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LiquidityBook acquires Messer to boost multi-asset capabilities

The TRADE

LiquidityBook is set to acquire boutique capital markets fintech provider, Messer Financial Software, in a bid to accelerate its multi-asset capabilities. With regard to our buy-side clients, and especially newer or smaller funds, time and again we hear their need to shadow their fund admins or manage their own books and records.

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The prime brokerage pie is growing, which means bigger slices for everyone

The TRADE

Dominic Rieb-Smith, managing director, international head, prime services sales, JP Morgan, refers to the past year as “a standout”. Data from Convergence tracking the top 25 prime brokers showed their market share grew from 83.3% in April 2023, to 92% in 2024.

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An evolving service provider landscape

The TRADE

That line-up is largely made up of independent firms, prime brokers and custodians, all of whom are enjoying a piece of the growing pie, with their own strengths and weaknesses. Over the past 12 months, Tourmaline has also tapped rival BTIG and hired from Vantage Capital Markets and Liquidnet.

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Outsourced trading: Easy to do, difficult to get right

The TRADE

Outsourced trading, though undoubtedly a contentious topic, is something that has been around in capital markets for decades in some form or another. Examples just from just the last six months include UK-based investment management firm Waverton – which has £9.1

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Early bird catches the worm: A look at the race for first mover advantage in Europe’s emerging crossing network landscape

The TRADE

It is rare, for example, that you’ll find an asset manager worrying about the good of the market or how an order might influence the primary lit market share, over whether or not they have achieved the optimal outcome for their portfolio manager and end investor. They’re built for slightly different purposes.”

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The 20 greatest trading innovations

The TRADE

These systems touch upon all elements of the trading lifecycle throughout the front-to-middle-to-back-office including execution, order, risk and portfolio management. While perhaps not one of the most exciting aspects of the trade lifecycle, settlement is a central process that acts as a pillar for the capital markets.

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The TRADE predictions series 2025: Technology is king

The TRADE

Non-quant firms are looking to use alternative methods to improve trading outcomes, monitor risk and performance, improve alpha generation and broker selection, and gain a competitive advantage. This is not just an opportunity for individual firms, but the market as a whole. The challenge, however, lies in overcoming inertia.

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