Clearmatics and XTX quant firm announce project for collateral management network

Clearmatics Technologies has been working closely with XTX Markets, a quantitative marketmaker, to build a member-owned network for the automation of collateral management and settlement. The network will focus on providing its members with a service that automates collateral management processes within financial markets and enables settlement of collateral calls. The launch of the network is planned for 2020.

Mike Irwin, COO at XTX, said in a statement: “The current technology, processes and market infrastructure around collateral management are antiquated and resulted in greater operational risk in the system. Partnering with Clearmatics to modernize how collateral obligations and their associated processes are managed today makes absolute sense.”

Over the coming months Clearmatics and XTX Markets, in collaboration with other founders, will be applying for the regulatory approvals necessary for go-live. XTX Ventures, the venture capital arm of XTX Markets, participated in Clearmatics Series-A funding round in October last year.

Read the full release

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