Tata Consultancy Services’ 2021 Global Leadership Study Examines How Top Leaders of Large Global Enterprises Have Recalibrated their Organisational Strategies for the More Digital Decade Ahead

Tata Consultancy Services (TCS), a leading global IT services, consulting, and business solutions organisation, published its global study titled ‘Where, How and What Leaders Will Compete With in the New Decade: Findings from the TCS 2021 Global Leadership Study’, based on a survey of 1,200 CEOs and senior executives. The study reveals a sharp divide in the digital strategies of better performing companies (Leaders) versus the laggards (Followers), including unexpected insights such as: 80% of Leaders are more willing to collaborate with competitors compared to Followers (23%).

Brought out by the TCS Thought Leadership Institute—which conducts primary research to help organisations transform for long-term, sustainable growth—the study examines how large global enterprises have recalibrated their competitive strategies through 2025, following the pandemic. Specifically, it explores how management teams across the world are striking a balance between innovation and optimisation in four areas—digital strategies, digital offerings, digital ways of conducting business, and leadership approaches.  

“Senior executives are always challenged to lead their organisations forward to be more competitive, and increasing digitisation only accelerates that momentum,” said Krishnan Ramanujam, Business Group Head, Business & Technology Services, TCS. “This study captures the pulse of global business leaders and their nearly ubiquitous belief that massive digital opportunities abound in the next five years—and their company culture must embrace an innovation mindset. At TCS we use our 3-Horizon Purpose-Led Transformation framework to help organisations embrace innovation in a way that helps them compete more effectively.”

Key findings of the study include:

• Innovation was ranked as the most important aspect of organisation culture, followed by Diversity, Inclusion and Equal Opportunity (#2), Quality Orientation (#3), and Customer-Centricity (#4).
  • Leaders ranked Customer-Centricity as the top cultural priority, above Shareholder Value, while Followers ranked it number 6, indicating that higher-performing companies embed a ‘customer first’ mindset across the organisation.
     
• By 2025, respondents believe 41% of their revenue will come from new offerings. Within that, Leaders expect 44% revenue from new offerings, while Followers expect 40%.
   
• The respondents projected that by 2025, 46% of their revenue will come from purely digital products or services. Leaders expect it to be even higher – 56%.
   
• When asked where they need to more effectively use data, respondents ranked Digital Marketing Campaigns first, followed by Sales Initiatives and Customer Service, suggesting that their companies need to improve the way customer data is used to create demand and improve customer experience.

The report also offers data-based recommendations to help shape the strategy of forward-thinking executives on how to take their organisations to higher performance. 

TCS’ 2021 Global Leadership Study surveyed more than 1,200 CEOs and senior executives from a range of industries including (but not limited to) retail, manufacturing, insurance, banking and financial, healthcare and more, from four regions across the globe—North America (US, Canada); UK, Europe (Germany, Netherlands, France); APAC (India, Singapore, China, Australia, New Zealand, Japan); and LATAM (Colombia, Brazil, Mexico). Respondents’ companies had annual revenues over $1B, with an average revenue of $14B.

To view the full report and receive more information, visit www.tcs.com/perspectives/ceo

Latest Survey from Accuity, a LexisNexis® Risk Solutions Company, Reveals Contrasts in How Global Banks, Corporations and Non-Banking Financial Institutions Manage Trade and Export Compliance

Two-thirds of banks, corporations and non-banking financial institutions (NBFIs) still use search engines to comply with trade and export compliance regulations, according to Accuity, a LexisNexis® Risk Solutions company and a leading global provider of financial crime screening, payment services and know your customer (KYC) solutions. Performing due diligence in this manner leaves organisations open to missing red flags and making misinformed decisions over whether to accept business. This can expose them to risk and potential regulatory action and may also result in missed opportunities to participate in safe and legitimate trade transactions.

Trade finance providers, as well as insurers, logistics firms and others involved in international supply chains are responsible for conducting due diligence on the parties and items involved in the transactions and shipments they facilitate. This includes verifying the legitimacy of the customer and all parties to the transaction, checking for dual-use or controlled goods (for example, those that could have a military purpose) and ensuring funds and goods are not going to or coming from a sanctioned location.

The trade compliance survey – conducted by Accuity during the first half of 2021 – questioned more than 120 professionals from leading banks, insurance and fintech organisations operating in APAC, EMEA and the Americas. The study shows how widespread manual search remains even years after the emergence of automated solutions to detect trade compliance risks, such as sanctioned entities and dual-use goods.

Key findings from the research:

• Trade compliance is not always handled by a dedicated team: Banks are managing trade compliance mostly through a dedicated compliance function. Non-banking financial institutions (NBFIs) are handling it as part of the KYC process and corporations as part of a central compliance function or general operational team.
• Multi-variable screening is mostly limited to banks: More than 90% of banks screen for five or more data points, including sanctions, goods, vessel names and ultimate beneficial owners (UBOs), compared to only a third of non-banks.
• Challenges posed by changing regulation: The biggest challenges for banks and corporations are keeping up with rapidly changing regulations and increasing expectations, while NBFIs find document-heavy processes the biggest burden.
• Efficiency gains planned: Sixty percent of firms revealed that they plan to invest in the integration/interconnectivity of systems, with 74% looking to improve data sharing and transparency.
• Compliance as an advantage: Competitive advantage is seen as the main benefit of trade compliance. Corporations reported less concern over fines, while prioritising improving the flow of business through smarter licence management.

Accuity customer Enas Hamed, Sanctions Unit Head at the Housing Bank for Trade and Finance in Jordan, said, “We have prioritised digitising and automating our process for screening trade finance transactions against local and international sanctions lists. In doing so, the bank increases its efficiency levels by cutting down on time spent processing and screening potential transactions manually, while simultaneously allowing for a clear audit trail and increased effectiveness in its dealings with both regulatory bodies and its customers.”

Aneta Klosek, director, trade compliance, at Accuity said, “Trade compliance is a critical function where mistakes can cost businesses millions. An area where the smallest omission can throw off the entire strategy of a business is no place to take a chance. On the other hand, the study has shown that getting trade compliance right can produce a significant competitive advantage, so there is every reason for firms across the breadth of the supply chain to make this a focus. We are seeing more banks and other organisations turn to comprehensive data and technology-enabled solutions to ensure their compliance framework is absolutely watertight – and they have flourished throughout the pandemic as a result.”

Download the infographic, How Companies are Tackling Trade Compliance, to view the full survey results. To learn more about the issues surrounding trade and export compliance, read the new Accuity whitepaper, Trade, Trafficking and Technology: The Ongoing Fight Against Financial Crime.

 BabelFish, the leading stablecoin aggregator on Rootstock, has completed a successful fundrise totalling $5.8m via a listing on Sovryn’s Origins launchpad, the first organisation to do so. Funds raised will be used to enable BabelFish users to vote on protocol upgrades, reward the community for work completed, and conduct general research and development to sustainably increase AUM and integrations.

Sovryn Origins is where new projects are able to expand their communities, and raise funds to build the economic, financial ecosystem around Bitcoin. Unlike other launchpads, Sovryn Origins is driven by the Sovryn community, which vets all projects and where funding can be sourced in native BTC. Sovryn itself used the Origins launchpad to raise $10m in a token presale in March 2021.

BabelFish aims to solve the significant problem of stablecoin liquidity fragmentation by aggregating and standardizing stablecoins across chains in order to evolve into the ultimate stablecoin translator across the DeFi space. This listing follows months of cooperation between Sovryn and BabelFish, which launched the alpha version of XUSD atop Sovryn in the first week of June to prove the value of a simplified UI and deep USD liquidity. XUSD stablecoins have proved easy to aggregate and distribute, which has rapidly made XUSD the most liquid stablecoin on the RSK network. Consequently, the FISH token and XUSD are already added by default in the Liquality and Defiant wallet and will soon be available on other Rootstock projects.

BabelFish has adopted a fork of Sovryn’s bitocracy, which uses quadratic voting for better governance as part of its decentralized autonomous organisation (DAO) structure, where parameters of the protocol are voted on by FISH token holders. Babelfish’s FISH tokens will also be available for purchase on Sovryn’s exchange, or earned as rewards for contributing to the project’s development.

Bitcoin is the most secure and scalable blockchain, focused on fundamentals and simply designed to secure Bitcoin transactions. The Sovryn protocol extends the functionality of Bitcoin by using the same proof of work, it is mined and secured by Bitcoin and the transactions on the Sovryn system are paid in Bitcoin fees to Bitcoin miners to extend that security. The protocol achieves scale by adding additional layers of technology on to Bitcoin’s simple, basic blockchain, unlike building on Ethereum where modifications to the base layer increase complexity and cost.

A BabelFish spokesperson said: "We want to thank the Sovryn community for embracing the XUSD proof of concept early on, and for helping BabelFish successfully launch FISH as the first project in the Origins launchpad. This is the beginning of a long journey, and through the DAO everyone will be able to participate in shaping the direction of the protocol to enhance multi-chain stablecoin flow and contribute to Bitcoin’s adoption.”

Edan Yago, core contributor at Sovryn, commented: “BabelFish and Sovryn share a vision of a financial and monetary system based on Bitcoin and the support we have seen for this sale has proven the traction we are seeing with that vision, in our communities and beyond. We are excited to see the proposals and the votes to improve the protocol and get us closer to both projects shared goal of accelerating hyperbitcoinization.”

Google Cloud and C3 AI partner to provide industry solutions that will address real-world challenges in financial services, healthcare, manufacturing, supply chain, and telecommunications

C3 AI and Google Cloud today announced a new, first-of-its-kind partnership to help organizations across multiple industries accelerate their application of artificial intelligence (AI) solutions. Under the agreement, both companies’ global sales teams will co-sell C3 AI’s enterprise AI applications, running on Google Cloud.

The entire portfolio of C3 AI’s Enterprise AI applications, including industry-specific AI Applications, C3 AI Suite®, C3 AI CRM, and C3 AI Ex Machina, are now available on Google Cloud’s global, secure, and low-latency infrastructure, enabling customers to run C3 AI on the industry’s cleanest cloud. 

Going forward, C3 AI will also work closely with Google Cloud to ensure that its applications fully leverage the accuracy and scale of multiple Google Cloud products and capabilities, including Google Kubernetes Engine, Google BigQuery, and Vertex AI, helping customers build and deploy ML models more quickly and effectively.

C3 AI’s enterprise AI applications, built on a common foundation of Google Cloud’s infrastructure, AI, machine learning (ML) and data analytics capabilities, will complement and interoperate with Google Cloud’s portfolio of existing and future industry solutions. Customers will be able to deploy combined offerings to solve industry challenges in several verticals, including:
 

• Manufacturing: Solutions to improve reliability of assets and fleets with AI-powered predictive maintenance, improve revenue and product forecasting accuracy, and improve the sustainability of manufacturing facilities and operations through optimized energy management.
• Supply Chain & Logistics: Solutions to help supply-chain reliant businesses understand risks in their supply networks, maximize resilience, and optimize inventory accordingly.
• Financial Services: Solutions to assist financial services institutions in modernizing their cash management offerings, improve lending processes, and reduce customer churn.
• Healthcare: Solutions to improve the availability of critical healthcare equipment via  AI-powered asset readiness and preventative maintenance.
• Telecommunications: Solutions to improve network resiliency and overall customer experience, while reducing costs and the carbon footprint of operations.

“Combining the innovation, leadership, scale, and go-to-market expertise of Google Cloud with the substantial business value delivered from C3 AI applications, this partnership will dramatically accelerate the adoption of Enterprise AI applications across all industry segments,” said Thomas M. Siebel, C3.ai CEO.  

“Google Cloud and C3 AI share the vision that artificial intelligence can help businesses address real-world challenges and opportunities across multiple industries,” said Thomas Kurian, CEO at Google Cloud. “We believe that by delivering C3 AI’s applications on Google Cloud, and by partnering to address specific industry use cases with AI, we can help customers benefit more quickly and at greater scale.”

“Organizations across industries are accelerating their digital transformations with cloud-based solutions, purpose-built to deliver specific business outcomes,” said Ritu Jyoti, group vice president, AI and Automation Research at IDC. “This new partnership between C3 AI and Google Cloud represents an acceleration of this trend, as the two companies partner to expand the application of AI-powered solutions in the enterprise.”

“This is fundamentally game-changing for the hyperscale computing market,” said Jim Snabe, former co-CEO, SAP AG. “Google Cloud is changing the competitive discussion from CPU seconds and gigabyte-hours, to enterprise AI applications producing enormous value for customers, shareholders, and society at large.”  

Additional resources

• Learn more about Vertex AI
• Google Cloud unveils Vertex AI, one platform, every ML tool you need
• Google BigQuery is a Leader in The 2021 Forrester Wave: Cloud Data Warehouse
• Google named a Leader in 2021 Gartner Magic Quadrant for Cloud Infrastructure and Platform Services again

CME Group, the world's leading and most diverse derivatives marketplace, and IHS Markit, a world leader in critical information, analytics, and solutions, today announced they have launched their joint venture, OSTTRA, a new post-trade services company.

OSTTRA, 50/50 owned by CME Group and IHS Markit, is a leading provider of progressive post-trade solutions for the global OTC markets across interest rate, FX, equity and credit asset classes. It incorporates CME Group’s optimization businesses –Traiana, TriOptima, and Reset – and IHS Markit’s MarkitSERV. Headquartered in London, OSTTRA will be led by Co-CEOs Guy Rowcliffe and John Stewart.

Rowcliffe will serve as Co-CEO and Chief Commercial Officer, with oversight for leading the company’s full product portfolio and sales teams. Most recently, Rowcliffe was Global Head of Optimization Services at CME Group and Head of TriOptima and Reset. Previously, he was Head of Asia Pacific for NEX Group's post-trade and optimization businesses.

Stewart will serve as Co-CEO and Chief Operating Officer responsible for leading business strategy, operations and technology as well overseeing corporate services and finance. He has extensive experience in institutional and investment banking including serving as global head of investment banking operations and chief data officer at UBS, and in various operations and technology roles in derivatives and securities businesses at J.P. Morgan.

“These complementary businesses provide clients with enhanced platforms and services for global OTC markets,” said Terry Duffy, CME Group Chairman and Chief Executive Officer. “The combined force of the product suite ensures a streamlined post-trade ecosystem that will help clients drive even greater efficiencies. As the demands for automation continue to transform the post-trade landscape, OSTTRA will be at the forefront of helping market participants build a secure and sustainable market infrastructure.”

“OSTTRA brings together the people, processes and networks to solve the market’s most pressing problems through innovating, integrating and optimizing the post-trade workflow,” added Lance Uggla, Chairman and CEO of IHS Markit. “John, Guy and the team have the experience and vision to meet the increasingly complex post-trade challenges of today and address the operational needs of the future.”

The terms of the deal included a $113 million equalization payment from IHS Markit to CME Group to achieve 50/50 ownership and shared control in the joint venture. Further financial terms were not disclosed.

For more information on the products and services provided by OSTTRA please visit www.osttra.com.

Mitsubishi Group (MUFG) the second largest banking and finance group in the world has injected another $120 million investment into the Mars Growth fund, a 50/50 joint venture owned by MUFG and Liquidity Capital. MUFG has a broader strategic relationship with Liquidity and this latest investment represents their cumulative investment of $220 million to date.

Mars Growth Capital provides debt financing solutions to technology companies in Asia Pacific and Europe. Since its inception one year ago, the fund has recorded exceptional performance through ten transactions to the value of $80 million, executed across Asia, Australia and Europe, with demand exceeding $2 billion during this period. 

Through its strategic collaboration with MUFG, Liquidity is focussed on revolutionizing the credit underwriting process for the business sector. Recognizing the challenges for high potential companies to secure non-dilutive capital from traditional financial institutions, Liquidity developed DYNAMiCS, a world-first, machine learning platform that can perform fast and thorough, data-driven due diligence on companies to assess their performance and growth potential.  

DYNAMiCS uses algorithms to accurately predict future revenues, cash balances and other relevant financial covenants unique to technology business. Each of Liquidity’s four funds, including Mars Growth Fund, use the platform to inform their investment decision making, oftentimes in a process that takes less than 24-hours to complete. 

Liquidity Group has provided over $750 million during the last year to over 50 growth companies across USA, Asia Pacific, Europe and the Middle East, including top unicorns such as eToro, Homer, Resident, Infinidat, Acronis, Infra.Market, and others. Its financing ranges from $5 million to $100 million, and is committed to 24-hour due diligence using its first of a kind platform - DYNAMiCS.

Ron Daniel, Liquidity CEO, said: “MUFG's ongoing investment in our funds is a vote of confidence in our technology, capabilities and potential. Mars Growth Capital’s performance to date is a reflection of the strength of our methodology of combining our team’s professional investing expertise with our bespoke DYNAMiCS technology solution. We are excited to continue our ongoing partnership with MUFG, who shares our ethos to support innovative, technology-driven companies across key market segments.”

Rio Hiroshima, who manages Mars Growth Capital’s operations on behalf of MUFG, said, “Since launching the fund just one year ago, we have quickly positioned ourselves as the market leader in growth financing for technology companies across the APAC and EMEA regions. Market demand, coupled with our strong investment performance has enabled us to grow rapidly and increase the value of the fund to $200 million. We are excited to continue our partnership with MUFG as we continue on the same dizzying trajectory into 2022”. 

Yaron Primovich, the fund manager on behalf of Liquidity said: "Our partners at MUFG believe in our value proposition, and share our ambitions to be the global leader in growth financing.  We hold a unique position in the marketplace because our underwriting platform acts as a data-driven oracle to identify and assess the potential of prospect companies. DYNAMiCS can cut through masses of information to analyse the strength of different business models, end customer behaviours and financial situations, arming us with insights to determine a company's ability to meet future debt repayments.”

"In a post Covid-world, businesses across the globe are on the cusp of even greater levels of innovation and expansion, further fuelling companies' appetite for growth and debt without dilution. We are excited to play a crucial role in helping these companies optimise on this opportunity”.

In addition, Mars Growth Capital has registered high levels of demand from hundreds of companies, in less than one year since its formation. 

Mike Packer joins Iliad team to bring wider payments testing adoption in key market

Iliad Solutions, a global leader in payments testing, is pleased to announce that Mike Packer has joined its team as Senior Relationship Manager – North America. Packer brings 22 years’ of payment industry experience to the role with the last decade focused primarily on payment testing.

Commenting on his appointment, Packer said: “I am excited to be joining the Iliad team as they step up the introduction of cutting edge payment testing products across North America. My primary responsibility will be to expand relationships with Iliad’s clients and active prospects, serving as a subject-matter expert around payment testing infrastructure and process. I’ll review the client’s payment infrastructure to gain an understanding of both the current state and desired state – and introduce payment testing options which align with the organization’s proposed payment transformation objectives.”

With faster payment systems growing in the region, Iliad is primed to penetrate the North America markets further through the introduction of the leading payments testing solutions on its t3 platform. The t3 platform helps financial institutions that are bringing new products and wallets to market and migrating legacy systems to ISO 20022 standards. In addition, the platform can be used to manage certification and pre-certification. This reduces the effort required by financial institutions and enables schemes to offer a self-service portal for its members prior to launching new propositions.  

Iliad Solutions CEO Anthony Walton added: “A tremendous amount of payment modernization activity is currently happening within the North American market. Mike’s appointment illustrates our commitment to North America as part of our global footprint. 

Financial institutions are looking for proven solutions and experienced vendors to help expedite launch of payment solutions to market.  Iliad has an extensive and proven history supporting real-time payments and Open Banking. This experience, coupled with a robust, enterprise-ready testing platform, will continue to serves our North American prospects and clientele favorably.”

For more information, please visit: www.iliad-solutions.com

~ Merchants can accept e-RUPI on mPOS and Mobile App ~

 Boosting ease of digital payment acceptance by MSMEs across India, Mswipe has gone live with e-RUPI for all its 6.75lakh POS and 1.1 million QR merchants. Mswipe has powered hospitals and healthcare facilities to accept the digital vouchers from beneficiaries, thereby giving a boost to the vaccination drive against COVID-19.

Earlier in August, Prime Minister Shri Narendra Modi had launched e-RUPI to provide for a digital payment solution between sponsors of services and beneficiaries.

By taking e-RUPI live on its platform, Mswipe, a leading end-to-end digital enabler for MSMEs, will power merchants to accept digital payments by simply scanning the QR or SMS string based voucher on the customers’ phone. 

Ankit Bhatnagar, Head of Product, Mswipe said, “e-RUPI built on the UPI platform is a step in the direction of expanding the digital payments infrastructure in the country and in empowering businesses to accept payments in the most suitable form from their customers. This democratizes digital payments and at the same time has a tremendous potential to limit misuse of subsidies that are meant for government welfare schemes and under corporate support programmes for their employees. Providing e-RUPI is a step towards our commitment in empowering our merchants to adopt all kinds of digital acceptance methods to improve customer experience and also boost their revenue.”

Merchants can now use the ‘UPI Voucher’ feature on the Mswipe Merchant App to accept prepaid e-RUPI based payments from customers. They can accept payments on their POS terminals as well as by registering on the Mswipe Merchant App. Customers using e-vouchers will not have any dependency on carrying a card or having a bank account or even internet banking services or any digital payment for that matter as they will be able to receive the vouchers via SMS on their Aadhaar registered mobile number.

The electronic voucher can be used for government welfare programmes such as vaccination, nutrition, fertilizer subsidies among others in addition to helping corporates roll out employee benefit initiatives including reimbursement for COVID inoculation, travel allowances, business expenses and corporate social responsibility initiatives.

e- RUPI will connect the sponsors of the services to the beneficiaries and service providers through a digital interface. It will also play an important role in strengthening Direct Benefit Transfer while  ensuring transparency.

SOL unveils virtual card and new brand as it redefines the customer experience

SOLmate, an online payment platform that offers clients a digital wallet facility, has unveiled an exciting new product offering together with an extensive rebrand and renewed corporate vision. Following a name change to SOLmate, the fintech has launched a new, innovative virtual card – placing unbanked and underbanked clients at the centre of SOLmate’s business offering.

The new virtual card provides clients with the ability to shop online safely, and to draw cash from various retail stores – making SOLmate one of the first fintech players to offer a virtual card to FICA lite customers who would otherwise not have had access to digital financial services. 

With a new tagline of “Your money. Your life. Your way.” SOLmate aims to build a digital community platform for South African consumers that allows safe custody of money and a convenient payment platform, along with access to other financial and lifestyle products, services, and rewards.

SOLmate will offer an entry level product, created for lower income individuals with limited access to financial services, and in the coming months, will introduce a traditional bank account for unbanked consumers looking for a convenient, easy-to-use alternative.

With a SOLmate account, users can deposit their salary into their account to transact and purchase basic products and services through the app, seamlessly bridging the gap between businesses and clients.

In a tough economy, SOLmate has kept every cost to a minimum and waived many of them where possible – making it affordable and accessible for all – with accounts starting from as little as R15 per month.

Says Jonathan Holden, COO of SOLmate. “This rename and new virtual card offering represents a significant step in the company’s evolution. The positioning perfectly illustrates our growing ambition in the market and how we aim to always put our customers first above all else.”

“The SOLmate name is rooted in the company’s commitment to being the preferred choice and trusted partner to our customers. We pride ourselves in our relationships with clients and our ability to help, support and connect people to their money quickly and easily,” he adds.

TraditionDATA, the data and information services division of Compagnie Financière Tradition (Tradition), today announced major SOFR enhancements to Bloomberg Capital Markets Package (BCMP), a joint data service between TraditionDATA, CME Group and Bloomberg, that is available via the Bloomberg Terminal. Effective immediately, BCMP users will be able to access new SOFR-focused content, including USD Medium Term Swaps vs. SOFR, USD SOFR Basis Swaps and SOFR OIS Swaps data. 

Following the decision by the Commodity Futures Trading Commission (CFTC) and the Alternative Reference Rates Committee (ARRC) to move to SOFR First, the updated BCMP service will provide additional regulatory robustness by focusing on SOFR as the key pricing mechanism. The LIBOR pages will remain available in a legacy form for firms that continue to utilise the outgoing benchmark.

The BCMP was launched in 2018 as an alternative to the Reuters 19901 reference page, and provides a more regulatory robust, liquid and transparent reference rate for U.S. Treasuries and interest rate derivatives. It combines firm and executable pricing from Tradition’s interest rate central limit order book (Trad-X) with similarly structured cash U.S. Treasury pricing from CME Group’s BrokerTec central limit order book. 

TraditionDATA, and CME Group have been recognised by the regulatory community as leaders in the process of migrating to new Alternate Reference Rates (ARRs). To this end, the firms have re-focused this unique service on SOFR as the underlying pricing mechanism.

Scott Fitzpatrick, Global Head of Data for Tradition, said: “When markets like the new Alternate Reference Rate markets are developing it is extremely important to the trading and risk management community that informative and trusted data is available to assist in their decision-making process. In particular, as new bond issuances and loans start to move in this direction, BCMP will act as a core reference page for this process.”

Stuart Giles, Interest Rates Business Manager at Tradition, added: “Liquidity is the most crucial factor in any market and data is a key component to help facilitate that liquidity. Interest rate markets are still very much hybrid in nature, with the combination of voice and electronic trading. However, we have seen considerable success with the launch of SOFR products on Trad-X's CLOB through streamed liquidity from key banks in the market and electronic trading in products. 

“We have also done, what we believe to be, the first fully electronic SOFR Spread-Over Treasury trade in the interdealer market, which is an important and encouraging sign for the transition to SOFR.”

Trey Berre, Global Head of Data Services at CME Group, added: “As the SOFR ecosystem continues to develop, market participants need access to the right data to make informed decisions and efficiently manage their risk. CME Group offers accurate and reliable data based on our deep and liquid underlying BrokerTec U.S. Treasury markets, and this enhancement to BCMP will help customers navigate the evolving alternative rates landscape with greater precision."

For more information visit www.cmegroup.com/bcmp.