Kaiko Exchange Ranking Results for Q2 2024

Kaiko is pleased to announce the Exchange Ranking Results for Q2 2024

This quarter’s edition incorporates an enhancement to the methodology by factoring market depth into the liquidity ranking component.

Key Highlights:

▶ Coinbase retains its #1 position for the 10th consecutive quarter
▶ Binance.US gains 5 places and enters the top 5 thanks to strong improvements in business score.
▶ Bullish gains 6 places, earning an ‘A’ rank. Despite being the youngest exchange on the ranking, it now holds one of the highest trading volumes
▶ Latin American exchange Bitso, jumps 3 places and gained its first A rank.

For a comprehensive breakdown of this quarter’s scores and in-depth highlights, download our detailed report here.

CJC’s Academy to Develop Next-Gen Market Data Experts

CJC Academy to Train A New Generation of Market Data Experts

London, June 03, 2024 – Crown Jewels Consultants (CJC), the leading market data consultancy and recognised professional services provider, is thrilled to announce the return of its pioneering Academy Program. The CJC Academy trains and nurtures the next generation of market data experts by empowering them with industry-leading skills, knowledge, and the practical experience required for a successful career in the global capital markets.

CJC’s Academy is a comprehensive, multi-faceted initiative that combines classroom-based learning, mentorship, hands-on projects, and immersive experiences. It is a rare opportunity for participants to learn from leading market data industry experts, collaborate on cutting-edge client engagements, and gain exposure to diverse market data functions via CJC’s technical and commercial operations.


Find Out More at: https://cjcit.com/standards/cjc-academy/


The CJC Academy officially returns with an updated syllabus, following a hiatus during the pandemic and has been a core aspect of CJC since 2012. CJC’s Chief Executive Officer and Founder, Paul Gow, has long foreseen a growing skills gap and set a directive in 2022 to make the Academy a fully-fledged aspect of CJC, complete with a dedicated support team and a structured syllabus that is in part delivered through a digital learning platform.

Speaking to Paul, he said, “CJC recognises the future of our industry lies in the hands of talented individuals who will shape it and there is a skill gap in the capital markets. Having supported the capital markets for 25 years this year, many skilled individuals are retiring or lured away to other industries, the capital markets are not the only real-time data industry. CJC’s Academy represents our commitment to nurturing talent and fostering the growth of future leaders who will drive innovation and continue to shape the industry.”

Paul Gow continues “To achieve this, I reached out to Paul Tomblin, who is highly regarded for both his mentoring skills and engineering knowledge. Collaborating with teams across the business to cover both technical and commercial disciplines, he expanded the Academy’s intake capability to include not just individuals starting their careers, like school leavers and graduates, but to career changers and those returning to work, like ex-military and government schemes.”

Recently winning A-Team Group’s 2024 award for diversity, equity, and inclusion, CJC also approached The Catalyst Collective, a not-for-profit organisation that matches Black girls and Black women for meaningful mentoring experiences. The collective works across a wide spectrum including school leavers and will collaborate on the Academy’s open day to provide young Black women with guidance to help secure their chosen careers.

Paul Gow commented, “The open day is designed to help people understand the basics of data-driven decision-making, leveraging real-time data based on real-world parallels to the capital markets. We complement this by outlining potential roles in our industry. The goal is to help participants understand what the market data industry does and embrace it. The open day is an opportunity for the next generation to make an informed decision with market data as a career path.

The Catalyst Collective’s Founder and Programme Director, Chloe Lewis said, “We are grateful to CJC for hosting and collaborating with us on this initiative. This partnership underscores the crucial role that corporations and non-profits can play together in expanding career opportunities for young people. By combining The Catalyst’s reach and understanding of young people’s needs with CJC’s industry expertise, we can help bridge the gap between their current world and future possibilities, ensuring they have the information they need to consider the widest range of career choices from an early age.”

– End –

For more information, contact:

The Communications Team

Tel: +44 (0) 203 328 7600 | Emailmarketing@cjcit.com


About Crown Jewel Consultants (CJC)

CJC is the leading market data technology consultancy and service provider for global financial markets. CJC provides multi-award-winning consultancy, operations support (OaaS), cloud solutions, and professional services for mission-critical market data systems. CJC is vendor-neutral and ISO 27001 certified, enabling CJC’s partners the freedom to focus on their core business.


About The Catalyst Collective

The Catalyst started in December 2020 as a simple idea – that by connecting Black girls with role models to act as mentors, they would accelerate towards and achieve their goals even faster. We launched our first pilot cohort of 6 pairs in January 2021, and we’ve kept going from there. This year (2023-24) we’re on track to match and support 75 mentoring pairs.

Untangling the Market Data Spaghetti: Understanding and Addressing the Complexity

In the complex world of market data, financial institutions often face what we at BIQH like to call “The Market Data Spaghetti.” This term describes the complicated system of data flows between market data vendors and various downstream systems and applications within financial institutions. The complexity can be overwhelming, creating significant challenges for those trying to make sense of it all. But understanding this complexity is the first step toward untangling it and finding effective solutions.

Read more from BIQH Here.

U.S. SEC: Disclosure of Cybersecurity Incidents Determined To Be Material and Other Cybersecurity Incidents

Disclosure of Cybersecurity Incidents Determined To Be Material and Other Cybersecurity Incidents[*]

Erik Gerding
Director, Division of Corporation Finance

May 21, 2024

The cybersecurity rules that the Commission adopted on July 26, 2023 require public companies to disclose material cybersecurity incidents under Item 1.05 of Form 8-K.[1]  If a company chooses to disclose a cybersecurity incident for which it has not yet made a materiality determination, or a cybersecurity incident that the company determined was not material, the Division of Corporation Finance encourages the company to disclose that cybersecurity incident under a different item of Form 8-K (for example, Item 8.01).  Although the text of Item 1.05 does not expressly prohibit voluntary filings, Item 1.05 was added to Form 8-K to require the disclosure of a cybersecurity incident “that is determined by the registrant to be material,” and, in fact, the item is titled “Material Cybersecurity Incidents.”[2]  In addition, in adopting Item 1.05, the Commission stated that “Item 1.05 is not a voluntary disclosure, and it is by definition material because it is not triggered until the company determines the materiality of an incident.”[3]  Therefore, it could be confusing for investors if companies disclose either immaterial cybersecurity incidents or incidents for which a materiality determination has not yet been made under Item 1.05.

This clarification is not intended to discourage companies from voluntarily disclosing cybersecurity incidents for which they have not yet made a materiality determination, or from disclosing incidents that companies determine to be immaterial.  I recognize the value of such voluntary disclosures to investors, the marketplace, and ultimately to companies, and this statement is not intended to disincentivize companies from making those disclosures.  Rather, this statement is intended to encourage the filing of such voluntary disclosures in a manner that does not result in investor confusion or dilute the value of Item 1.05 disclosures regarding material cybersecurity incidents.

Given the prevalence of cybersecurity incidents, this distinction between a Form 8-K filed under Item 1.05 for a cybersecurity incident determined by a company to be material and a Form 8-K voluntarily filed under Item 8.01 for other cybersecurity incidents will allow investors to more easily distinguish between the two and make better investment and voting decisions with respect to material cybersecurity incidents.  By contrast, if all cybersecurity incidents are disclosed under Item 1.05, then there is a risk that investors will misperceive immaterial cybersecurity incidents as material, and vice versa.

If a company discloses an immaterial incident (or one for which it has not yet made a materiality determination) under Item 8.01 of Form 8-K, and then it subsequently determines that the incident is material, then it should file an Item 1.05 Form 8-K within four business days of such subsequent materiality determination.[4]  That Form 8-K may refer to the earlier Item 8.01 Form 8-K, but the company would need to ensure that the disclosure in the subsequent filing satisfies the requirements of Item 1.05.

Finally, in determining whether a cybersecurity incident is material, and in assessing the incident’s impact (or reasonably likely impact), companies should assess all relevant factors.  As the Commission noted in the Adopting Release, that assessment should not be limited to the impact on “financial condition and results of operation,” and “companies should consider qualitative factors alongside quantitative factors.”[5]  For example, companies should consider whether the incident will “harm . . . [its] reputation, customer or vendor relationships, or competitiveness.”[6]  Companies also should consider “the possibility of litigation or regulatory investigations or actions, including regulatory actions by state and Federal Governmental authorities and non-U.S. authorities.”[7]  There also may be cases in which a cybersecurity incident is so significant that a company determines it to be material even though the company has not yet determined its impact (or reasonably likely impact).  In those cases, the company should disclose the incident in an Item 1.05 Form 8-K, include a statement noting that the company has not yet determined the impact (or reasonably likely impact) of the incident, and amend the Form 8-K to disclose the impact once that information is available.[8]  The initial Form 8-K filing, however, should provide investors with information necessary to understand the material aspects of the nature, scope, and timing of the incident, notwithstanding the company’s inability to determine the incident’s impact (or reasonably likely impact) at that time.

[*] This statement is provided in the author’s official capacity as the Commission’s Director of the Division of Corporation Finance but does not necessarily reflect the views of the Commission, Commissioners, or other members of the staff.  This statement is not a rule, regulation, or statement of the Commission.  The Commission has neither approved nor disapproved its content.  This statement, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person.

[1] Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, Release Nos. 33-11216; 34-97989 (July 26, 2023) [88 FR 51896 (Aug. 4, 2023)] (“Adopting Release”).  Market participants also should refer to my previous statement on these rules, which I issued last December, available at https://www.sec.gov/news/statement/gerding-cybersecurity-disclosure-20231214.

[2] Form 8-K, Item 1.05.

[3] Adopting Release at 51907.

[4] For the avoidance of doubt, a company that discloses a cybersecurity incident under Item 8.01 of Form 8-K for which it has not yet made a materiality determination is still subsequently required, under Item 1.05 of Form 8-K, to determine, without unreasonable delay, whether the incident was material.

[5] Adopting Release at 51904.

[6] Id.

[7] Id.

[8] See Instruction 2 to Item 1.05 of Form 8-K (“To the extent that the information called for in Item 1.05(a) is not determined or is unavailable at the time of the required filing, the registrant shall include a statement to this effect in the filing and then must file an amendment to its Form 8-K filing under this Item 1.05 containing such information within four business days after the registrant, without unreasonable delay, determines such information or within four business days after such information becomes available.”).

See Statement Here

OTC Markets Group Introduces Overnight Trading

New offering will be the first of its kind for the OTC markets

NEW YORK, May 15, 2024 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated financial markets for 12,000 U.S. and global securities, today introduced OTC Overnight, a new offering that will make OTC equity securities available for trading Sunday through Thursday between 8 PM and 4 AM eastern time.

Active securities across the OTC market tiers, including global brands like Roche, Adidas, Air Canada and Techtronic Industries, will be eligible for trading in an overnight session by broker-dealer subscribers in U.S. dollars. OTC Markets expects that OTC Overnight will be available in the second quarter of this year on the OTC Link NQB Alternative Trading System. This will allow investors to track and trade thousands of global equity securities during Asian market hours, at European market open and overnight in the U.S.

Overnight trading will significantly expand accessibility and comprehensive market data coverage for the OTC markets. As more clients connect to the platform and demand for overnight trading grows, OTC Markets Group plans to expand the offering to additional securities within its network. The Company continues to actively take steps to establish itself as a global market that meets the needs of investors, broker-dealers and issuers at all levels.

“We have seen an increased demand from investors, broker-dealers, and other market participants looking to access the largest financial center in the world in their respective time zones,” said Matt Fuchs, Executive Vice President of Market Data at OTC Markets Group. “We are uniquely positioned to make this possible and create new levels of opportunity for thousands of global equities.”

OTC Link LLC, operator of OTC Link NQB IDQS, filed an amended Form ATS regarding the new overnight session. Utilizing current FIX and multicast connectivity to the OTC Link NQB ATS, broker-dealers can expand offerings for customers. To learn more about gaining access to OTC Overnight, visit www.otcmarkets.com/market-data/otc-overnight.

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets. OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

Media Inquiries:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

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