The TRADE 56 - Page 8

NEWS BITES Nomura becomes first crypto custody bank Japanese bank Nomura has become the first bank to offer custody services for digital assets such as Bitcoin, a move that could unlock significant institutional investor interest. The bank has partnered with Ledger, a security and infrastructure provider for cryptocurrencies, and Global Advisors, a bitcoin-specialist investment manager, through a new venture called Komainu. ICE to acquire TMC Bonds in $685 million deal Intercontinental Exchange (ICE) has agreed to buy fixed income marketplace TMC Bonds for $685 million in cash. Founded in 2000, TMC Bonds provides trading in various fixed income products including munici- pals, corporates, treasuries, agencies and certificates of deposit, with click-to-trade or request for quote (RFQ) functions. Citi clears first buy-side SONIA trade on CurveGlobal The first buy-side SONIA trade on the London Stock Exchange Group’s Interest rate derivatives platform CurveGlobal has been cleared cleared by Citi. CurveGlobal launched the three-month Sterling Overnight Index Average (SONIA) futures contracts earlier this year, as the UK transitions from the LIBOR benchmark to the new index. Fidessa accepts £1.5 billion take- over offer from ION Fidessa has agreed to terms of a £1.5 billion all cash offer by ION Investment Group’s ION Bidco subsidiary, overturning its earlier recom- mended acquisition by Temenos. ION offered Fidessa’s shareholders £39.50 per share, including in aggregate £38.70 per share and a 79.7p dividend paid in June, 8.5% higher than the £35.67 bid offered by Temenos in February. 8 // TheTrade // Summer 2018 EQUITIES Tradeweb expands into equities with Plato Partnership block trading venture Tradeweb and Plato Partnership to launch European cash equities block trading platform later this year. Fixed income and derivatives electronic trading firm Tradeweb is expanding into the equities space through the launch of a block trading cash equity platform with Plato Partnership. Known as eBlock, the platform allows traders to source and aggregate broker principle risk, offering the buy-side more control over execution, and the opportu- nity to match and negotiate orders on a regulated venue. It also uses ‘blotter scraping’ technology to provide users with data to target organisations based on activity, execution rates and market impact. Tradeweb’s chief executive, Lee Olesky, said that hav- ing already brought electronic request-for-quote (RFQ) platforms to the market in fixed income, derivatives and ETFs, the partnership with Plato marks a “significant milestone” for the firm. “We are excited to extend this highly successful model to cash equities, and to work with Plato to develop new trading mechanisms to more efficiently execute block trades against principal liquidity on a regulated trading venue,” Olseky added. Tradeweb and Plato Partnership will work closely together to drive the development of the new platform, which is scheduled to go-live in Q3 this year. The first phase of the launch will include RFQ capabilities for targeting broker principle risk liquidity, and it will be operated by Tradeweb on its multilateral facility (MTF). “eBlock allows buy-side traders to tie the sourcing of risk liquidity into the execution process using intelli- gent data analytics, giving them the necessary infor- mation required to make good decisions about trade execution,” Mike Bellaro, Plato Partnership co-c