FIA Tech, a futures industry technology provider, 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 (BoD).
With the addition of these two institutions, FIA Tech’s ownership consortium will comprise 12 clearing firms as well as the Futures Industry Association. Investors now include ABN Amro Clearing, 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 in a statement: “We see value in the industry coming together to realize 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 in a stateement: “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 in a statement: “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.”