TransFICC, an e-trading support solution for financial institutions, has secured a strategic investment from Citi Innovation Lab.
Alongside the investment, TransFICC has joined Citi’s Innovation Lab in London and is the first external company to do so. The lab was launched earlier in the year as a way to improve the bank’s global markets and securities services. Its goal is to support the development of companies using advance technology such as data science, visualisation and performance computing.
Existing backers in TransFICC include Illuminate Financial, Commerzbank’s R&D division Main Incubator, and The FinLab, which is a joint venture between UOB and SG Innovate. Last year, Illuminate Financial and Main Incubator supplied a €1m investment into the company.
London-based TransFICC provides banks and asset managers with a low-latency connectivity API for the fixed income and derivatives markets. The platform empowers financial institutions to access necessary e-trading venues while streamlining the technology requirements and lowering operational costs.
Clients can integrate the API’s of various trading venues such as Bloomberg, Euronext, Jump Trading and Eris Exchange, to access them all through a single location.
TransFICC co-founder Judd Gaddie said, “Fragmentation is a significant, and growing, issue for Fixed Income and Derivatives markets. We have built a technology solution, which addresses an industry level problem, as Dealers seek to cut their costs and improve efficiency, whilst still needing to access numerous pools of liquidity.”
Earlier in the year, Citigroup joined a consortium which is looking to improve the cybersecurity of FinTech companies. The group will asses the security level of FinTech companies and data aggregators and aid their defences against hackers.
Copyright © 2018 FinTech Global
