“The sheer scale of computing power required to meet the most demanding regulations, alongside the strategic benefits of more accurate real-time analytics, is driving a profound rethink about how we can leverage AI to reduce the cost of compliance,” said Gil Guillaumey, senior VP and head of capital markets technology at Nasdaq.
“PureStream on Nasdaq Europe will provide greater choice of trade execution mechanisms to our clients and help institutional investors navigate the European trading landscape,” said Nasdaq’s Nikolaj Kosakewitsch; launch is expected in Q1 2025.
Beta testing for the new interface is expected to begin in February 2025; go-live is expected in October 2025.
Extended partnership will enhance resilience of the exchange, alongside supporting the deployment of new products and services.
The move will see the two firms help reduce systemic inefficiency across the global post-trade network.
Nasdaq’s Nordic and Baltic equity QuoteView offering, powered by BMLL, will offer consolidated best bid and offer (CBBO) data for equity markets within the region.
The solution is aimed at asset managers, retail investors and ETP issuers, set to make it possible for investors to gain exposure in the Swedish small cap market and simplify investment strategies.
Specifically, the pre-trading issue affected trading on Monday for those using routing and special handling (RASH) and/or FIX as well as customers connected directly via OUCH or FLITE, said Nasdaq in its post-mortem report.
The exchange has signed a deal with Thailand-based institutional broker Kiatnakin Phatra Securities (KKPS), designed as a launchpad deal to encourage further adoption in the region.
Non-standard instruments, such as the Argentinian specific asset class, will still be offered on the old system; Caja de Valores said it aims to migrate these instruments onto the new platform within Q1 2024.