services Limited will enable the firm to comply with the International Organization of Securities Commissions principles for benchmark administrators.
It is already approved by the FCA to continue in its role as calculator of Libor and the new subsidiary will also take over governance and control of its 160-strong global benchmark portfolio.
Thomson Reuters will calculate Libor on behalf of ICE Benchmark Administration Limited, which took over the role of administering the benchmark from the British Bankers Association in January following an investigation into Libor fixing. Libor is currently the first and only regulated benchmark in the world.
John Cooley, global head of indices and reference rates at Thomson Reuters, said: “Over the past 18 months, we have been working closely with global regulators, authorities and agencies to ensure that as an industry we collectively enhance and re-establish trust in key benchmarks and continue to support the vital role they play in financial markets. Our global benchmark portfolio means that we can do this at scale, applying learnings and best practice across multiple benchmarks and jurisdictions.”
Cinnober speeds up Java with Zing
Technology solutions provider Cinnober has signed a deal with Azul Systems to offer its Zing high-performance runtime for Java.
The deal will improve Cinnober’s overall response time predictability for trading, clearing and risk management as well as reducing tuning requirements, enabling it to deliver new capabilities to market more quickly.
Zing will be included as part of Xinnover’s TRADExpress solutions, achieving pause-free execution in servers critical for low response times.
“Our TRADExpress Ultra technology already enables trading and clearing systems with consistent response times and the lowest latency available, at single-digit microseconds,” said Veronica Augustsson, CEO of Cinnober.
RTS adds analytics and algo development to toolset
Realtime Systems Group (RTS) has released its RTD Tango Trader 2.0 solution, providing new analytics and algo tools.
RTD Tango Trader 2.0 features a sophisticated chart analytics package to complement its click and algo trading capabilities. RTS said clients will be able to streamline the functionality of multiple software packages into one, reducing the need to run simultaneous operations and cutting costs while boosting efficiency.
It also comes with an algo development package to help traders enhance the sophistication of their automated trading. It features a simple language to enable users to construct a custom algo with no prior development knowledge.
Steffen Gemuenden, CEO of RTS, said: A lot of traders have increased their market sophistication over the years but find themselves hampered by the limits of their current technology. RTD Tango Trader helps traders move to the next level of trade execution sophistication.”
SIX to provide data for new bond tool
SIX Financial Information has been selected to provide real-time fixed income data for a bond analytics tool.
The tool, called Prafis, has been developed by Israeli financial technology specialist, Hessegim Software, and provides essential bond information to investors.
SIX’s apiD interface will provide global fixed income and reference data to the platform covering 12 million instruments in real-time.
Arik Sorotzkin, CEO of Hessegim, said: “We selected SIX Financial Information as our preferred data partner because their apiD solution allows us to easily integrate the data into Prafis.
“Moreover, their extensive coverage of the global bond market was exactly what we were looking for.”