Move shows further industry support for FIA Tech’s innovation
London / New York, 17 January 2024 – FIA Tech, a leading futures industry technology provider, today announced that Deutsche Bank and Societe Generale have joined its ownership consortium and recent funding round, bringing the total funds raised to $84.2m. Both will also join FIA Tech’s board of directors.
With the addition of these two institutions, FIA Tech’s ownership consortium will comprise eleven global clearing firms as well as the Futures Industry Association. Investors now include Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, Societe Generale, UBS and Wells Fargo. This investment adds $14.8 million to the $25.4m raised in April 2023 for the strategic growth of the Trade Data Network.
Gordon Alexander, Global Head of Workflow Solutions, Listed Derivatives and Clearing at Deutsche Bank said, “We see value in the industry coming together to realise best in class solutions for the Exchange Traded Derivatives market. Joining FIA Tech is an opportunity for Deutsche Bank to demonstrate its commitment as a leading global clearing Bank, contribute to developing the ETD market offering to meet client needs, and collaborate effectively with our peers to enhance transparency and efficiency across the industry.”
Scott Andersen, Americas Head of Listed Derivatives and OTC Clearing at Societe Generale said: “As one of the leading global FCMs in the market, Societe Generale is always looking to drive and support innovation in the industry. FIA Tech has a history of developing innovative tools to address challenges facing our industry and becoming part of the consortium that owns FIA Tech will enable SG to further partner with them to deliver solutions to better support our customers.”
Nick Solinger, President and CEO of FIA Tech, said: “We are delighted that Deutsche Bank and Societe Generale will be joining our ownership consortium and supporting us on our next stage of development. We see this as a further testament to the industry support for our mission of creating innovative solutions for all users of exchange traded derivatives.”
About FIA Tech
FIA Tech is the leading technology provider to the exchange traded derivatives industry. Owned by a consortium of eleven leading clearing firms and the Futures Industry Association (FIA), FIA Tech is committed to serving the industry and launching innovative solutions to improve market infrastructure across the listed and cleared derivatives industry. FIA Tech works in close partnership with the broader industry, including exchanges, clearinghouses, clearing firms and other intermediaries, as well as independent software vendors, buyside firms and end users to bring efficiency to the exchange traded and cleared derivatives industry.
About the Trade Data Network Initiative
The Trade Data Network (TDN) is an industry initiative that provides a shared ledger of trading information to address the fragmentation and lack of transparency in exchange traded derivatives (ETD) post-trade processing. The TDN initiative currently includes 17 banks/brokers and 40 investment managers and hedge funds with combined assets under management of over $37 trillion.
The initial rollout of TDN is focused on allocations processing and trade confirmations, with trade lifecycle transparency across the multiple brokers and the clearinghouse on each trade. Additional features include benchmarking, metrics tracking and reporting to drive best practices across the ecosystem. The initiative is also designed to drive value for the independent software vendor (ISV) community by reducing complexity in delivering services to clients.
