Single-Dealer Platforms and SEFs

This week saw the introduction of mandatory execution on new SEF platforms for certain standardised interest rate swaps. Such swaps will no longer be executed bilaterally between banks and their clients, but rather must be executed anonymously on SEFs.

The move to SEF trading has however been tentative, with many buy-side firms holding back, nonetheless by midweek some 74% of the 372 IRS trades were being executed on SEFs, according to data from Clarus.  Although there are 23 newly registered SEFs , the majority of business so far has tended to flow through to the incumbent inter-dealer platform SEFs.

But what about single-dealer platforms (SDP), how are banks managing the migration to SEF trading? Continue reading

Panoptican sold to Datawatch – another Big Data play

Datawatch Corporation, the provider of information optimization solutions, has agreed to acquire Panopticon Software AB, a privately held Swedish company specializing in the delivery of real-time visual data discovery solutions.

Panoptican Software provide high performance real-time visual data discovery to speed up business processes. used in many areas with Cap Markets, and in a number of trading platforms to visualise market sector performance, and in FX for liquidity visualisation. (demo site here).

Michael A. Morrison, President and CEO of Datawatch, said:

“This acquisition will immediately benefit our combined customers, partners and prospects by allowing them to accelerate the development and deployment of solutions that use the wide variety of data formats and sources present in every organization.

…..Our collective capabilities to address Big Data opportunities are vastly improved with the high velocity access enabled by Panopticon’s real-time visual data discovery solution and the variety of data sources and formats that can be transformed by the Datawatch Information Optimization platform.”

So, another Big Data play, following last weeks sale of Streambase to TIBCO and Apama to Software AG.

Full story on Panoptican  here

EBS-Best Practice in Aggregation

A timely publication by Gil Mandelzis, CEO of EBS on Best Practice in Aggregation highlights some key points:

An aggregation provider aims to consolidate the liquidity streams from multiple venues to provide best price and execution to its customers, who then no longer need to deal through multiple screens or connections. Aggregation providers in essence create a private marketplace unique to each customer, with the promise of optimising and personalising execution quality and effectiveness.

EBS believes that aggregation providers bring real value to the market. While there are many customers who choose to build and support their own aggregation solutions, these third party providers present a compelling value proposition to those who choose to outsource this service. Continue reading

Progress Software sells Apama to Software AG

Software AG has announced that is to buy CEP provider Progress Apama from the US parent company Progress Software (PRGS)

This news comes less than 48 hour after TIBCO announced that it has bought CEP provider Streambase.

Software AG buys Leading Complex-Event-Processing Platform Apama from Progress Software

  • The acquisition of Apama is an important step in implementing Software AG’s strategy of enabling the digital enterprise
  • Apama will enable enterprises to maximize the value of their big data through proactively responding to business opportunities identified from the continuous analysis and correlation of  business activities across multiple data streams
  • It will also enable customers to fully integrate the industrial internet (Industry 4.0), analyzing the massive amounts of real-time operational data from intelligent machines to make precise, real-time decisions
  • Software AG  will leverage and expand Apama’s leadership in customizable CEP-powered solutions in capital markets (algorithmic trading, risk and market surveillance), telecommunications and supply chain & logistics
  • With this acquisition Software AG  confirms its focus on dynamic growth for its BPE business division

Full announcement here

Tibco to acquire Streambase

Interesting to see TIBCO announcing they are to buy CEP provider Streambase.

Matt Quinn, CTO of TIBCO Software says:

“This combination extends our event-processing abilities and provides a terrific opportunity to address a growing number of use cases for data in motion – in financial services and beyond.”

Streambase CEO Mark Palmer:

Today we are excited to announce that we are now part of TIBCO Software.  Mark Palmer, CEO StreamBase and now VP TIBCO StreamBase introduces the acquisition on our blog.  To learn more please read the press release or visit the TIBCO Software Event Processing page.

In an interesting twist, Streambase is used by Thomson Reuters within their Eikon platform, and so will be interesting to see if this acquisition changes that, although as TIBCO used to be owned by Reuters, perhaps not.

According to research from Aite Group, global spend on commercial CEP technology is expected to reach $184mln in 2013. The report focused on six leading CEP vendors that participated in Aite Group’s survey: Informatica, OneMarketData, Progress Software, Streambase, Sybase, and TIBCO.

Meanwhile, over at Progress, they have just announced the acquisition of SaaS based Rollbase. The play is clearly on Big data in the cloud!

In the Capital Markets Space, CEP providers such as Streambase and Progress Apama are used by a number of banks for FX liquidity aggregation, Smart Order Routing, and algorithmic trading, although Progress Apama has greater footprint and client base in that area.

The big question however will be, if CEP parent companies refocus on cloud based Big Data analytic’s, will they de-emphasise their Capital Markets offerings?

Jyske Bank select Caplin-Apama FX SDP

At Caplin we are very excited by today’s announcement that Jyske Bank has partnered with Caplin and Apama to deliver their new Single-Dealer Platform (SDP).

Jyske Bank’s Head of Department – FX, Interest rates & Commodities, Lene Papsoe, explained the reason behind the move: Continue reading

Caplin Joins Forces with Progress Software to Provide End-to-End E-Commerce Solution

Here at Caplin we are really excited with today’s announcement that Caplin has partnered with Progress Apama to deliver the Progress Apama Capital Markets Platform integrated with Caplin’s single-dealer platform framework.

The partnership will reduce the time to market for many more banks enabling them to rapidly deliver world-class SDP projects that seamlessly integrate Apama’s leading CEP platform that combines liquidity aggregation, rate formation, client tiering, dealer intervention and smart order routing, with Caplin Trader Caplin’s HTML5 web trading platform. Latest Caplin news here and download the press release here.


  • Dr Richard Bentley, Vice President, Capital Markets at Progress Software, commented, “Partnering with Caplin is a natural choice for us, as we both attract customers with similar profiles – banks that require robust, proven technology but need the freedom to tailor their solution and differentiate their offering, as well as confidence that the technology will scale as their business grows.”
  • Paul Caplin, CEO, Caplin Systems added, “This partnership brings together two highly compatible and best in class technologies enabling our clients to provide a next-generation trading service. We are delighted but not surprised at how quickly the combined offering is gaining market traction.”

Caplin and Apama will be showing the integrated solution at FX Week Europe on 21st Nov, for more details of the show look here.

Deutsche creates new ‘Markets Electronic Trading’ Unit

Deutsche Bank creates a new ‘Markets Electronic Trading’ unit to focus on ‘electronic execution platforms across fixed income asset classes. Zar Amrolia, Global Head of FX will also become Head of the new markets electronic trading unit.

The driver behind the new unit being regulation, automation and increased standardisation in fixed-income markets.

Being Deutsche, their ambitions for the new unit are according to Zar simple enough; Continue reading

Bloomberg on regulatory burden of being a SEF vs being a SEF Aggregator

Interesting article on Risk.Net around being a SEF vs being a SEF Aggregator.

Ben Macdonald, Global Head of Fixed Income at Bloomberg, argues that the company is building a cross asset class SEF, which will generate revenue by ‘driving terminal sales’, which will offset the high regulatory cost of becoming a SEF.

However, if market participants access liquidity from a number of SEFs, (perhaps via a single dealer platform), Continue reading

RBC new single dealer platform DirectExecution (RBCDX)

RBC is rolling out their new single dealer platform, ‘RBC DirectExecution’ (RBCDX), aimed at their corporate and real-money institutional clients.

The platform, commissioned over three years ago has Continue reading