Tradeverse consolidates real-time, multi-asset class data from multiple vendor applications and platforms from orders and executions through settlement into a unified, harmonized data platform. It reduces errors, simplifies access with a common data ontology across front, middle and back office and incorporates robust security to protect sensitive information and maintain data integrity. The clear data structure unlocks insights for all key functions – trading desks, operations, risk, finance, and regulatory – by providing a trusted and transparent data source.

“A Tradeverse implementation we’ve recently completed with a global bank is proving the power of harmonizing trade data,” said Hugh Daly, Head of Data and AI, Capital Markets, Broadridge. “The solution delivers efficiencies for their regulatory reporting and compliance teams, allowing direct access to the data for business users initiating complex searches using natural language.”

Many enterprise data warehouse projects fail to deliver the expected benefits due to the complexity arising from disparate representations of the source data. Tradeverse is focused on ensuring true data harmonization. The application of business logic and constraint of the data ontology is critical to that. This leads to seamless access to high quality data, which ultimately accelerates time-to-value for multiple AI initiatives.

In another use case, the Securities Operations team of a top ten capital markets firm is using Tradeverse’s harmonized data platform coupled with Broadridge’s Generative AI tool for Operations (OpsGPT) to empower users.  This is allowing the teams to identify and implement productivity gains such as settlement fails analysis that were previously incredibly hard to capture in a fragmented ecosystem.

Tradeverse will be the cornerstone of a number of innovative value-add business solutions that Broadridge will bring to market in the coming months.

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United Fintech is an industry-neutral Digital Transformation platform which enables banks and Financial Institutions to accelerate access to a range of innovative fintechs specialising in capital markets. This latest development from United Fintech builds on its mission to drive digital innovation, offer transformative solutions and enhance the capabilities of Financial Institutions worldwide.

“Expanding into the DIFC marks a strategic advancement for United Fintech, broadening the global footprint of our industry-neutral Digital Transformation platform and meeting the growing demands of the financial services industry. We are encouraged by the enthusiastic market reception and the substantial opportunities this presents for our growth and the enhancement of our ecosystem,” says Christian Frahm, CEO, United Fintech.

Rasmus Bagger, CCO, United Fintech, will have overall responsibility for the Dubai office. He comments, “This is a significant opportunity for United Fintech and we are excited about growing our client base and team in the region and playing a major role in connecting Financial Institutions with cutting-edge technology providers, all under a single platform.”

Early successes signal future growth

As United Fintech sets roots in the UAE, it is already seeing significant interest in its innovative offerings from across the region. Athena, part of United Fintech, well-known for its world-class, full front-to-back OMS/PMS solution, has experienced substantial traction.

“United Fintech’s establishment in the DIFC is significantly broadening Athena’s horizons, enhancing our ability to extend our services to drive technical transformation and enhance the operating models of asset managers and hedge funds in the region. The ability for the buy-side to have a truly cloud-native solution that can keep clients’ data within the state is a game changer. Growing our footprint throughout the GCC represents our commitment to the region’s buy-side community, our GCC clients and acts as a strategic milestone for the entire United Fintech group,” say Raj Rathor, Head of EMEA Sales at Athena.

Founded in 2020, United Fintech employs over 160 people in eight countries, including the UK, Denmark, Spain and the USA. Its industry-neutral Digital Transformation platform provides access to an extensive range of products from five innovative capital markets software companies: Athena, CobaltFX, FairXchange, Netdania and TTMzero.

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The partnership is set to provide customers with bespoke API connectivity combined with enhanced symbology and cross-referencing capabilities, fully integrated with Options’ pre-deployed technology stack which consumes, translates, and broadcasts normalized and historical tick data to clients worldwide, delivering comprehensive access to multi-asset class market data.

The announcement follows Options’ full integration with Activ Financial and subsequent amalgamation of global market data sources, alongside hosted trading infrastructure and direct connectivity to counterparts in the wider capital markets ecosystem.

Options facilitates trading at hundreds of venues worldwide with fully managed infrastructure and connectivity in conjunction with the firm’s private financial cloud services, combining hosting with direct market access, TCO reduction, and best-in-class resiliency and security.

Danny Moore, President and CEO of Options, commented, “We are delighted to announce our partnership with Magtia to deliver next-level market data solution architecture to our customers across the capital markets. Our pre-deployed technology stack and tick data combined with Magtia’s advanced symbology expertise will offer clients an industry first for interoperability and the most efficient and reliable cross-referencing data platform for multi-asset class content.

We are very excited to partner our services and enable our clients to capitalise on reduced deployment time and bespoke symbology tools, alongside Options’ state-of-the-art enterprise market data feed.”

Phil Straszynski, CEO of Magtia, commented, “We have worked with Activ Financial for many years and we are delighted to continue that valued partnership with Options Technology. Together with Options’ advanced capital markets infrastructure and enterprise market data feed, Magtia’s symbol mapping platform provides a comprehensive cross-referencing service for the financial markets, enabling clients to extend their services to organisations using different data feeds and symbologies.”

Today’s news comes as the latest in a series of exciting developments for Options Technology, including its partnership with Trader Evolution, its achievement of a new Microsoft Cloud Security specialization and its partnership with Dukascopy.

Options Technology:

Options Technology (Options) is a financial technology company at the forefront of banking and trading infrastructure. We serve clients globally with offices in New York, London, Belfast, Cambridge, Chicago, Hong Kong, Tokyo, Singapore, Paris, and Auckland. At Options, our services are woven into the hottest trends in global technology, including high-performance Networking, Cloud, Security, and AI (Artificial Intelligence).

Magtia:

Magtia is the world’s only company dedicated solely to financial symbol mapping: RICs to Bloomberg tickers and FIGIs, plus all the major data vendor symbologies. Magtia is used by the finance industry to resolve instrument identification issues, streamline processes, and open their businesses to any client regardless of the financial market identifiers they use. Our XMAP solution provides a mapping of all exchange traded instruments globally and is refreshed daily before each market opens. Even where clients have existing operations performing financial symbol mapping they find that XMAP is faster, infallible and cheaper.

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Troise will spearhead the Trading & Connectivity business through the next chapter of its mission to simplify and optimize trading as a leader in multi-asset, multi-workflow trading, and connectivity solutions for firms across the global markets. His appointment comes on the heels of recent Broadridge milestones, including the launch of its Futures and Options platform.

“We are thrilled to welcome Frank, whose appointment symbolizes the latest step in our journey as a Capital Markets business and underscores our commitment to delivering leading-edge solutions that help to optimize trading for global banks, broker-dealers, and independent trading firms,” said Vijay Mayadas, President of Capital Markets at Broadridge. “We thank Ray for his years of leadership and help successfully integrating the Itiviti acquisition and continued focus on delivering simplification and driving innovation across the trade lifecycle, with global, multi-asset class, modular solutions that equip our clients with the agility to grow.”

Troise brings over 35 years of trading and technology experience to Broadridge. Most recently he served as Co-Chief Executive Officer and Board Member at Pico Quantitative Trading, where he played a pivotal role in setting the vision and strategic themes to accelerate growth and achieve scale. He has held key positions including Chief Executive, President, and Board Member at Investment Technology Group (ITG), served as a global leader of J.P. Morgan’s Execution Services, has held senior sales and trading roles at Barclays and Lehman Brothers, and management consulting positions with Booz Allen and Andersen Consulting (now Accenture).

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“I am delighted to welcome Derrick, Gus and Naureen as the Board’s newest governors,” said FINRA Board Chair Eric Noll. “Their combined expertise complements their commitment to advance FINRA’s mission to protect investors and promote the integrity of the markets.”

“Effective self-regulation makes our capital markets stronger, and our Board plays a critical role in ensuring appropriate governance as we pursue FINRA’s mission,” said FINRA CEO Robert Cook. “I look forward to working with the Board’s newest members as we consider the challenges and opportunities of the regulatory landscape ahead.”

Public Governors

Roman, a Certified Public Accountant, is a former partner at PwC, with over 30 years of experience delivering external audit, advisory and risk assurance services to multi-national public, privately held and non-profit organizations.

Roman is a Trustee of the National Constitution Center where he serves on the Audit and Finance Committee and the Executive Committee. His other board affiliations include CommScope Holdings; WEX, Inc. and NABA Inc. (the National Association of Black Accountants). He has been recognized by Money Magazine as a champion for financial education for young people and is one of Savoy Magazine’s “2021 Most Influential Black Corporate Directors.”

He received his bachelor’s degree from Babson College and completed his executive education at the Stanford University Graduate School of Business Director’s Consortium, as well as Harvard Business School’s Program on Negotiation and Strategic Decision-Making.

Sauter is a current member of FINRA’s Investment Committee and had previously served as the first Global Chief Investment Officer at Vanguard, where he worked for 25 years until his retirement in 2012. He has worked on industry issues with entities including the Securities and Exchange Commission and the Federal Reserve.

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“We’re excited to be recognized with this distinction,” said co-founder and CEO Brian Dally. “Similar to public market securities over the past 50 years, retail investor adoption of alternative investments, enabled by a new wave of regulatory and technology innovation, is now reshaping portfolios and capital markets for the better. Groundfloor’s product offerings continue to expand in scale and scope to open more opportunities for more investors, more rapidly than ever before.”

Groundfloor’s journey began in 2013, when Dally and his co-founder Nick Bhargava dreamed up the idea of creating a private capital marketplace open to everyone, not just the one percent. Bhargava helped author Title III of the JOBS Act of 2012, designed to allow more small businesses to access capital. The two picked up and moved to Atlanta because of the Invest Georgia Exemption, which liberalized securities regulations conducted within the state. Dally and Bhargava entered unchartered territory, and for the first time ever, Groundfloor packaged real estate debt securities for fractional participation by the general public. The first offering created $2 million in loans in Georgia alone, demonstrating the demand for fractionalized, alternative real estate investing.

With an idea that no company had ever tried before, Groundfloor then became the very first company qualified by the U.S. Securities and Exchange Commission to offer real estate debt investments for both accredited and non-accredited audiences, eventually expanding investment opportunities to all 50 states.

Today, Groundfloor remains true to its mission of leveling the playing field so everyone can benefit from the unique advantages of fractionalized private market investing. In fact, to this day, anyone can still invest in most Groundfloor offerings with as little as $10. Many other companies emerged to mimic what Groundfloor accomplished, but none have generated consistent, short-term, 10% returns over a ten-year track record.

Last year marked another year of growth and innovation for Groundfloor despite high interest rates and housing market headwinds. The company launched multiple new products providing investors more options to invest in real estate backed alternatives. As a result of these product launches, including the Groundfloor 3.0 auto-investing app, the company grew year-over-year revenue by 25 percent. To date, Groundfloor has now surpassed $1.3 billion in retail investment volume and $1.1 billion in investor repayments, underscoring the continued appeal of fractionalized real estate investing.

Groundfloor is also known for its unique approach to fundraising. The company has raised more than $34 million in equity funding with the majority being from public stock sales to its own customers. Groundfloor is proudly 31 percent customer-owned, ensuring the company remains focused on delivering value for its 7,100+ shareholders, free from the outside influences that have caused many fintech startups to falter.

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“Improving efficiency and accuracy across the trade lifecycle is essential for firms to reduce costs, lower the need for extensive resources and minimize risks,” says Audrey Blater, Senior Analyst for Coalition Greenwich Market Structure & Technology and author of the report. “Many financial institutions are attempting to solve this with a combination of proprietary systems, internal staff, third party providers and manual processes, with mixed results. To accommodate market changes, evolving regulation and the ever-expanding data needs, robust, scalable technology for data automation and processing is absolutely crucial.”

The report underscores the challenges faced by financial institutions in finding effective solutions. While 60% of the market uses at least one third-party system, a mixed approach of third-party and proprietary systems leads to significant inefficiencies, requiring additional manpower to reconcile.

Key findings include:

• The percentage of offline reconciliation is highest among users of proprietary solutions. Users of third-party solutions, or a combination of third-party and proprietary see lower levels of offline reconciliation. Proprietary solutions also see high rates of manual data cleansing.
• Third-party solutions are viewed as highly capable of standardizing data, with users benefiting from workflow efficiencies that arise. Almost 80% of firms using a third-party data cleansing solution rely on these services for all of their data transformation.
• However, more than half of study respondents do not outsource data cleansing, choosing to use proprietary systems and internal staff which can be labor intensive, particularly for data linked to nascent products such as digital assets.
• About 36% of respondents are using manual processes to cleanse 10% or less of their data.
• Nearly a third still use manual processes for data cleansing over 50% of the time.

As the 2024 T+1 implementation deadline approaches, concerns are rising about the readiness of market participants, especially smaller institutions. The increasing complexity of data, legacy technology, and multiple systems could potentially lead to a scramble to meet the deadline.

Josh Monroe, Chief Revenue Officer at Xceptor, highlights the urgency of the situation: “The industry’s struggle to manage and process the ever-expanding volumes of complex and unstructured data is concerning. This limits firms’ ability to automate and streamline their processes efficiently, particularly using in-house solutions. The need of the hour is to do more with less.”

The report: Data Automation: The Workflow Efficiency Game-Changer can be accessed here.

About Xceptor: 

Our mission is to empower financial services companies to build automated processes that deliver trusted data and create better customer outcomes. At the same time, we aim to increase our clients’ productivity, reduce their time-to-market, and optimize their operational processes. We serve 18 of the top 50 global banks, including Citi Group, Deutsche Bank, HSBC, BNP Paribas, Metro Bank, Northern Trust, and State Street and support critical operational processes and data compliance, which enables our clients to focus on what’s important – seizing opportunities and driving growth. In June 2021, leading private equity firms Corsair and Astorg formed a strategic partnership with the goal of accelerating our growth. Corsair made a significant minority investment in the company, which built on Astorg’s acquisition of Xceptor in March 2021.

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For more than a decade, AxeTrading has serviced a wide range of global customers with its award-winning platform. In addition to providing connectivity to all major fixed income trading venues, AxeTrading also offers a highly sophisticated, customizable pricing and quote management engine, and automated workflow management tools, delivering substantial benefits to market participants faced with the complexity of pricing, quoting and trading fixed income products across multiple venues and protocols.

Keith Todd, CEO of TT, said: “The fixed income market represents a major opportunity for TT given its size, considerable growth and ongoing adoption of electronic trading. This acquisition is a key element of our strategy to expand beyond listed derivatives and cryptocurrencies, giving us an extensive offering in the fixed income space. AxeTrading and Trading Technologies are both recognized as technology leaders in our respective markets. We are excited to welcome the talented AxeTrading team to TT and to implement our shared vision for the delivery of core fixed income functionality via the industry’s leading Software-as-a-Service (SaaS) platform.”

AxeTrading CEO Greville Lucking said: “This acquisition represents a significant game changer. The combination of AxeTrading’s leading expertise in fixed income markets technology, together with TT’s already established position in listed derivatives and U.S. Treasuries, will provide a comprehensive offering to customers globally. Leveraging the TT SaaS platform to deliver and distribute a true multi-asset offering is exactly what our customers are seeking. We have been extremely impressed with the ambition of the TT team in the fixed income market space, and we are confident that our aligned vision and culture will drive a highly successful future for our customers, partners and employees.”

During 2022, TT acquired RCM-X, a technology provider of algorithmic execution strategies and quantitative trading products, and entered into strategic partnerships with KRM22 plc to expand its risk management product portfolio, Talos to broaden its cryptocurrency offering, ATEO Finance to deliver post-trade allocation services and Bantix Technologies to provide the QuikStrike options analysis software application through the TT platform. TT will further expand its product portfolio and asset class coverage through new strategic initiatives in 2023.

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Ownera is working to digitize paper-heavy and illiquid private markets, allowing banks, asset managers and exchanges to route assets more efficiently. Ownera aims to help institutional clients of regulated financial institutions discover, invest in and trade assets with instant transaction settlement and transfer of ownership. These clients will be able to receive real-time visibility into the characteristics and history – including ownership details – of a wide-range of assets such as bonds and syndicated corporate loans.

Ownera’s objective is to unlock distribution and liquidity by connecting asset tokenization venues to wealth platforms and exchanges across the world. Based on the open-source FinP2P protocol, Ownera’s offering for regulated financial institutions aims to seamlessly connect any type of asset tokenization platform on any blockchain, private distributed ledger, or even traditional ledgers.

“This investment will allow us to play an important role in shaping the future of capital markets, one where issuers and institutional investors have more real-time visibility into assets and can more efficiently transfer ownership and settle transactions,” said Jim Kelligrew, Vice Chair and Head of Corporate & Commercial Banking, U.S. Bank. “Our goal is to provide our capital markets clients a more streamlined experience, helping them save time and money, all while experiencing unprecedented transparency.”

“We are excited to add U.S. Bancorp to our latest investment round. We brought the industry together to solve the problem of global distribution and liquidity for digital assets and strategic investment from major institutions such as U.S. Bancorp is key to ensuring that the FinP2P network is bringing high quality, institutional size investment opportunities to pools of accredited and institutional investors around the world.” added Ownera Co-Founder & CEO, Ami Ben-David.

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tZERO, a leader in blockchain innovation and liquidity for digital assets, announced today that it has won the 2021 Benzinga Global Fintech Award in the ‘Most Innovative in Capital Markets’ category. The award recognizes outstanding performance in capital markets and the most disruptive idea brought to market as a tool for retail traders and investors.

tZERO Interim CEO and Chief Legal Officer Alan Konevsky stated, “We are delighted to be recognized as the ‘Most Innovative in Capital Markets’ by Benzinga as we continue to democratize access to private capital markets and establish an efficient, compliant, and transparent approach to digitization of securities markets using blockchain. We look forward to continuing to lead in the digital asset space towards the vision of a unified, frictionless and inclusive digitally-native, self-regulating value ecosystem as we plan to launch our harmonized trading experience, providing one touchpoint for customers to trade private digital securities, cryptocurrencies, and other assets.”

tZERO was recognized as the ‘Most Innovative in Capital Markets’ by Benzinga for its contributions to the integration of distributed ledger technology within both private investment markets and existing capital markets infrastructures, with a focus on providing a superior user experience. Its private digital security trading platform, operated by its broker-dealer subsidiaries, most recently initiated trading of the Class A common stock of Exodus, a Delaware corporation that has developed a leading non-custodial cryptocurrency software platform, and has plans to support four additional private securities in the next three to six months. In addition, tZERO’s plans to merge the private digital security and cryptocurrency trading user experiences, and add access to public stocks and NFT securities, to create one seamless touchpoint for customers was also recognized as an innovative idea looking to the future of financial technology.

Benzinga’s 7th annual Global Fintech Awards recognizes and awards disruptive innovators that are actively working to create positive and diverse changes in the financial services industry. Winners are selected by a panel of judges, including Benzinga editorial staff, industry leaders, and advisors in the space, who score companies and executives based on the impact they have made in the areas of investing, technology, financial literacy, and more.

Benzinga CEO Jason Raznick said, “We’re recognizing the companies that will define the future of our financial lives. Since the inaugural Benzinga Fintech Awards in 2015, our listmakers have closed $300 million in deals and partnered with some of the biggest players in the industry. We look forward to honoring these players for years to come, as well as finding the next generation of fintech.”

tZERO is a technology firm with the goal of democratizing access to private capital markets. tZERO brings together issuers and financial firms seeking a transparent, automated, digitally enabled marketplace and investors seeking access to unique private assets, public equities, cryptocurrencies, and other digital assets, including non-fungible tokens. For more information, visit https://www.tzero.com/.

Investor Notice

Investors should note that trading securities could involve substantial risks, including no guarantee of returns, costs associated with selling and purchasing, no assurance of liquidity, which could impact the price and ability to sell, and possible loss of principal invested. Further, an investment in single security could mean lack of diversification and, consequently, higher risk. Potential investors are urged to consult a professional adviser regarding any economic, tax, legal or other consequences of trading any securities as described herein.

No Offer, Solicitation, Investment Advice or Recommendations

This release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by tZERO or any of its affiliates, subsidiaries, officers, directors or employees. No reference to any specific security constitutes a recommendation to buy, sell, or hold that security or any other security. Nothing in this release shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this release constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this release should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this release, we have not taken into account the investment needs, objectives, and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed in this release by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible corrections. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.

Forward-Looking Statements

This release contains forward-looking statements. In addition, from time to time, tZERO, its subsidiaries, or its representatives may make forward-looking statements orally or in writing. These forward-looking statements are based on expectations and projections about future events, which are derived from currently available information. Such forward-looking statements relate to future events or future performance, including financial performance and projections; growth in revenue and earnings; and business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including, without limitation: the ability of tZERO and its subsidiaries to change the direction; tZERO’s ability to keep pace with new technology and changing market needs; and competition. These and other factors may cause actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this release and other statements made from time to time by tZERO, its subsidiaries or their respective representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions. tZERO, its subsidiaries, and its representatives are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this release and other statements made from time to time by tZERO, its subsidiaries or its representatives might not occur.

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