Intercontinental Exchange, a leading global provider of technology and data, announced a strategic investment in Polymarket, the prediction market and information platform tracking event probabilities across markets, politics, sport and culture.
Under the terms of the agreement, ICE will invest up to $2 billion in Polymarket, reflecting a valuation of approximately $8 billion pre-investment.
Alongside its investment, ICE will become a global distributor of Polymarket’s event-driven data, providing customers with sentiment indicators on topics of market relevance. Additionally, ICE and Polymarket have also agreed to partner on future tokenization initiatives.
“Our investment blends ICE, the owner of the New York Stock Exchange, which was founded in 1792, with a forward-thinking, revolutionary company pioneering change within the Decentralized Finance space,” said Jeffrey C. Sprecher, ICE Chair & Chief Executive Officer. “Shayne Coplan has assembled a team at Polymarket to create a user-driven company relentlessly focused on product, building usage and distribution. There are opportunities across markets which ICE together with Polymarket can uniquely serve and we are excited about where this investment can take us.”
“Our partnership with ICE marks a major step in bringing prediction markets into the financial mainstream,” said Shayne Coplan, Founder and CEO of Polymarket. “Together, we’re expanding how individuals and institutions use probabilities to understand and price the future. Jeff and his team have redefined how modern markets operate, establishing ICE as the gold standard for trusted financial infrastructure. By combining ICE’s institutional scale and credibility with Polymarket’s consumer savvy, we will be able to deliver world-class products for the modern investor. Realizing the potential of new technologies, such as tokenization, will require collaboration between established market leaders and next-generation innovators. We couldn’t be more excited to build together.”
Polymarket allows users to express their views on events by buying and selling shares of potential outcomes, with every trade matched peer-to-peer through smart contracts. Markets grow in size and scale based on the number of users participating. Founded by Shayne Coplan in 2020, Polymarket has gained momentum from users globally interested in expressing their opinions on current events, politics, business moves, culture and sports. The platform has gained prominence for the accuracy of its markets and is now the Official Prediction Market Partner of X, and Stocktwits, among others.
The investment consideration will be in cash and is not expected to have a material impact on ICE’s 2025 financial results or expected capital return plans. ICE will further discuss its strategic investment in Polymarket on its third quarter earnings call scheduled for October 30, 2025.
As regulatory pressures reshape European repo markets and balance sheet constraints weigh on dealers, buy-side firms are increasingly looking at clearing as a complementary part of their repo toolkit to ensure reliable access to liquidity in both daily operations and times of stress.
At the same time, sell-side banks are pursuing balance sheet efficiency, further accelerating demand for alternative access models. Euronext already offers an indirect route through the traditional GCM model and is developing a Sponsored Access model in conjunction with dealers and buy-side participants to address the challenges in European clearing frameworks. The aim is to provide an alternative model, tailored to the buy side’s operational setup, providing benefits in collateral use, risk management and market access.
In a DerivSource Q&A with Yama Darriet, Head of OTC and Repo Expansionat Euronext, he discusses how the Sponsored Access model fits into Euronext’s broader Repo Expansion Initiative, what it means for both buy- and sell-side firms, and why it marks a step change for the European repo market.
Phase 1 of our Repo Expansion went live in July 2025, bringing Irish, Portuguese and Spanish government bonds into clearing alongside our historically cleared Italian government debt, as well as enhanced collateral management and optimisation features through triparty partnerships including Euroclear, and other strategic alliances to follow.
By early October 2025, members will be able to clear French, German, Dutch and Belgium govies along European supranationals, and from November 2025 will benefit from an additional triparty partnership with Clearstream. This initial phase has been focused primarily on the sell side, broadening access for international banks and debt management offices (DMOs).
Sponsored Access forms part of Phase 2, planned for mid-2026. This phase will go further by scaling market access through the capture of flows from a large array of trading venues, expanding liquidity solutions such as general collateral (GC) baskets, and introducing direct access for buy-side firms through the Sponsored Access model. Together, these enhancements will support a much wider range of participants in our cleared repo market.
2. Drivers: What are some market-wide changes and trends that may be driving buy-side interest in accessing cleared repo?
The bilateral market is under increasing pressure from regulatory constraints that impact dealers’ balance sheets and capital requirements. Regulatory developments globally, including the SEC’s mandatory repo clearing in the US, are reinforcing the need for cleared solutions.
At the same time, dealers are focusing on balance sheet optimisation, while on the buy-side, collateral efficiency and access to liquidity have become strategic priorities for asset managers, hedge funds, and insurers for example.
For the buy side, priorities include reducing intermediary fees, improving liquidity, and posting and managing collateral directly with the clearing house for greater oversight of execution, clearing and settlement. Sponsored Access is particularly attractive as it offers these benefits without the burden of full membership, since the default fund contribution remains with the GCM.
3. Sponsored Access to CCP clearing:Can you briefly explain the different access routes Euronext offers, including how the Sponsored Access model is being developed?
Euronext today offers two access alternatives to repo clearing.
The General Clearing Member (GCM) model is live today. Here, the GCM assumes full responsibility for all obligations on behalf of its client, who is not a member of the clearing house. These obligations include margins, fees, default fund contributions and default management.
The Sponsored Access model, currently under development, introduces a different split of responsibilities. The client, the “Sponsored Member”, becomes a direct participant of the clearing house for margins and settlement. The GCM, acting as the “Sponsoring Agent”, retains responsibility for the default fund and obligations related to a default.
Euronext’s Sponsored Access model is being built with extensive client feedback and market best practices. It is designed to give buy-side firms seamless direct access to the clearing house without the burden of full membership, as the sell side continues to provide default protection. This structure enables smaller institutions to participate competitively while giving Sponsoring Agents balance sheet and capital optimisation benefits, including improvements to leverage ratio and Risk Weighted Assets (RWA).
4. Buy side: What are the benefits buy-side firms would expect to achieve in accessing a sponsored access model over other available models in Europe?
For the buy side, the advantages are significant:
Less Initial Margin (IM) to post – For the same portfolio, IM required to be posted is expected to be less than other offerings reducing the cost of the service.
More flexibility in choice for covering the margin calls – Flexibility to cover the margin calls (both overnight and intraday) in 100% securities. This further reduces the cost of the service as posting securities is cheaper than posting cash where the buy side relies on the payment agent to provide cash to the clearing house.
Flexible settlement location – Euronext will offer full flexibility in settlement by providing more choices for location of settlement compared to other offerings. This will allow the buy side to maintain settlement in one location, benefiting from settlement netting and reducing costs. Together, these features translate into greater capital efficiency, improved operational integration, and access to cleared repo liquidity that was previously harder to reach.
5. Sell side: What are the benefits sell-side firms would expect to achieve in accessing a sponsored access model?
For Sponsoring Agents, Sponsored Access mitigates capital costs associated with traditional client clearing and reduces barriers to extending clearing services to a broader range of clients. It supports balance sheet efficiencies while optimising repo market risk management through real-time portfolio controls.
For Sponsoring Agents, the benefits are equally clear:
Balance sheet efficiency – reducing capital costs, with leverage ratio relief and improved RWA compared with the traditional GCM model, which carries high capital costs for some members.
No additional buffer requirements – avoiding extra capital burdens seen in some other structures.
Real-time portfolio controls – risk teams can monitor and manage Sponsored Member exposures through real-time IM limits.
Flexible settlement location – supporting netted settlement to improve balance sheet and operational management.
The model also enables banks to capture previously uncleared buy-side flows, broaden market participation by tapping into new client segments, and ultimately strengthen liquidity across the ecosystem. Together, these factors enhance risk oversight, reduce capital drag and create opportunities for deeper client engagement.
6. Euronext’s model: What are the drivers for Euronext as it develops a sponsored access model? How does this support Innovate for Growth 2027?
Our goal is not simply to replicate what exists elsewhere, but to improve the most efficient sponsored access model to clients in Europe. By designing a solution that enhances margin efficiency, eliminates unnecessary buffer requirements, and gives both sides flexibility in collateral and settlement, we are delivering tangible operational and risk benefits.
This directly supports Innovate for Growth 2027, which is focused on broadening participation, enhancing liquidity, and building a truly pan-European clearing house across fixed income and repo. Sponsored Access is the bridge that brings the buy side into that ecosystem.
7. When will these models be available, and what are the next steps for firms?
The GCM model is already live and available today for buy-side firms who want to access cleared repo through an intermediary. Sponsored Access, as part of Phase 2 of our Repo Expansion Initiative, is planned to go live in mid-2026.
Next steps depend on each firm’s role. Buy-side firms should begin assessing operational and legal requirements such as system integration, collateral management workflows and governance approvals. Selecting the right Sponsoring Agent will be a critical step.
For Sponsoring Agents, preparation should include client engagement planning, risk parameter setting and internal onboarding processes.
Euronext remains in active dialogue with regulators and market participants and will provide further clarity on implementation timelines as discussions progress. Firms that prepare strategically now will be best placed to take advantage once the model is live.
8. How does Sponsored Access play a role in the supporting the evolution of the European repo marketing in the future?
Sponsored Access is one part of Euronext’s broader multi-year Repo Expansion Initiative, which is designed to strengthen liquidity provision, enhance collateral optimisation, deliver an updated risk model for further efficiency, and provide new access models across Europe.
Together, these developments mark a step change for the repo market: creating a more resilient, efficient, and inclusive clearing ecosystem for both the sell side and buy side as Euronext delivers on its Innovate for Growth 2027 strategy.
Advanced retail traders are looking for lightning-fast streaming data, dense displays packed with actionable information, and the ability to move seamlessly between devices without losing momentum, according to Josh Krugman, Senior Vice President of Brokerage at Fidelity.
Josh Krugman
To address this challenge, on September 25, Fidelity launched Fidelity Trader+, a cross-platform experience that includes real-time insights, dynamic visual analytics, and integrated trading tools across web, desktop, and mobile.
“When it comes to the experience on our platforms, we knew advanced traders wanted consistency, flexibility and speed,” Krugman said.
“With Fidelity Trader+, traders are able to save orders across all channels—meaning they can save an order now, and then send it later on another device, customize charts that are persistent no matter what platform they use to access their trades, and create shared watchlists and alerts across all channels,” Krugman told Traders Magazine.
He added that these enhancements give traders the ability to execute trades and manage portfolios confidently, regardless of location or device.
Fidelity Trader+ includes features aimed at supporting faster and more informed decision-making.
“Custom alerts keep traders informed of market movements and price targets, while single-score analyst ratings simplify complex research into actionable insights,” Krugman said.
“Zero-commission trading removes barriers to frequent trading, enabling users to act without friction,” he said, adding that these features are central to empowering advanced traders.
The platform introduces a downloadable desktop experience rebuilt from the ground up with advanced charting, research tools, and a customizable interface.
Offered free of charge, the platform also includes integrated screen sharing with Fidelity trading specialists. Users can access Fidelity Crypto on mobile and web, with desktop integration planned for 2026.
“The Fidelity Trader+ experience reflects the increasingly always-on environment traders operate in today, and the modern tech stack underneath will allow us to continue to innovate for years to come,” Krugman said.
“As the needs of advanced traders and the markets evolve, Fidelity will be there to support complex trading strategies with the speed and intuitive design that our clients expect,” he concluded.
By Adrian Griffiths, Head of Market Structure, MEMX
Few market structure rules have been as polarizing as the order protection rule, which generally requires that stock trades be executed at prices at or better than the national best bid or offer (NBBO). Recently appointed SEC Chairman, Paul S. Atkins, famously dissented from the adoption of the rule in 2005 along with fellow Republican Commissioner Cynthia Glassman, breaking with a Chairman from their own political party who ended up passing the rule with the votes of two Democratic Commissioners instead. With Chairman Atkins now at the agency’s helm, this debate is now back on the SEC’s regulatory agenda. On September 18, the SEC held a roundtable on trade-through prohibitions, starting a review process that many in the industry view as long overdue while others consider it potentially fraught.
While Chairman Atkins’ remarks at the roundtable made clear that he remains highly skeptical of order protection requirements — at the beginning of his prepared remarks he asserted that the existing rule “very clearly demands a course correction” — the views expressed by market participants were decidedly more mixed. Several panelists highlighted the benefits of order protection, including promoting investor confidence, incentivizing displayed liquidity, and preserving the integrity of the NBBO, which stitches together a number of disparate venues into one integrated marketplace. At the same time, other panelists focused on the rule’s unintended consequences, such as reducing best execution to a single variable, i.e., price, while facilitating market fragmentation and allowing certain exchanges to extract economic rents from their non-transaction services like market data and connectivity.
This dichotomy of views is not surprising when you consider the diversity of market participants present and the complex way in which order protection relates to other aspects of our market structure. While there are exceptions to every rule, retail brokers and their market making partners largely appear to support keeping order protection in place while addressing cost and fragmentation concerns though other means, such as amendments to the SIP revenue allocation formula. By contrast, institutional participants and proprietary trading firms generally seem to view the rule as limiting the trading strategies they can employ for their own trading or that of their clients, advocating instead for either full repeal of the rule or targeted exceptions like a market share threshold or exception for block trading.
As a member-owned exchange, MEMX is sensitive to both sides of this debate. A successful capital markets regulatory regime must continue to promote a strong NBBO. While this can certainly be accomplished with or without order protection, eliminating order protection will require down the line changes to promote innovation on our national securities exchanges. Indeed, innovation was a significant theme at the roundtable, with many panelists lamenting the lack of innovation on exchanges compared to other venues while others, including MEMX CEO Jonathan Kellner, maintained that the lack of exchange innovation is really a function of the SEC’s regulatory regime, including restrictive filing and fair access requirements that have already been relaxed for alternative trading systems.
In many ways the longstanding order protection debates goes to the very core of what it means to be an exchange in a modern electronic market where there is no shortage of competing venues vying for market share. As we explain in our own comments to the agency, exchange models are currently tuned to prioritize price because SEC staff has historically pushed back against more innovative mechanisms for attracting liquidity, including mechanisms that are allowed off-exchange in the U.S. or on-exchange in other foreign jurisdictions. If best execution is to shift away from price as the relevant benchmark, exchanges need be able to retool our offerings to meet the demands of our clients, and the SEC needs to open up its existing regulatory regime and make additional changes that allow that to happen.
The SEC along with its sister agency the CFTC is already considering how they can ease unnecessary compliance burdens for market participants, including currently unregistered digital asset exchanges. On September 29, the two agencies held a joint roundtable on regulatory harmonization, which Chairman Atkins and Acting CFTC Chairman Caroline D. Pham billed as necessary to promote continued innovation in U.S. capital markets. If the agencies are serious about promoting innovation, they will need to amend their rules to reduce unnecessary red tape for both existing participants and new entrants alike. This would provide a pathway for new financial products to be offered by new and existing markets within a framework that both facilitates innovation and ensures investor protection.
At the end of the day, MEMX is open to free market competition, which — if done right – can facilitate market evolution. However, if the SEC wants the market to evolve through competitive forces, rather than regulatory intervention, it has to make sure that this new framework promotes innovation and robust displayed liquidity on our securities exchanges. Whichever path the SEC decides to take with order protection, MEMX stands ready to work with the SEC and the industry to ensure that our broader capital markets regulatory regime continues to meet the needs of American investors. For additional thoughts on how this can be accomplished, please see our comment letter.
MEMX Comments on SEC Roundtable on Trade-Through Prohibitions
Few market structure rules have been as polarizing as the order protection rule, which generally requires that stock trades be executed at prices at or better than the national best bid or offer (NBBO). Recently appointed SEC Chairman, Paul S. Atkins, famously dissented from the adoption of the rule in 2005 along with fellow Republican Commissioner Cynthia Glassman, breaking with a Chairman from their own political party who ended up passing the rule with the votes of two Democratic Commissioners instead. With Chairman Atkins now at the agency’s helm, this debate is now back on the SEC’s regulatory agenda. On September 18, the SEC held a roundtable on trade-through prohibitions, starting a review process that many in the industry view as long overdue while others consider it potentially fraught.
While Chairman Atkins’ remarks at the roundtable made clear that he remains highly skeptical of order protection requirements — at the beginning of his prepared remarks he asserted that the existing rule “very clearly demands a course correction” — the views expressed by market participants were decidedly more mixed. Several panelists highlighted the benefits of order protection, including promoting investor confidence, incentivizing displayed liquidity, and preserving the integrity of the NBBO, which stitches together a number of disparate venues into one integrated marketplace. At the same time, other panelists focused on the rule’s unintended consequences, such as reducing best execution to a single variable, i.e., price, while facilitating market fragmentation and allowing certain exchanges to extract economic rents from their non-transaction services like market data and connectivity.
This dichotomy of views is not surprising when you consider the diversity of market participants present and the complex way in which order protection relates to other aspects of our market structure. While there are exceptions to every rule, retail brokers and their market making partners largely appear to support keeping order protection in place while addressing cost and fragmentation concerns though other means, such as amendments to the SIP revenue allocation formula. By contrast, institutional participants and proprietary trading firms generally seem to view the rule as limiting the trading strategies they can employ for their own trading or that of their clients, advocating instead for either full repeal of the rule or targeted exceptions like a market share threshold or exception for block trading.
As a member-owned exchange, MEMX is sensitive to both sides of this debate. A successful capital markets regulatory regime must continue to promote a strong NBBO. While this can certainly be accomplished with or without order protection, eliminating order protection will require down the line changes to promote innovation on our national securities exchanges. Indeed, innovation was a significant theme at the roundtable, with many panelists lamenting the lack of innovation on exchanges compared to other venues while others, including MEMX CEO Jonathan Kellner, maintained that the lack of exchange innovation is really a function of the SEC’s regulatory regime, including restrictive filing and fair access requirements that have already been relaxed for alternative trading systems.
In many ways the longstanding order protection debates goes to the very core of what it means to be an exchange in a modern electronic market where there is no shortage of competing venues vying for market share. As we explain in our own comments to the agency, exchange models are currently tuned to prioritize price because SEC staff has historically pushed back against more innovative mechanisms for attracting liquidity, including mechanisms that are allowed off-exchange in the U.S. or on-exchange in other foreign jurisdictions. If best execution is to shift away from price as the relevant benchmark, exchanges need be able to retool our offerings to meet the demands of our clients, and the SEC needs to open up its existing regulatory regime and make additional changes that allow that to happen.
The SEC along with its sister agency the CFTC is already considering how they can ease unnecessary compliance burdens for market participants, including currently unregistered digital asset exchanges. On September 29, the two agencies held a joint roundtable on regulatory harmonization, which Chairman Atkins and Acting CFTC Chairman Caroline D. Pham billed as necessary to promote continued innovation in U.S. capital markets. If the agencies are serious about promoting innovation, they will need to amend their rules to reduce unnecessary red tape for both existing participants and new entrants alike. This would provide a pathway for new financial products to be offered by new and existing markets within a framework that both facilitates innovation and ensures investor protection.
At the end of the day, MEMX is open to free market competition, which — if done right – can facilitate market evolution. However, if the SEC wants the market to evolve through competitive forces, rather than regulatory intervention, it has to make sure that this new framework promotes innovation and robust displayed liquidity on our securities exchanges. Whichever path the SEC decides to take with order protection, MEMX stands ready to work with the SEC and the industry to ensure that our broader capital markets regulatory regime continues to meet the needs of American investors. For additional thoughts on how this can be accomplished, please see our comment letter.
Connect Trade Establishes the Most Comprehensive B2B API Trading Network for U.S. Equities & Options
Oct 07, 2025, 08:31 ET
Trading and investment platforms can now accelerate growth with compliance-approved broker connections through an easy-to-use normalized API.
CHICAGO, Oct. 7, 2025 /PRNewswire/ — Connect Trade, a leading provider of B2B trading API infrastructure, today announced the expansion of its trading network, enabling platforms to connect at scale across leading U.S. retail brokers for equities and options. With one integration, platforms gain scalable access to multiple brokerages, helping them grow faster while reducing the need to build and maintain individual connections.
The Connect Trade API spans equities, single-leg and multi-leg options, and futures. With streamlined workflows, flexible data access, and real-time streaming updates, integrations are fast and reliable. Every broker connection is compliance approved, giving platforms the confidence to build their businesses on top of them.
“Platforms want to grow by making it easy for users to connect their existing brokerage accounts without friction,” said Jim Nevotti, CEO of Connect Trade. “We’re removing the integration roadblocks so platforms can focus on their core functionality instead of building connectivity one broker at a time.”
By partnering with Connect Trade, platforms can expand reach, unlock new asset classes, and accelerate go-to-market, all while delivering modern trading experiences to investors.
About Connect Trade Connect Trade is a leading provider of B2B trading API infrastructure for U.S. retail brokerages. With one normalized API, platforms gain scalable access to equities, single-leg and multi-leg options, and futures.
The Connect Trade solution delivers streamlined workflows, flexible data access, and real-time streaming updates. By simplifying broker connectivity, Connect Trade helps platforms scale faster and deliver powerful trading experiences without the complexity of managing each integration in-house. For more information, please visit www.connecttrade.com.
Media Contact: Jim Nevotti, CEO Connect Trade Inc 773.719.7927 402298@email4pr.com
As regulatory pressures reshape European repo markets and balance sheet constraints weigh on dealers, buy-side firms are increasingly looking at clearing as a complementary part of their repo toolkit to ensure reliable access to liquidity in both daily operations and times of stress
At the same time, sell-side banks are pursuing balance sheet efficiency, further accelerating demand for alternative access models. Euronext already offers an indirect route through the traditional GCM model and is developing a Sponsored Access model in conjunction with dealers and buy-side participants to address the challenges in European clearing frameworks. The aim is to provide an alternative model, tailored to the buy side’s operational setup, providing benefits in collateral use, risk management and market access.
In a DerivSource Q&A with Yama Darriet, Head of OTC and Repo Expansionat Euronext, he discusses how the Sponsored Access model fits into Euronext’s broader Repo Expansion Initiative, what it means for both buy- and sell-side firms, and why it marks a step change for the European repo market.
Phase 1 of our Repo Expansion went live in July 2025, bringing Irish, Portuguese and Spanish government bonds into clearing alongside our historically cleared Italian government debt, as well as enhanced collateral management and optimisation features through triparty partnerships including Euroclear, and other strategic alliances to follow.
By early October 2025, members will be able to clear French, German, Dutch and Belgium govies along European supranationals, and from November 2025 will benefit from an additional triparty partnership with Clearstream. This initial phase has been focused primarily on the sell side, broadening access for international banks and debt management offices (DMOs).
Sponsored Access forms part of Phase 2, planned for mid-2026. This phase will go further by scaling market access through the capture of flows from a large array of trading venues, expanding liquidity solutions such as general collateral (GC) baskets, and introducing direct access for buy-side firms through the Sponsored Access model. Together, these enhancements will support a much wider range of participants in our cleared repo market.
2. Drivers: What are some market-wide changes and trends that may be driving buy-side interest in accessing cleared repo?
The bilateral market is under increasing pressure from regulatory constraints that impact dealers’ balance sheets and capital requirements. Regulatory developments globally, including the SEC’s mandatory repo clearing in the US, are reinforcing the need for cleared solutions.
At the same time, dealers are focusing on balance sheet optimisation, while on the buy-side, collateral efficiency and access to liquidity have become strategic priorities for asset managers, hedge funds, and insurers for example.
For the buy side, priorities include reducing intermediary fees, improving liquidity, and posting and managing collateral directly with the clearing house for greater oversight of execution, clearing and settlement. Sponsored Access is particularly attractive as it offers these benefits without the burden of full membership, since the default fund contribution remains with the GCM.
3. Sponsored Access to CCP clearing:Can you briefly explain the different access routes Euronext offers, including how the Sponsored Access model is being developed?
Euronext today offers two access alternatives to repo clearing.
The General Clearing Member (GCM) model is live today. Here, the GCM assumes full responsibility for all obligations on behalf of its client, who is not a member of the clearing house. These obligations include margins, fees, default fund contributions and default management.
The Sponsored Access model, currently under development, introduces a different split of responsibilities. The client, the “Sponsored Member”, becomes a direct participant of the clearing house for margins and settlement. The GCM, acting as the “Sponsoring Agent”, retains responsibility for the default fund and obligations related to a default.
Euronext’s Sponsored Access model is being built with extensive client feedback and market best practices. It is designed to give buy-side firms seamless direct access to the clearing house without the burden of full membership, as the sell side continues to provide default protection. This structure enables smaller institutions to participate competitively while giving Sponsoring Agents balance sheet and capital optimisation benefits, including improvements to leverage ratio and Risk Weighted Assets (RWA).
4. Buy side: What are the benefits buy-side firms would expect to achieve in accessing a sponsored access model over other available models in Europe?
For the buy side, the advantages are significant:
Less Initial Margin (IM) to post – For the same portfolio, IM required to be posted is expected to be less than other offerings reducing the cost of the service.
More flexibility in choice for covering the margin calls – Flexibility to cover the margin calls (both overnight and intraday) in 100% securities. This further reduces the cost of the service as posting securities is cheaper than posting cash where the buy side relies on the payment agent to provide cash to the clearing house.
Flexible settlement location – Euronext will offer full flexibility in settlement by providing more choices for location of settlement compared to other offerings. This will allow the buy side to maintain settlement in one location, benefiting from settlement netting and reducing costs. Together, these features translate into greater capital efficiency, improved operational integration, and access to cleared repo liquidity that was previously harder to reach.
5. Sell side: What are the benefits sell-side firms would expect to achieve in accessing a sponsored access model?
For Sponsoring Agents, Sponsored Access mitigates capital costs associated with traditional client clearing and reduces barriers to extending clearing services to a broader range of clients. It supports balance sheet efficiencies while optimising repo market risk management through real-time portfolio controls.
For Sponsoring Agents, the benefits are equally clear:
Balance sheet efficiency – reducing capital costs, with leverage ratio relief and improved RWA compared with the traditional GCM model, which carries high capital costs for some members.
No additional buffer requirements – avoiding extra capital burdens seen in some other structures.
Real-time portfolio controls – risk teams can monitor and manage Sponsored Member exposures through real-time IM limits.
Flexible settlement location – supporting netted settlement to improve balance sheet and operational management.
The model also enables banks to capture previously uncleared buy-side flows, broaden market participation by tapping into new client segments, and ultimately strengthen liquidity across the ecosystem. Together, these factors enhance risk oversight, reduce capital drag and create opportunities for deeper client engagement.
6. Euronext’s model: What are the drivers for Euronext as it develops a sponsored access model? How does this support Innovate for Growth 2027?
Our goal is not simply to replicate what exists elsewhere, but to improve the most efficient sponsored access model to clients in Europe. By designing a solution that enhances margin efficiency, eliminates unnecessary buffer requirements, and gives both sides flexibility in collateral and settlement, we are delivering tangible operational and risk benefits.
This directly supports Innovate for Growth 2027, which is focused on broadening participation, enhancing liquidity, and building a truly pan-European clearing house across fixed income and repo. Sponsored Access is the bridge that brings the buy side into that ecosystem.
7. When will these models be available, and what are the next steps for firms?
The GCM model is already live and available today for buy-side firms who want to access cleared repo through an intermediary. Sponsored Access, as part of Phase 2 of our Repo Expansion Initiative, is planned to go live in mid-2026.
Next steps depend on each firm’s role. Buy-side firms should begin assessing operational and legal requirements such as system integration, collateral management workflows and governance approvals. Selecting the right Sponsoring Agent will be a critical step.
For Sponsoring Agents, preparation should include client engagement planning, risk parameter setting and internal onboarding processes.
Euronext remains in active dialogue with regulators and market participants and will provide further clarity on implementation timelines as discussions progress. Firms that prepare strategically now will be best placed to take advantage once the model is live.
8. How does Sponsored Access play a role in the supporting the evolution of the European repo marketing in the future?
Sponsored Access is one part of Euronext’s broader multi-year Repo Expansion Initiative, which is designed to strengthen liquidity provision, enhance collateral optimisation, deliver an updated risk model for further efficiency, and provide new access models across Europe.
Together, these developments mark a step change for the repo market: creating a more resilient, efficient, and inclusive clearing ecosystem for both the sell side and buy side as Euronext delivers on its Innovate for Growth 2027 strategy.
OTCX, a leading regulated fintech transforming the way OTC derivatives are traded, announced a multi-year partnership with Aladdin®, BlackRock’s technology platform that unifies the investment management process. This collaboration will digitise dealer-to-client “voice” derivative trading and increase the set of options clients have to trade derivatives electronically.
The partnership aims to address the heavy reliance on manual, voice-based workflows in complex derivatives – a long-standing industry challenge – and provide more choice in electronic trading alternatives for more vanilla derivatives. By integrating OTCX’s execution venues into the Aladdin platform ecosystem, the collaboration will provide Aladdin clients with more efficient, transparent, and cost-effective ways to discover prices, manage risk, and execute trades across a broad set of OTC derivatives.
Through this integration, Aladdin clients will benefit from end-to-end workflow support – from price discovery and request-for-market to execution and post-trade processing. The integration will provide connectivity across a comprehensive set of OTC derivatives.
“Integrating with the Aladdin platform is a pivotal step for OTCX and for the OTC derivatives market as a whole,” said Nicolas Koechlin, CEO of OTCX. “Our goal is to give market participants more choice, lower costs, and more efficient workflows in markets that have historically been complex and fragmented. Together with BlackRock Aladdin, we are excited to accelerate the industry’s shift from manual voice trading to seamless digital execution, delivering transformative value for buy-side firms and dealers globally.”
Acquisition adds AI-powered data analytics to BGC’s global platform servicing institutional clients
NEW YORK–(BUSINESS WIRE)–BGC Group, Inc. (Nasdaq: BGC), a leading global brokerage and financial technology company, today announced the acquisition of Macro Hive Limited (“Macro Hive”), a leading provider of global macro market analytics and strategy.
The acquisition of Macro Hive expands BGC’s growing agency business by integrating Macro Hive’s AI-driven technology across the Rates and FX markets with BGC’s global broking andexecution platform. Macro Hive’s co-founders, CEO Bilal Hafeez and COO Andrew Simon, will join BGC to further drive innovation and strengthen its position in global financial markets.
“Adding Macro Hive to our suite of institutional services enhances our platform with tech-forward insights and proven expertise, setting a new standard for agency services,” said Richard Leighton, Senior Managing Director at BGC Group. “I look forward to working closely with Bilal and Andrew to ensure a seamless and impactful integration.”
“Our mission has always been to deliver innovative, AI-driven insights and strategies that empower institutional investors and corporates to make better-informed decisions,” added Bilal Hafeez, Founder and CEO at Macro Hive. “By combining our expertise with BGC’s global platform, we can deliver unmatched client solutions. We are excited to accelerate our growth in this next chapter with BGC.”
About BGC Group, Inc. BGC Group, Inc. (Nasdaq: BGC) is a leading global marketplace, data, and financial technology services company for a broad range of products, including fixed income, foreign exchange, energy, commodities, shipping, equities, and now includes the FMX Futures Exchange. BGC’s clients are many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms.
BGC and leading global investment banks and market making firms have partnered to create FMX, part of the BGC Group of companies, which includes a U.S. interest rate futures exchange, spot foreign exchange platform and the world’s fastest growing U.S. cash treasuries platform.
Retail assets in private capital strategies are growing. Cerulli estimates that U.S. financial advisors currently allocate $1.9 trillion to less than fully liquid private market strategies and projects this portion to grow to $3.7 trillion through 2029—representing a $1.7 trillion opportunity over the next several years. “Advisors are contributing pools of assets amounting to tens of billions of dollars to individual managers,” comments Daniil Shapiro, director.
As asset and wealth managers look to their next leg of growth, mainstreaming product and simplifying access, many are turning to asset allocation models. The push to create and distribute these models—integrating private market strategies—involves a broad range of participants across the financial ecosystem. “Although asset and wealth managers will be the primary drivers of the effort to increase model use, turnkey asset management platforms (TAMPs) and alternative investment distribution platforms will play a critical role thanks to their provision of infrastructure across channels,” notes Shapiro.
Asset managers are pursuing three key avenues to securing placement in models, perceiving opportunity in several areas. According to the research, 48% perceive an opportunity in model-adjacent multimanager product, while 44% seek inclusion in paper models and 41% seek inclusion in unified managed accounts (UMA) platforms.
The inclusion of private market strategies via semi-liquid products alongside more liquid offerings in UMAs is a key implementation avenue for models with alternatives. Still, other solutions such as paper models or single-ticket solutions should not be ignored as they have the potential to serve as likely avenues for financial advisor access. “Advisors are looking for help in understanding how multiple private market asset classes can come together and complement one another. Such tools can be extremely helpful even if advisors do not subscribe to them outright,” concludes Shapiro.
The Depository Trust & Clearing Corporation (DTCC), a provider of post-trade market infrastructure for the global financial services industry, has appointed Thomas Sullivan as Managing Director of DTCC Digital Assets, reporting to Nadine Chakar, Managing Director, Global Head of DTCC Digital Assets. According to a press statement, Sullivan brings to DTCC more than 20 years of experience in securities and banking, across operations and innovation. Previously, he was Head of Business Development for Digital Assets at Société Générale, where he helped establish the firm as a market leader in the issuance, transaction and management of digital-native financial products registered on blockchain.
Mark Daniels
Mark Daniels has joined Clear Street as Managing Director – Head of Platform Sales, according to his LinkedIn post. Daniels has more than 20 years of experience and joins from Marex, where he was Head of prime clearing for over two years. He also held roles at Bank of America, where he spent four years as a Managing Director and UBS, where he was Global Head of Sales – Execution & Clearing business. He has also worked at Morgan Stanley and Goldman Sachs.
The Securities and Exchange Commission (SEC) has announced that Stacey Bowers, who has served as the Director of the Office of the Advocate for Small Business Capital Formation, will depart the agency effective October 17, 2025. The SEC said in a statement that She has served as Director since January 16, 2024. Prior to serving as the small business advocate, she was a Professor of the Practice at the University of Denver Sturm College of Law and served as a practitioner, both in private practice and in-house, representing businesses from startups to public companies.
Rob Hocking
Cboe Global Markets has appointed two industry veterans to lead its Derivatives and Data businesses, according to a press release. Rob Hocking has rejoined as Executive Vice President, Global Head of Derivatives, and Brian McElligott has joined as Senior Vice President, Global Head of Cboe Data Vantage. Hocking will succeed Cathy Clay who is departing the company for a new opportunity. Hocking brings more than 25 years of experience in global derivatives markets and a strong track record for building new, innovative tradable products. In his new role Hocking will oversee Cboe’s global derivatives business, which includes futures and options markets in the U.S. and Europe, as well as a suite of globally traded proprietary products, including the S&P 500 Index options and VIX franchises. He rejoins Cboe having previously served as Senior Vice President, Global Head of Product Innovation. McElligott brings more than 25 years of experience in data and analytics. In his new role he will oversee Cboe’s market data and access services, global indices, risk and market analytics, and execution solutions services. His previous leadership roles include 14 years at CME Group where he was Managing Director, Global Head of Information Products, Analytics and Market Data.
Kepler Cheuvreux (KCx) has made changes within its organisational structure for its execution business, Global Trading reported. Robert Miller has been named global head of equity execution sales, while Bobbie Port takes on the role of global head of low touch and portfolio trading. Miller joined Kepler Cheuvreux in October 2024 as head of market structure and liquidity solutions. Before that he spent nearly six years at Vanguard, most recently as head of international trading analytics and strategy. Port has been with KCx for over 14 years, most recently serving as head of electronic distribution, and previously as deputy head of execution sales.
Ncontracts, a provider of integrated compliance, risk, and vendor management solutions to the financial services industry, has hired Sonja Tsiridis as Chief Technology Officer, according to a press release. Tsiridis brings two decades of experience scaling enterprise SaaS platforms across cybersecurity, healthcare technology, and B2B enterprise solutions. Most recently at Intel471, she led the transformation of disparate cybersecurity tools into a unified threat intelligence platform powered by real-time big data processing capabilities.
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