News Nuggets | 19 September: TraderEvolution Integrates TradingView; BNY Mellon Taps Eurex

TraderEvolution Integrates TradingView Charts

TraderEvolution, a technology provider in the financial services industry, has enhanced its offerings with the integration of the full chart library of TradingView.

“Bridging the analytical prowess of TradingView with the comprehensive trading capabilities of TraderEvolution is a pivotal step. It’s not just about integration, it’s about two companies sharing a unified vision for the future of trading,” said Roman Nalivayko, the CEO of TraderEvolution Global.

Paxos Celebrates Five Years of Regulated Stablecoin Issuance

Paxos, a leader in blockchain infrastructure, is celebrating its five-year milestone in regulated stablecoin issuance. The company has reportedly issued and redeemed over $120 billion in USD-backed stablecoins since its inception. Operating under regulatory oversight from the New York State Department of Financial Services, Paxos debuted its first fully redeemable, USD-backed token in 2018.

The company has expanded its stablecoin solutions to global enterprises such as Mercado Libre and Mastercard. A significant leap came in August when Paxos launched PayPal USD (PYUSD), now accessible to over 100 million users.

Coinbase Concludes Tender Offer for Senior Notes

Coinbase has announced the completion and expiration of its cash tender offer for its 3.625% Senior Notes due 2031. The offer aimed to purchase up to $180 million in aggregate principal of the notes and expired on September 18, 2023.

The tendered notes are expected to be paid on 20 September 2023. The company initially accepted $50,034,000 in principal amount during the ‘Early Settlement Date’ and later accepted an additional $211,062,000 by the ‘Interim Settlement Date’.

FSB Proposes Tools for CCP Resolution

The Financial Stability Board (FSB) has initiated a consultation on a set of tools to support the resolution of central counterparties (CCPs). The toolbox aims to maintain the continuity of critical functions in case of CCP resolution.

The FSB's analysis indicates that a blend of complementary resources like bail-in bonds, resolution-specific insurance, and equity in a first-loss position may offer the best chance for effective CCP resolution. The FSB plans to monitor the implementation for systemically important CCPs and publish its findings in an annual report.

DKK Partners Successfully Closes Pre-Seed Funding

DKK Partners, a London-based FinTech company specializing in foreign exchange liquidity in emerging markets, closed its pre-seed funding round with £3 million. Surpassing its initial funding target by 33%, the company now holds a pre-money valuation of approximately £100 million. The funding will be used for further business expansion. Recently, DKK Partners expanded its operations into East Africa, including Nairobi, Kenya, supported by the attainment of the CONSUMAF license to accelerate its financial services in the region.

“At DKK Partners we saw value in providing the opportunity for those who have supported us over the years, helping us to build the organisation that exists today, to continue their support, share our success and give thanks to all who have been a part of our journey up until this point,” said Khalid Talukder, the Co-Founder of DKK Partners.

Vodeno Gets New CEO and New Chair

Vodeno, a Banking-as-a-service in Europe, announced today (Tuesday) two new appointments at the apex roles: Philip McHugh as Chairman and Noah Sharp as CEO. Both of them are industry veterans, bringing decades of experience to the roles.

McHugh formerly led PaySafe, a payments firm, as its CEO. He was also a Senior Executive Vice President and President of TSYS Merchant Solutions and the CEO at Barclaycard Business Solutions. He spent several years in management roles at Citi.

Before joining the new role, Sharp was the Deputy CEO at FCA-regulated payments firm BCB Group. He is additionally a former Paysafe executive, serving the company as the Chief Banking Officer. He held several senior roles at Standard Chartered Bank and Deutsche Bank.

“Philip and Noah bring deep payments, banking and financial services expertise to Vodeno,” said Wojciech Sobieraj, the Founder and Board Member at Vodeno. ”Their impressive track record of scaling businesses, alongside an intrinsic understanding of how to successfully support large-scale BaaS projects positions the company well for its next phase of growth.”

BNY Mellon Taps Eurex Clearing

BNY Mellon, the world’s largest custodian, has selected Eurex as its first clearing house in Europe to centrally clear repo transactions. Eurex’s clients to trade repos with over 160 registered participants.

“The opportunities in the European repo market are huge, and Eurex is excited to support BNY Mellon with our centrally cleared and innovative offerings. We welcome BNY Mellon as a Trading and Clearing Member of Eurex Repo and Eurex Clearing,” said Frank Gast, a Member of the Management Board of Eurex Repo.

Björn Storim, the CEO of BNY Melon’s European Bank, added: "Access to Eurex enhances our overall liquidity management tool kit. The demand for European repo is continuously increasing, and this important milestone supports us in expanding our business and risk management capabilities in Europe.”

Tradeweb Partners with JSCC Clearing

Tradeweb Markets will now allow its institutional clients that execute Japanese Yen swaps on its Multilateral Trading Facilities (MTFs) and Swap Execution Facilities (SEFs) to clear their transactions via the Japan Securities Clearing Corporation (JSCC).

“This is the latest example of Tradeweb and JSCC being responsive to the needs of our clients, both global hedge funds and real-money accounts, around more connectivity, flexibility and choice in Yen swap trading,” Enrico Bruni, the Head of Europe and Asia Business at Tradeweb, said.

ExeQution Analytics Broadens Offering

ExeQution Analytics, a provider of trading analytics, has broadened its offerings with customized solutions for both buy- and sell-side firms.

“Every firm is unique in their flow, their strategies, and what’s important to them, and off-the-shelf analytics simply can’t explain the underlying drivers of performance,” said ExeQution Analytics’ CEO, Cat Turley.

“Firms are paying so much for data, and it’s imperative to fully capitalize on that investment with efficient and effective analytics.”