Overstock’s security token trading platform, tZERO ATS, has integrated Refinitiv market data as a service into its ecosystem. This collaboration is said to allow Refinitiv’s client base of institutions and broker-dealers to access market data on the digital securities that trade on the tZERO’s alternative trading system.
Real-time data from Refinitiv’s platform, formerly the Financial and Risk business of Thomson Reuters, will be made available to users in a move to simplify access to real-time price information and reducing the need for investment in infrastructures.
Financial data vendor Refinitiv provides the widest range of cross-asset data, with participation of more than 40,000 institutions in over 190 countries. As a result, clients can carry out investigations and analysis across multiple asset classes and regions.
Refinitiv, whose Eikon terminals challenge those provided by Bloomberg, is set to be acquired by London Stock Exchange in a $27 billion deal. LSE said there is a lot of overlap with Refinitiv in areas including technology, property, and corporate functions, which allows for combining the data generated by the exchange with Refinitiv’s distribution and analytics.
“Our overarching focus is on driving adoption of digital securities. Today’s announcement is exciting as it helps broaden awareness of these types of securities, as more financial services professionals are able to easily access tZERO ATS market data through Refinitiv’s robust network,” said tZERO CEO Saum Noursalehi.
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tZERO Goes Live with Retail Broker-Dealer Subsidiary
The news comes shortly after tZERO’s broker-dealer subsidiary, tZERO Markets, opened for business and has launched its web application. tZero’s retail brokerage services include sales trading, electronic execution, and portfolio execution for buy- and sell-side clients.
tZERO Markets, a wholly-owned subsidiary of tZERO, allows the firm to grab the capacity to serve retail traders instead of only accredited investors. Additionally, it provides token issuers with investment banking and placement agent services in connection with capital raising activities.
The launch comes a few weeks after the Financial Industry Regulatory Authority (FINRA) has approved the membership application of tZERO Markets which is also registered with the Securities and Exchange Commission (SEC).
tZero has been expanding its headcount as the firm was getting ready to sweeten its broker-dealer arm. tZERO anticipates trading more digital securities but says the addition of new assets have to carefully work through legal and financial due diligence, as well as regulatory matters to ensure that only high-quality assets trade on the tZERO ATS.