18 – 24 JULY 2013
May that TMX Select would be the first to migrate, and that the Toronto Stock Exchange, TSX Venture Exchange and Alpha would follow next year. Symbols will be migrated to the new infrastructure in three phases, with switches taking place July 29, August 12 and 19, according to the notice. Connectivity testing in production will be available July 27, it stated. TMX Quantum XA is expected to improve trading performance and make order processing more efficient. Separately, the TMX Group noted all TMX markets have access to the TMX Smart Order Router, which was rolled out just over a month ago. The SOR provides access visible and dark liquidity in the order book and is expected to limit the market impact for different trades, as well as reduce transaction costs. The SOR is co-located with TMX Quantum and TMX Quantum XA engines and allows network access through TMX Atrium, according to the TMX Group notice. TECHNOLOGY
Loan settlement enhancements to support buysiders
Recent enhancements by Trade Settlement Inc. to the vendor’s syndicated loan processing platform will support buy-side institutions allocating more money to bank loans, according to comments from Pat Loret de Mola, founder and CEO. Last month, TSI rolled out an enhancement that would improve the process of managing primary syndicated loans using via the platform. Increased buy-side interest in investing in the space factored into the timing of the rollout. “The new buyers and vehicles for bank loans, such as exchange-traded funds, new CLOs, etc., need a system that is
much more systematic and creates more liquidity so that they can better plan their cashflow to optimize capital efficiency.” She noted the enhancements are also timed to coincide with the high volume of refinancings and repricing, she said. TSI’s broad proposition is to support automated loan settlement and ultimately reduce the settlement period by allowing users to manage the lifecycle of primary and secondary loan trades from a single interface and connecting the system to back-office accounting and portfolio management platforms. The enhancements for primary loan trades further streamline the process, de Mola explained. She noted the old system required manual input of allocations investor by investor, a ?????????????????????????????????????????????????????????????M???????????????????????????????????????????????????QM$??????QM'?e???????????????????????????????????????????????????????????????????????????q???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????t???????????a
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