Whilst within the capital markets settlement has well proven settlement platforms, in the B2B market there is a big possibility of innovation. This release covers one such announcement, I expect there will be more from other established players.
SWIFT has announced the cancellation of this year's Sibos. Due to take place in Boston from 5-8 October, the event is the latest event to be canceleld due to COVID-19.
Sibos brings together 8,000 attendees from banks, market infrastructures, corporates and technology partners.
The current COVID-19 pandemic has forced many of us to work from home and to practice "social distancing". As such, it's not surprising that many trading floors have closed over the past days including LME, CME, CBOE and, only yesterday, NYSE.
The Rise of the Machines
Extreme market movements are driving market participants to use high speed strategies to keep pace. As a result Avelacom has announced a 35% increase in the volume of data transferred between exchanges in March, with trading by FX and cryptocurrency clients driving much of this growth.
The Committee on Foreign Investment in the United States (CFIUS) has concluded its review of the LSEG takeover of Refinitiv under Section 721 of the Defense Production Act of 1950 and has determined that there are no unresolved national security concerns with respect to the Transaction.
FundsDLT, a blockchain-based technology platform for the investment fund industry, has closed its Series A round. New investors include Clearstream, Credit Suisse AM, the Luxembourg Stock Exchange, and Natixis IM.
At the LSEG General Meeting held earlier this month more than 99% of Shareholder votes were in favour of acquiring Refinitiv. The deal is an all share transaction valued at approximately US$27 billion.