OpenFin raises $17mn from Wells Fargo and Barclays
OpenFin, the operating system (OS) of finance, has raised $17 million in Series C funding from major banks and leading fintech investors. The funding round was led by Wells Fargo with participation from Barclays and existing investors including Bain Capital Ventures, J.P. Morgan and Pivot Investment Partners. The Series C round brings OpenFin’s total amount of venture funding to $40 million.
Proceeds from the financing will be used to make OpenFin OS ubiquitous on financial desktops and to fund further product innovation. This includes OpenFin’s new cloud services offering, which enables banks, asset managers, wealth managers and hedge funds to provide their own private app stores for employees and customers out of the box.
Reuters: dozen banks to invest $50 million for digital cash settlement project
Several of the world’s largest banks are in the process of investing around $50 million to create a digital cash system using blockchain technology to settle financial transactions, according to people familiar with the plans. The previously disclosed project, known as the “utility settlement coin,” was first proposed by UBS and London-based technology startup Clearmatics in 2015. It aims to develop a system to make clearing and settlement in financial markets more efficient.
Around a dozen banks are investing in a new entity called Fnality which would run the project, one of the people said. The deal has not been finalized so details may change. The new system could launch in 2020, the person said. It is unclear which banks are participating in the investment round. Banks that had previously disclosed they were working on earlier phases of the project include UBS, Banco Santander, BNY Mellon, State Street, Credit Suisse, Barclays, HSBC and Deutsche Bank.
World Bank and CBA team up for secondary bond trading on blockchain
The International Bank for Reconstruction and Development (World Bank) and Commonwealth Bank of Australia (CBA) have enabled secondary market trading recorded on blockchain for bond-i (blockchain operated new debt instrument), making this the first bond whose issuance and trading are recorded using distributed ledger technologies.
The successful completion of a secondary transaction with trading activity recorded on a distributed ledger illustrates the vast potential to enhance the co-ordination of securities trading and management on blockchain – deDlivering a verified, permanent record and instant reconciliation. The functionality was developed by CBA in conjunction with World Bank and market maker TD Securities.
“Enabling secondary trading recorded on the blockchain is a tremendous step forward towards enabling capital markets to leverage distributed ledger technologies for faster, more efficient, and more secure transactions,” said World Bank VP and treasurer Jingdong Hua, in a statement.
South Africa bourse launches clearing platform from Nasdaq
The Johannesburg Stock Exchange (JSE) successfully went live with a new real-time clearing platform for the JSE’s Equity Derivatives and Currency Derivatives market. The launch is part of a multi-year project known as ITaC focusing on migrating all the JSE’s markets to the new clearing solution, bringing a host of benefits to the market including more efficient collateral utilization, intra-day risk monitoring and improved margin transparency. The project is delivered in phases with the first asset classes to be migrated being Equity and Currency Derivative markets.
“The launch of our new clearing platform is an important milestone in our aim to align ourselves with global best practices using a state of the art, multi-product technology solution,” said JSE CEO, Nicky Newton-King, in a statement. “Technology has become vital for clearinghouses in offering services that stand up to market participants’ and regulators’ demands on robust risk management, transparency and efficiency.”