Monday, September 22, 2025

FLASH FRIDAY

Flash Friday
FLASH FRIDAY: Market Structure Has Evolved into an Octopus

FLASH FRIDAY: Market Structure Has Evolved into an Octopus

An SEC roundtable discussed how market structure has changed since the introduction of Reg NMS.

FEATURED

Traders Feature

The Future of Post-Trade Is Now: A Conversation with Bloomberg’s Pam Samrai

Exec says buy side is prioritizing operational excellence and data harmonization to enable scale.

LATEST NEWS

Adam Inzirillo Leaves Cboe to Citigroup

Exchange and sell-side veteran will oversee Citi’s electronic execution platform, according to Bloomberg.

ON THE MOVE: Northern Trust AM Names Anwiti Bahuguna; Lord Hill to Intercontinental Exchange

The weekly recap of new hires, promotions and job changes in capital markets trading and technology.

Franklin Templeton Adds Infrastructure Solutions for Retail

CEO Jenny Johnson cites compelling market demand for allocations to infrastructure.

Trade-Through Prohibitions: The Future

The future of Rule 611 will require balancing innovation with trust and fairness.

SEC Approves IEX Options Launch

Regulatory approval follows a heated industry debate.

Trade-Through Prohibitions: The Present

SEC panel reveals limited support for the present utility of Rule 611.

The Ten Year Itch: Remarks at the Roundtable on Trade-Through Prohibitions

SEC Commissioner Peirce asks whether Rule 611 be retained, repealed outright, or amended.

SEC, CFTC Extend Form PF Compliance Date

Extension to October 2026 "will provide time to complete a substantive review of Form PF in accordance with a Presidential Memorandum."

Is T+0 the Next Frontier for U.S. Equity Markets?

Industry experts weigh the challenges and possibilities of pushing to same-day settlement.

Commentary

Retail Investors Fuel Push Toward 24-hour U.S. Equity Trading

Retail Investors Fuel Push Toward 24-hour U.S. Equity Trading
By Brandon Tepper, SVP & Global Head of Data, Nasdaq

ON THE MOVE

BUYSIDE

Asset Owners Increase Outsourcing

Asset Owners Increase Outsourcing
Firms are trying to keep up with the pace of technological and operational change.

Front Office Gen AI Adoption Shifts from ‘If’ to ‘When’ for Fund Managers

Front Office Gen AI Adoption Shifts from ‘If’ to ‘When’ for Fund Managers
58% of managers expect to increase Gen AI use in investment processes over the next year, AIMA survey shows.

Dollar Turbulence Drives FX Hedging Boom among North American Fund Managers

Dollar Turbulence Drives FX Hedging Boom among North American Fund Managers
MillTech report shows 85% of managers hedge their forecastable currency risk, up from 79% last year.

Goldman Sachs, T. Rowe Price Partner on Public & Private Solutions

Goldman Sachs, T. Rowe Price Partner on Public & Private Solutions
Goldman will purchase up to $1 billion in T. Rowe Price common stock, with the intention to own up to 3.5 percent.

REGULATION

SEC to Re-Examine Trade-Through Prohibitions

Industry experts and regulators will debate whether these rules protect investors or hinder market efficiency.

Can Order Protection be Replaced by Competing Market Forces?

By Kelvin To, Founder and President, Data Boiler Technologies
Traders Feature

Crypto’s Turning Point: How the Market Structure Bill Could Redefine U.S. Digital Asset Trading

Crossover Markets’ CEO shares how new rules could reshape U.S. crypto trading.

RETAIL REPORT

OTC Markets Group Expands Data Availability via ICE Consolidated Feed

Market operator says the data will increase visibility into overnight activity, particularly across Asia.

Cboe Plans to Launch Contracts on New Magnificent 10 Index

Exec says traders are looking for smarter ways to gain exposure to the most influential stocks.

Brokerage

Joe Wald Leverages Entrepreneurship to ‘Challenge the Status Quo’

Capital markets trading and technology veteran discussed his career on the Open Order Podcast.

Joseph Radic Joins Freedom Capital Markets

Industry veteran spent more than a decade at AllianceBernstein and he was also with Needham & Co.

Bank of America Makes Senior Leadership Changes

Dean Athanasia and Jim DeMare will be Co-Presidents; Alastair Borthwick was named CFO.

FactSet Adds J.P. Morgan, Barclays to Aftermarket Research Offering

Aim is to provide sell-side professionals with a one-stop resource that consolidates diverse content.

JP Morgan on Track for Record Markets Revenue

The bank is seeing broad-based strength across equities and fixed income, commodities and currencies.

Digital Assets

CoinShares to Go Public in the U.S. via $1.2bn SPAC Deal

The listing will enhance the company’s U.S. growth plans, CEO said.

Nasdaq Proposes Tokenized Securities Trading

The Exchange aims to modernize trading by integrating tokenized securities within its existing regulatory framework.

SEC and CFTC Staff Issue Joint Statement On Trading Of Certain Spot Crypto Asset Products

Regulators clarify views that exchanges are not prohibited from facilitating the trading of certain spot commodity products.

Bybit EU Adopts Nasdaq’s Market Surveillance Platform

The platform combines advanced pattern analytics with comprehensive market data to meet MiCAR obligations.

Franklin Templeton Aims to Be on Pole for Digital Assets

The fund manager has been investing in and building its own blockchain-based technologies since 2017.

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