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BlackRock and Citadel Securities back new Texas-based challenger exchange

The TRADE

Designed to rival the likes of incumbent exchanges Nasdaq and NYSE in the US, Texas Stock Exchange (TXSE) has raised $120 million from around a dozen investors including BlackRock and Citadel Securities in a funding round closed in May. The TRADE understands that BlackRock has taken a minority investment.

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The Thursday T+1 trading conundrum

The TRADE

The shift to T+1 in the US can largely be described as a success – affirmation rates remain comfortably high, fail rates have stayed reasonably low and FX trades don’t appear to have shifted to bilateral settlement as feared. Depending on the day of the week or the settlement cycle used it’ll be more expensive to trade.”

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SSGA launches first actively managed corporate and municipal target maturity ETFs in the US

The TRADE

Named SPDR SSGA MyIncome ETFs, the suite looks to offer investors the ability to build their own custom bond ladder portfolios to manage their respective cash flow, interest rate risk, and liquidity needs. The suite consists of 14 actively managed target maturity ETFs with various maturity years ranging from 2026 to 2034.

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Tick sizes, transparency and fee caps: A look at the SEC’s rule amendments

The TRADE

The additional minimum pricing increment or ‘tick size’ will apply to the quoting of certain NMS stocks, while the reduction in access fee caps will be linked to protected quotations of trading centres. The reforms are pro-investors. For odd-lot information, the compliance date will be the first business day of May 2026.

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European Council and Parliament reach milestone Mifid compromise on consolidated tape and PFOF

The TRADE

Thursday’s agreement will see the establishment of a real-time EU-level consolidated tape for “different kinds of assets” traded in the EU. Data from “all trading platforms” will be included in consolidated tapes. Key information such as the price of instruments and the volume and time of transactions will be included.

Trading 75
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SEC chair Gary Gensler urges UK to set T+1 transition date

The TRADE

When we proposed the rule in February 2022, only about two-thirds (68%) of transactions were being affirmed on trade day. I don’t suspect you will follow the timing of Argentina or Jamaica. Currently, currency markets settle in T+2, but if major markets in North America and Asia move to T+1, it could be beneficial.

Trading 64
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US same day settlement ‘not a good idea’ despite technological advancement

The TRADE

A key contributing factor for banks and investors clearing more than previously is the increasing cost of trading derivatives OTC as a result of uncleared margin rules. In addition, Treasury clearing mandates are set to take effect in 2026, which if successful will create a long-term ROI which the SEC seeks. to just over £2.6

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