FIA Tech Gets Investment for New Product Push
Posted by Colin Lambert. Last updated: June 17, 2021
Ten banks have invested $44 million in FIA Tech to advance the firm’s efforts to bring innovative solutions to the derivatives industry. 
The newly capitalised FIA Tech says it will be investing to further the development of existing products that have successfully served the industry and launch innovative new solutions to improve market infrastructure across the listed and cleared derivatives industry. Current services include digitally managing give-up agreements, meeting regulatory compliance requirements arising from CFTC, MIFID II and exchange regulatory compliance, reconciling and settling brokerage fees and providing reference data products that are required across the pre- and post-trade space in futures and equity options.
Under its new structure, FIA Tech says it will continue to work in partnership with the broader industry, including exchanges, clearinghouses, clearing firms and other intermediaries, independent software vendors, buyside firms and end users to bring efficiency to the exchange traded and cleared derivatives industry.
The investors are ABN AMRO Clearing, Bank of America, Barclays, Citi, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley, UBS, and Wells Fargo. FIA will retain an ownership stake in FIA Tech and will continue to serve on its board. Financial industry executive and former FIA chair Richard Berliand has agreed to join the board as independent director.
“This capital raise for FIA Tech will allow it to expand on its mission, creating innovative technologies for the exchange traded and cleared derivatives industry,” says Walt Lukken, president and CEO of FIA. “FIA looks forward to working with FIA Tech and industry stakeholders to solve the operational and technology challenges of the future.”
Nick Solinger, CEO of FIA Tech, adds, “More than 8,000 market participants globally rely on FIA Tech’s services, and we are excited to bring greater innovation and efficiency to their firms, clients and investors. With this investment, FIA Tech will be able to further address the needs of the market – buyside firms, end users, clearing firms, introducing brokers & market makers.”
