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Optiver, XTX Markets among consortium to back launch of Brazilian derivatives exchange A5X

The TRADE

Optiver, IMC Trading, Jump Trading Group, XTX Markets and ABN AMRO Clearing Bank have invested in A5X, a new Brazilian derivatives exchange which is set to begin operations by 2026. The announcement of Series B composed of investors of such reputation and expertise makes us even more solid to achieve this goal.

Trading 62
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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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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.

Stock 73
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Recent EU consolidated tape compromise is a ‘missed opportunity’, says AFME

The TRADE

Following last week’s agreement, a real-time EU-level consolidated tape for a range of assets traded in the EU will be established, including key information such as the price of instruments and the volume and time of transactions. Data from all trading platforms will be included in the consolidated tape. told The TRADE.

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Retail boost is driving volumes off-exchange, Liquidnet finds

The TRADE

Last week, JP Morgan cited the biggest retail flows on record, with non-professional investors buying $1.5 Last week, the European Council and Parliament introduced a “general ban” on PFOF, with temporary exemptions for member states where firms currently use the practice until June 2026. billion worth of purchasing.

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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

Trading 70