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TP ICAP Aims to Expand Digital Asset Business

Simon Forster, global co-head of digital assets at TP ICAP, told Markets Media that 2024 was a “watershed” year for the digital assets industry as the sheer volume of bitcoin ETF inflows showed the pent-up demand. In addition, BlackRock has since expanded its model portfolio by adding an allocation to their Bitcoin ETF, which shows...

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“Non-linear dynamical system” of interacting algos dooms DORA efforts

The interconnected nature of trading algorithms poses a significant threat to financial stability, speakers at this year’s FIX EMEA conference warned, with companies unable to rely solely on the resilience of their own systems. “[AI] technology is increasingly being integrated into solutions,” affirmed Marina Kudryavtseva, senior quality assurance manager at Exactpro Systems. “Cybersecurity remains a...

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Data costs keep FIXers awake at night as budgets tighten

Analysis of 50 decision makers attending the FIX EMEA conference in London on 6 March 2025 found that the decline of Europe and the UK’s capital markets was the single greatest concern across all demographics for equity market participants, but a near non-issue in fixed income markets where addressable liquidity saw more concern across different...

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ISO20022 “not suitable” for trading messages, FIX Tech committee says

At the recent FIX EMEA Trading Conference, discussions around market data standards brought the FIX Protocol and ISO 20022 into sharp focus. A notable concern raised by industry experts is the suitability of the ISO 20022 messaging framework for handling trading messages, particularly in the context of MiFID II transparency requirements Marc Berthoud, head of...

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Buy side, sell side clash over European equities fragmentation

Whether market fragmentation is causing a liquidity crisis in Europe depends on who you ask. Buy-side players often lament the financial and operational cost that fragmentation is bringing down on them, but the sell side is keen to dispel their concerns as myth. The debate was centre stage at this year’s FIX EMEA conference, as...