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Cboe Europe Secures Support of Key Participants for Launch of Cboe BIDS VWAP-X Service

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AMSTERDAM AND LONDON, Sept. 2, 2024 /PRNewswire/ — Cboe Europe, the largest pan-European stock exchange1 and a division of Cboe Global Markets, Inc. (Cboe: CBOE), today announces that it has secured the support of a broad range of participants for Cboe BIDS VWAP-X, its new trading service allowing participants to source and match liquidity at a forward benchmark price. This service is scheduled to launch on October 21, subject to regulatory approvals.

Early adopters of the Cboe BIDS VWAP-X service include Bernstein, BNP Paribas, BMO Capital Markets, Instinet Europe, Jefferies, KCx and Virtu Financial.

Natan Tiefenbrun, President, North American and European Equities, Cboe Global Markets, said: “We are delighted to have secured such a strong group of initial Participants to support Cboe BIDS VWAP-X and are in active discussions with numerous others who are looking to utilise this service at the earliest opportunity. This demonstrates that we’ve listened to our Participants to meet their needs for an exchange-regulated crossing platform to execute participative volume at an interval-based price. We’re excited to be bringing this first-of-its-kind service to the European equities market and help enhance execution outcomes for end investors.”

Eric Stockland, Co-Head of Global Electronic Trading, BMO Capital Markets, said: “Trajectory crossing in EMEA is a major development for the institutional investor because it helps minimise tracking error to benchmark performance and helps mitigate adverse selection faced on other multilateral trading facilities (MTFs) and liquidity pools.”

Brian Gallagher, Head of Equity Execution, BNP Paribas, said: “We support innovation in the European market, and we will embrace it when it complements BNP Paribas’s liquidity access and enriches our clients’ execution experience”.

Salvador Rodriguez, EMEA Head of Global Execution Services, Instinet Europe Limited, said: “Benchmark Crossing offers an encouraging innovation in Equity Market Structure in EMEA that should improve the ability for algos to find high quality counterpart liquidity. The approach and implementation should allow for agency algos to trade versus multiple benchmarks at a fair price with a good balance of simplicity, as well as allowing more complex control features based on differing client interaction requirements.”

Ben Springett, Head of Electronic and Program Trading, EMEA, Jefferies, said: “Jefferies welcome this innovation enabling us to provide incremental liquidity opportunities to our client base. VWAP crossing mechanisms can unlock liquidity that otherwise wouldn’t necessarily meet on a multilateral venue, utilising a mechanism that we have seen prove beneficial for algo performance on a range of benchmarks.”

Chris McConville, Global Head of Execution Services and Trading at KCx, said: “KCx welcomes this innovation to the European market. We believe trajectory crossing is a positive disruption to the marketplace and could provide incremental liquidity to our client base.”

James Osborne, Global Head of Algorithmic Development, Virtu Financial, said: “Trajectory crossing is more than just a useful feature for VWAP algorithms – it’s a unique matching mechanism that can benefit many trading algorithms when utilised in conjunction with target benchmarks. Many of Virtu’s US algorithms already leverage elements of trajectory crossing to enhance performance and we look forward to extending the same benefits to our European algorithms with the launch of Cboe BIDS VWAP-X.”

As previously announced, Cboe BIDS VWAP-X is a first-of-its-kind, exchange-operated trajectory crossing service for European equities, which allows participants to source and match liquidity at a forward benchmark price. It is being provided as a service of Cboe BIDS Europe, the region’s largest block trading platform2, utilising BIDS’ proven conditional trade negotiation and execution workflow to match orders based on a standard, exchange-regulated volume weighted average price (VWAP) methodology.

Cboe BIDS VWAP-X will allow market participants to submit conditional VWAP indications of interest (IOIs) into the service. Once a potential match is found, firms will be invited to firm-up their IOIs, and after eligible order quantities are matched a standard matching cycle will take place to calculate the interval-VWAP trade price. Trades will be reported as off-book, on-exchange executions in real-time, allowing them to be centrally cleared through Cboe Europe’s interoperable clearing model.

The service will benefit from BIDS’ established protections against information leakage surrounding IOIs, including disclosure and interactions controlled by customisable tools and counterparty score-carding and filtering based on past trading behaviour.

At launch, the service will be accessible by sell side participants through FIX connectivity. Customer testing is already underway ahead of a planned launch on October 21, subject to regulatory approvals.

For additional information please contact the sales team (saleseurope@cboe.com) or read the FAQ.

About Cboe Global Markets, Inc.

Cboe Global Markets (Cboe: CBOE), the world’s leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit www.cboe.com.

Media Contacts

Cboe Analyst Contact

Angela Tu 

Tim Cave

Kenneth Hill, CFA 

+1-646-856-8734 

 +44 (0) 7593-506-719

+1-312-786-7559 

atu@cboe.com 

tcave@cboe.com

khill@cboe.com 

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Cboe®, CFE®, VIX®, and Cboe Global Markets® are registered trademarks and Cboe Futures ExchangeSM is a service mark of Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.

Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Investors should undertake their own due diligence regarding their securities, futures and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein. Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; global expansion of operations; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our growth and strategic acquisitions or alliances effectively;  our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, counterparty, investment, and default risks, associated with operating a European clearinghouse; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the impacts of pandemics; the accuracy of our estimates and expectations; litigation risks and other liabilities; and risks relating to digital assets, including winding down the Cboe Digital spot crypto market, operating a digital assets futures clearinghouse, cybercrime, changes in digital asset regulation, and fluctuations in digital asset prices. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

1 Source: Cboe Europe equities market share, August 2024 for continuous trading only
2 Source: big xyt, August 2024

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CGTN: China boosts education system to become a leading country in education

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BEIJING, Sept. 10, 2024 /PRNewswire/ — Working as a primary school teacher in Taishitun Township in Beijing, Diao Rongchun has remained deeply committed to education in mountainous areas.

Adhering to the concept of “tolerance, gentleness, cultivation and education,” Diao employs a teaching method based on interaction, mutual appreciation and mutual promotion, paying close attention to the growth of every student.

To that end, she has traveled throughout the township, visiting left-behind children and single-parent students in mountainous areas, formulating special study plans for them, and earning the trust and gratitude of their parents.

During an awards ceremony held on Sunday to honor model teachers and outstanding groups and institutions in China’s education sector ahead of the 40th Teachers’ Day, which falls on Tuesday, Diao, among a total of 716 people, was awarded the title of national model teacher.

While addressing a national meeting on education in Beijing from Monday to Tuesday, Chinese President Xi Jinping sent greetings to teachers and others working in the education sector across the country, urging efforts to make solid progress toward the strategic goal of building China into a leading country in education.

Building a high-quality education system

To date, China has developed the world’s largest and highest-quality education system, achieving a historic leap in the level of education popularization.

According to official data, in 2023, there are 498,300 schools of all types and levels across the country, with 291 million students enrolled in academic education and 18.918 million full-time teachers.

Meanwhile, the academic qualifications of teachers have also steadily improved. In 2023, 78 percent of primary school teachers and 93 percent of junior high school teachers hold a bachelor’s degree or higher. The proportion of teachers with senior professional titles has increased significantly, including the establishment of senior teacher positions in primary and secondary schools.

The enrollment rate for higher education increased from 30 percent in 2012 to 57.8 percent in 2021, marking a historic leap that signifies higher education in China has entered a stage of widespread recognition. Many Chinese universities and disciplines have achieved a very advanced level globally.

Additionally, China emphasizes the equal importance and coordinated development of vocational and general education, accelerating the creation of a modern vocational education system to help students with diverse talents and interests realize their potential.

Describing the effort to build a leading education system as complex and systematic, Xi Jinping emphasized the need to focus on education’s fundamental task of fostering virtue. He called for efforts to cultivate a high-caliber teaching workforce and stressed the importance of improving teachers’ status, pay and welfare to make teaching one of the most respected professions.

Xi also highlighted the need to develop high-quality and balanced compulsory education and to reduce disparities between urban and rural areas, regions, schools and social groups.

Opening China’s education sector to the world

In China, many major national projects rely heavily on key technologies provided by universities, which play a crucial role in basic research and are the source of significant scientific and technological breakthroughs.

At the National Science and Technology Award Conference in 2023, universities and colleges won 75.5 percent of the State Natural Science Awards, 75.6 percent of the State Technological Invention Awards, and 56.5 percent of the State Scientific and Technological Progress Awards, respectively.

Moreover, China collaborates on major scientific research projects with relevant countries through the establishment of overseas science and education cooperation centers to address global challenges.

For example, the China-Africa Joint Research Center, established in 2013, is the first comprehensive scientific and educational institution built overseas by China. The center brings together scientific research and teaching institutions from 16 African countries and China to collaborate on fields such as biodiversity surveys and assessments, water resources, and ecological environment monitoring, creating a network that integrates scientific research and talent training.

To date, researchers at the center have jointly published more than 600 papers, held over 30 international training courses and technical sessions, and trained more than 300 students from 14 African countries.

China also hosts various international conferences, such as the World Digital Education Conference, establishes Luban Workshops in multiple countries, and expands exchanges between Chinese and foreign youths, aiming to build a significant global education center.

During the national meeting on education, Xi emphasized the importance of further opening China’s education sector to the world, including expanding international academic exchanges and broadening cooperation in education and scientific research.

https://news.cgtn.com/news/2024-09-10/President-Xi-stresses-building-China-into-leading-country-in-education-1wMHdgqzPBS/p.html

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SOURCE CGTN

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OutSystems and KPMG Announce New Survey Exploring AI and the Future of Software Development

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Redefining “impossible” legacy projects, 75% of software executives see up to a 50% reduction in development time with increased AI and automation

SINGAPORE, Sept. 11, 2024 /PRNewswire/ — As the reach of artificial intelligence (AI) expands, IT leaders are exploring new use cases for technology used throughout the software development lifecycle (SDLC), according to a new survey launched today titled “AI in software development: Exploring opportunities and uncertainties” by OutSystems, a global leader transforming how companies innovate through software, and KPMG, a multinational professional services network.

The research surveyed 555 software executives around the world whose companies span IT consultancy services, manufacturing, banking, financial services and insurance among others. 84 percent of respondents reported that their organizations first began to incorporate AI technologies in their SDLCs between six months to five years ago, with the earliest adopters primarily being IT services companies. Across regions, EMEA and North America remain roughly on equal footing, while APAC is steadily catching up.

The findings show that testing, quality assurance, and security vulnerability detection are by far the most widely adopted use cases for AI in software development. Nonetheless, generative AI (GenAI) is set to transform the industry by significantly enhancing these processes and introducing unprecedented capabilities.

75% of software executives have seen up to a 50% reduction in development time by implementing AI and automation. 

Early adopters are planning to increase their use of AI in other stages of the SDLC, such as user interface design, code generation, DevOps optimization, and application maintenance. Nearly all respondents are planning to increase their investment in AI-augmented SDLC management over the next two years, indicating that AI will play a central role in driving innovation and competitive advantage in the software industry.

“AI is redefining the impossible,” said Paulo Rosado, CEO and founder at OutSystems. “I’m laser-focused on helping teams compress multi-year legacy modernization projects into just a few months. The latest AI disruptions have brought us the potential to compress these development timelines into even shorter and faster projects. With AI, historically impossible transformation projects are not only possible but easier, cheaper, and faster to accomplish.”

71% of respondents are planning to incorporate AI into application development and SDLC management workflows.

“Right now, the developer’s role is shifting from code writer to code reviewer,” said Rodrigo Coutinho, Co-founder and AI Project Manager at OutSystems. “Large language models (LLMs) are a big help, but they still make mistakes. But as these models evolve, and trust in the resulting code improves, the developer’s role will be more akin to that of an orchestrator and acceptance tester of AI-generated outputs.”

Despite being a nascent technology a couple of years ago, the report found that confidence in the quality of AI-generated code has risen substantially—half of respondents said that the implementation of AI has improved software quality, enhanced decision-making, and increased efficiency in software testing and quality assurance.

But confidence is also paired with risk awareness surrounding tech debt in the form of orphan code and hallucinations, a lack of context for an organization’s specific coding needs, and scalability concerns. With strategy baked into AI in SDLC processes, 56% of respondents said they experienced or expected to experience a higher quality of applications, with fewer bugs and improved performance.

Data privacy and security concerns remain the primary barriers to broader adoption.

The AI opportunity is undeniably huge, but its wider adoption in other areas of the SDLC beyond software testing and vulnerability detection still face some barriers. Chief among these are data privacy and security concerns (56% of respondents) and regulatory and compliance challenges (42%). Moreover, 38% of executives cite difficulties integrating generative AI into existing workflows as the primary barrier to adoption.

“There’s a lot of speculation on what will change with the rise of GenAI,” said Michael Harper, Managing Director at KPMG U.S. “While there will be challenges, those with effective change management initiatives will reskill and upskill their workforces, leading to AI and jobs evolving in tandem.”

One-third of respondents said they had a backlog of between 150 and 800 use cases for GenAI. 

The speed and sprawl of AI, namely GenAI, is paving the way for an increase in investments for nearly all respondents.

But risks concerning the reliability of AI-generated code persist, though they can be mitigated with existing approaches, such as user acceptance testing, unit testing, and regression testing. “It’s up to the developer working with AI to guarantee the quality of the deliverables, but this becomes way more efficient with AI,” said Coutinho. “AI is, in fact, a great partner in creating tests in synthetic data.”

Other oft-cited concerns were the limited availability of skilled personnel and difficulties integrating GenAI into existing tech stacks and workflows. Fears of job losses are high as well, with 89% of respondents claiming that certain roles will be eliminated by AI. This falls in line with a broader industry trend over the last couple of years. However, in the longer term, AI may well create more jobs than it displaces, resulting in a new type of developer, equipped with specialized AI skill sets.

For more insights from the 2024 survey “AI in software development: Exploring opportunities and uncertainties,” download the report here.  

About OutSystems

OutSystems is a global leader transforming how companies innovate through software, empowering IT leaders with a better way to build the software that matters most. The OutSystems platform helps companies develop, deploy, and maintain mission-critical applications by unifying and automating the entire software lifecycle. With OutSystems, organizations leverage GenAI to deliver software instantaneously, adapt faster to changing requirements, and reduce technical debt by building on a future-proof platform. Helping customers achieve their business goals by addressing key strategic initiatives, OutSystems delivers software up to 10x faster than traditional development. Recognized as a leader by analysts, IT executives, business leaders, and developers around the world, global brands trust OutSystems to tackle their impossible projects and turn their big ideas into software that moves their business, people, and the world forward.

Founded in 2001, the company’s network spans more than 750,000 community members, over 500 partners, and active customers in 75+ countries across 21 industries. Learn more at www.outsystems.com.

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Antaisolar Shines at Intersolar S.A.: Highlights of Innovations and Growth

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SAO PAULO, Sept. 10, 2024 /PRNewswire/ — From August 27th to 29th, Antaisolar showcased its innovations at the Intersolar S.A. Exhibition in São Paulo. During the exhibition, Antaisolar unveiled its cutting-edge solar solutions, including the TAI-Simple solar tracking system and advanced rooftop solar racking systems. These innovations drew significant interest from attendees around the world.

Focus on TAI-Simple Intelligent Tracker

A highlight of Antaisolar’s display was the TAI-Simple solar tracking system, demonstrating the company’s commitment to developing products that optimize the Levelized Cost of Electricity (LCOE) for utility solar projects. This system features a multi-damping design that ensures both stability and durability. Equipped with a patented single slew drive motor and an intelligent tracking algorithm, the TAI-Simple system precisely adjusts panel angles with a tracking range of ±60°. Its compatibility with large-format modules further enhances energy yield, making it an ideal solution for large-scale solar projects across South America.

Standout Rooftop Racking Systems

At the exhibition, Antaisolar also highlighted its advanced rooftop solar racking systems, designed to improve installation efficiency and ensure structural integrity and longevity for solar roofs. With Brazil’s rooftop solar capacity expected to surpass 15 GW by 2027 and an annual growth rate exceeding 20%, these racking solutions reflect Antaisolar’s commitment to delivering high-quality, cutting-edge technology tailored to the South American market.

Commitment to Local Support

Antaisolar operates six production facilities and eight delivery service centers globally, ensuring timely delivery and rapid response to urgent needs. In Brazil, Antaisolar has established a comprehensive support infrastructure, including an office, production base, and delivery center, to enhance project implementation across the LATAM region. Additionally, the company has set up regional offices in Argentina and Chile and continues to expand its market presence.

Antaisolar tracking system shipments ranks No.8 in South America market, and No.12 in global market for 2023, according to the Solar Tracker Market Report 2024 published by S&P Global. As a leader in digital intelligent PV mounting system solutions, Antaisolar’s global shipments have reached an impressive 33.2 GW. Remaining dedicated to its mission of “Raise a Green World,” Antaisolar offers top-notch products and comprehensive services to advance the global solar industry. The Intersolar S.A. exhibition highlighted Antaisolar’s pivotal role in the solar mounting system sector, showcasing its innovative solutions and reaffirming its commitment to advancing solar technology across South America and beyond.

For more information, please visit: Antaisolar

Contact us: sales@antaisolar.com 

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