DriveWealth, a US-based broker-dealer and regulated by FINRA/SIPC, has partnered with Sigma Securities Limited, a leading Nigerian brokerage firm, and Africa-based financial app developer Trove Technologies.
Founded in 2012 to provide brokers, digital advisors, and mobile online financial services companies seamless access to the U.S. securities market, DriveWealth is providing its platform as the engine for the new offering which gives Nigerian investors their first seamless digital access to the U.S. equity markets.
DriveWealth has recently opened the U.S. market to Brazilian investors by partnering with Miami-based online brokerage Avenue Securities, which provides easy access to mostly Brazilian retail investors interested in securities traded on U.S. exchanges.
The company has developed a proprietary ecosystem powered by licenses to clear fractional-share orders. Partners around the world and hundreds of thousands of clients have access to invest in a highly stable, liquid, and regulated financial system. The proprietary infrastructure allows investors to purchase securities without minimum account balances, high transaction costs or full share quantities.
Robert Cortright, CEO at DriveWealth, commented:
“Making U.S. securities available to investors of any size in countries all around the globe is an essential element of the mission of DriveWealth. We are delighted to work with Sigma Securities and Trove Technologies on this effort to democratize investing in Nigeria by bringing to its retail investors the largest and most liquid, transparent financial market.”
Dunama S. Balami, CEO at Sigma Securities, said:
“From today, partnering with DriveWealth and Trove Technologies, we have broken through the trading barriers into the U.S. stock market. Nigerian investors can now seamlessly trade U.S. equities. This partnership is a groundbreaking feat in the Nigerian Capital Market ecosystem, and we are proud to champion this cause. We believe that in togetherness and partnership, we can do so much in stock markets across the globe.”
Oluwatomi Solanke, CEO at Trove Technologies, added:
“At Trove, we believe global investment opportunities should be available to all Africans. As an important market for any company with global ambitions, Africans should be able to reap the benefits of the success of these companies. Our partnership with DriveWealth and Sigma Securities brings the world’s largest stock market to Nigerian investors, regardless of spending power. Further, it eliminates the longstanding bottlenecks that have hampered access to this market. A world of borderless investing is a vision that excites us, and partnering with DriveWealth was perfectly in line with that mission.”
The firm’s customizable suite of application programming interfaces (APIs) is available to partners all over the world, allowing investors everywhere to gain access to the highly stable, liquid and regulated U.S. stock market with a fully accessible, straightforward user experience.
EQUIDUCT, a pan-European platform offering solutions to both retail and institutional brokers since 2009, has secured an investment of €3.25 million from Optiver, Virtu, Börse Berlin, Dr. Jos Peeters, among other investors.
Equiduct is a market segment of Börse Berlin which offers a fully transparent central limit order book in approximately 1,500 European shares and two unique liquidity provision schemes, called PartnerEx catering for Retail order flow and SpotVBBO servicing Institutional flow. Currently trading over €40 billion per year, the investment will be used to increase its market share while expanding its product offering and instrument coverage.
Dave Murphy, Chief Executive Officer of EQUIDUCT, said:
“We are excited about the support we’ve received. In an increasingly competitive space, we remain focused on providing investors with a cost-effective, one-stop-shop solution to the challenge of providing the best execution on a pan-European level. By using Europe’s first tradable consolidated tape, we have also been able to reduce the cost of market data, an area that has seen fee increases across Europe since the introduction of MiFID II.”
Artur Fischer, Chairman of EQUIDUCT and co-CEO of Börse Berlin, added:
“Since launching in 2009, Equiduct has been focused on providing a platform which gives access to best execution services on a transparent regulated market. While we have witnessed the increase in bilateral trading through systematic internalisers since the introduction of MiFID II, we, our partners, and our members remain convinced that investors’ interests are best served when trading
occurs on an independently operated regulated market.”
Kjelle Blom, Chief Operating Officer of Optiver Europe, commented:
“The partnership is a natural fit as both Optiver and EQUIDUCT are dedicated to improving the market. EQUIDUCT’s pan-European smart order book results in better prices, while Optiver is committed to consistently providing the market with liquidity, which benefits end-investors.”
Catherine Nini, CEO of Bourse Direct, added:
“EQUIDUCT’s innovative market model guarantees the best execution for every order which is essential for our end clients. We are excited to see the platform positioned well to grow and expand their product offering to further enhance the execution quality for retail clients throughout Europe.”
Equiduct’s diverse model offers clients more than the average stock exchange. Not only does Equiduct provide an electronic Lit Order Book trading Europes most liquid instruments, but uniquely it also utilizes the fragmented liquidity across Europe to deliver a premium Best Execution service.
Equiduct’s trading model combines a vanilla central limit order book HybridBook with premium Retail (PartnerEx) and Institutional (SpotVBBO) Best Execution services, to deliver an all in one trading solution for retail and institutional investors.
Optiver, one of the investors, has recently partnered with Equiduct to offer brokers a simple, one-stop-shop solution to achieve the best execution for their European equity and ETF order flow. Optiver agreed to provide continuous liquidity in thousands of European stocks and ETFs on Equiduct against the pan-European volume-weighted best bid and offer. The service is available for both retail and institutional brokers connected to Equiduct.
Brokeree Solutions, a leading a fintech company that provides brokers with high-grade turnkey software solutions with an emphasis on MetaTrader 4, has launched a new analytical product to expand the risk management category of forex broker solutions.
Trade Analytics for MetaTrader 4 has in-built formulas, coefficients, and ratios suitable for risk analysis in order to provide forex brokers a deeper understanding of their client’s trading activities via elaborate statistics. Users can also add custom formulas for seamless integration into brokerage’s internal processes.
Forex brokers can connect the solution to multiple MetaTrader servers and display all the statistics in a single place, with the data being in a MySQL database and accessed remotely via a web portal.
oneZero network of over 200 global retail and institutional broker-dealers conducts over $100 billion in ADV on over 6 million executed transactions per day. Financial terms of Lovell Minnick Partners’s significant minority investment in oneZero Financial Systems were not disclosed.
The funding round was joined by oneZero’s Senior Advisor Phil Weisberg, who is the founder of Matzliach Capital and former CEO/Founder of FXall, later acquired by Thomson Reuters.
Phil Weisberg, Founder at Matzliach Capital and Senior Advisor at oneZero, said: “We believe there is an enormous greenfield opportunity for oneZero further expansion into the global institutional market as regulatory requirements across Europe and globally continue to evolve and create demand for versatile, robust and cost-efficient technology solutions.”
oneZero provides FX and multi-asset class liquidity, distribution, business intelligence, and risk management solutions to the retail brokerage and institutional marketplace, including hedge funds, prime brokers and global banks. The firm offers hosted and SaaS-based solutions that enable clients to aggregate, route and manage their risk exposures through Liquidity Hub, access broader liquidity distribution through oneZero’s EcoSystem and gain business intelligence insights through Data Source.
Steve Pierson, Managing Partner, Lovell Minnick Partners, commented: “The convergence of the retail and institutional FX markets is rapidly increasing as global market participants seek sophisticated, highly-scalable trading solutions and reliable IT infrastructure with ultra-low latency, unparalleled pricing data and high transactional capacity. oneZero continues to develop next-generation wholesale technology and business intelligence solutions for market participants with unmatched speed, efficiency and risk management support.”
Andrew Ralich, Co-Founder and Chief Executive Officer of oneZero, said: “We are excited to build upon our strong foundation as a leading technology solutions provider to both the retail and institutional brokerage FX markets as we expand our multi-asset class trading, technology, and data solutions to serve more market participants around the world. We look forward to partnering with the deeply experienced team at Lovell Minnick and tapping their institutional capital markets expertise to accelerate oneZero’s growth.”
Lovell Minnick Partners provides developing companies with equity capital to support recapitalizations, execute majority buyouts, and pursue growth initiatives. It has raised $3.2 billion in committed capital and has completed investments in over 50 platform companies since being founded in 1999.
Xena Exchange has partnered with Sumsub, an AI-based identity verification solution that offers onboarding and compliance through KYC and KYB, to make onboarding of new businesses and individual customers faster and more secure.
With Sumsub, retail clients are required to present an ID and a selfie while corporate clients are asked for a few additional documents. Data is checked in around two minutes on average, according to the firm, and personal data protection is guaranteed for every Xena customer no matter the country they are coming from, be it Europe (GDPR), the USA, Asia (PDPA) or CIS (FZ-152).
The implementation of KYC/KYB didn’t make any changes to the familiar interface of Xena and incorporates an all-in-one dashboard for Xena compliance officers to see verification statuses, history, and reasons for approval or decline in one place. The firm’s anti-Photoshop module can recognize photo manipulations, while its technology also auto-recognizes hieroglyphs (Japanese and Chinese).
Anton Kravchenko, CEO at Xena Exchange, commented: “Our goal at Xena Exchange has always been to make digital asset trading as mainstream as possible, eliminating the gap between traditional stock exchanges and blockchain markets. Working with Sumsub over the last few months to strengthen our legal framework and onboarding routine has boosted our onboarding rates already and is making the crypto exchange environment even safer and more accessible for clients.”
Jacob Sever, Co-founder at Sumsub, said: “Legal compliance is crucial—and so is customer experience. Our goal at Sumsub is to offer customers like Xena Exchange, and their end users, both security and ease-of-use. Our AML screening allows Xena Exchange to monitor their clients across multiple databases such as PEPs and comply with international and local laws while the multilevel process goes unnoticed by potential customers, taking just a couple of minutes off their busy schedules.”
Xena Exchange was founded by former executives at J.P. Morgan, Deutsche Bank, UBS, Russian Stock Exchange, and Kaspersky Labs. The operator has recently launched a free desktop terminal designed to meet the information demands of professional traders looking to navigate the cryptocurrency markets.
In late 2018, Xena Exchange raised $3 million in a Series A funding round with the sole investor being Klever Internet Investments, a stage-agnostic venture capital fund based in Moscow.
Corvil will provide visibility across Seed CX’s multiple client access options (including colocated cross-connects, VPN access, and web-based access through AWS infrastructure) and proprietary binary protocol.
Seed CX, a leading digital asset exchange, chose Ireland-based network data analytics firm Corvil to deliver the timely intelligence required to assure the performance and client experience of its robust service.
Seed CX’s execution and settlement ecosystem for trading digital assets wants to address the growing number of institutional investors who are joining the digital asset market, according to new research from Fidelity Investment.
The rapidly evolving asset class is likely to be the target of further investment in the coming five years, and Seed CX wants to be at the epicenter, offering deeper markets, better security, and broader capabilities for settling trades, facilitating cross-border payments, and margin trading.
In order to do that, the digital asset exchange requires operational excellence, market safeguards, best-in-class FIX infrastructure and dedicated support required to institutionalize this asset class. Corvil came as the natural choice for its depth and ability to examine the full lifecycle of each client order, analyze client execution and correlate trade outcomes with underlying technology performance.
This will allow Seed CX to offer what institutional investors look for: trust, customer responsiveness, and flexibility, which historically lacks in retail platforms. By providing visibility across Seed CX’s multiple client access options and proprietary binary protocol, the exchange’s support teams are able to understand technology infrastructure and trading behavior as it happens.
Edward Woodford, Co-founder & CEO of Seed CX, commented:
“Corvil’s best-in-class technology provides the insight required to monitor, analyze and optimize our dynamic environment. Through this enhanced analysis of orders, execution, infrastructure, and market data, Corvil helps us deliver the performance, responsiveness, and reliability standards our clients now expect.”
Adam Leaman, Head of Market Operations at Seed CX, added:
“In deploying Corvil, we are integrating the de facto industry standard technology on which many of our clients already rely, allowing us to focus on delivering new features, stability, and a better quality product instead of developing bespoke internal tools.”
Corvil’s solution delivers real-time insight into each client’s order execution and latency, searchable by member firm, order type or security, enabling Seed CX to provide an enhanced level of transparency back to its clients.
David Murray, Chief Marketing and Business Development Officer at Corvil, said:
“We are delighted Seed CX has selected Corvil to assist in meeting institutional investors’ demands for a more evolved digital asset service and client experience. We are proud that Corvil’s unique, real-time analysis of infrastructure, clients, and execution continue to be valuable and vital to the optimal delivery of electronic financial markets transactions across asset classes and investor segments.”
Firms within the digital assets ecosystem can now gain access to JST Capital offering, including over-the-counter (OTC) trading via a sophisticated GUI and FIX connection, risk management modelling, crypto optimization strategies and consulting services.
JST Capital, a New Jersey-based financial services firm focused on solutions for digital assets, has launched a full suite of offerings available to institutional investors, blockchain companies, banks, and brokers.
JST’s innovative digital asset trading platform provides transparent pricing and seamless execution as well as risk management strategies that allow its clients to optimize and monetize their portfolios. The partners of JST have all spent over twenty years in traditional financial services and entered the crypto markets as early as 2014, then joining early blockchain projects.
JST has put together a team of market professionals to support the trading, execution, structuring, investing and risk management needs of institutional investors, blockchain companies, broker-dealers, and foundations. JST also invests its own capital and allocates to projects and trading strategies across the crypto asset ecosystem.
Scott Freeman, Founding Partner at JST Capital, commented:
“We are pleased to offer our suite of services to our institutional client base, with the goal of making this emerging asset class more accessible. Our decades worth of experience in trading and asset management uniquely positions us to support the needs of the market, enabling us to bridge the gap between traditional and crypto finance.”
Todd Morakis, Founding Partner at JST Capital, added:
“The growth of the crypto-asset market has led to increased participation from institutional investors. However, issues such as volatility, transparency, and limited access to order books continue to create a barrier to entry. At JST Capital, we combine proprietary technology with speed of execution and high-touch service to bring greater reliability to cryptocurrency market participants.”
JST enables clients to optimize their balance sheets and access liquidity in select digital assets. All trades are executed through Arkonis Capital, the firm’s affiliated FCA regulated broker-dealer in the United Kingdom.
The firm introduced a new modular data consumption model which offers flexible data packages tailored to individual requirements, ensuring clients only pay for the specific data they need.
Signaling a comprehensive restructuring of its market data business, Tradition appointed a new executive management team for the job, which then embarked on re-branding the business, modifying its pricing model, adding new and updated product packages, enhancing its technology to make it easier for clients to consume data, and adding to the sales and product teams in all regions.
Heading the new executive team at TraditionDATA is Scott Fitzpatrick, who also serves as CEO of Tradition’s US-based business venture TraditionSEF. Scott joined the firm back in January 2014.
With over 2,300 employees in 29 countries, Tradition has built up decades of granular, historic data and trading activity for both liquid and illiquid products. Following demand from customers, the firm introduced a new modular data consumption model that offers flexible data packages tailored to individual requirements, ensuring clients only pay for the specific data they need.
In addition, the revamped market data and information services division launched a proprietary in-house market data delivery channel, INTEGRATE, which was designed for clients that prefer to purchase data directly from Tradition, rather than through their accredited third-party providers.
Scott Fitzpatrick, Head of TraditionDATA, commented:
“The pricing and consumption models for market data have largely remained the same for the last decade and is no longer fit for purpose. Our goal is to make our data easy to buy and available in a way that is efficient for consumption. That’s why we created a flexible, modular data model that reflects the evolving market need, the ever-changing regulatory landscape and addresses the cost pressures faced by many customers.
Regulatory reporting and risk management solutions provider AxiomSL has partnered with Refinitiv in order to combine both firm’s technologies to automatically enrich their clients’ positions while managing regulatory obligations across multiple jurisdictions.
Refinitiv’s reference data enables Financial Institutions (FIs) to be deployed with AxiomSL’s robust Global Shareholding Disclosures (GSD) solution to address the main challenges financial institutions face:
• Keeping up with regulatory rules and reporting template requirements across 100 countries
• Accessing reliable market data to ensure that position percentage calculations are accurate
• Automating the process for GSD reporting to meet daily monitoring requirements
John Mason, Head of Pricing and Reference Data at Refinitiv, said:
“Asset managers face a significant challenge in understanding local rules around shareholder disclosures and calculating their own holdings given the complexities around voting rights and share classes. This partnership provides a simple solution by combining AxiomSL’s state of the art technology with Refinitiv’s comprehensive global data, enabling asset managers to quickly and easily assess their positions in different instruments.”
Ed Royan, General Manager at AxiomSL EMEA, commented:
“We are pleased to partner with Refinitiv, one of the world’s largest providers of financial markets data and infrastructure, in addressing the challenges of data transparency requirements set out by regulatory authorities across the globe when rules differ from country to country. These challenges range from sourcing high-quality market data to addressing jurisdictional nuances to remain aligned with disclosure rules. This partnership unlocks many benefits from streamlining and automating complex rules to seamlessly ingesting and aggregating disparate data resulting in a rapid go-live process.”
Refinitiv’s reference data includes issuer and class level shares, voting rights, and takeover panel data and comes pre-configured for compatibility on the AxiomSL platform to deliver full traceability throughout the monitoring process. AxiomSL’s ControllerView platform provides monitoring, automation, and transparency, so that market participants understand data and reporting issues and successfully comply with shareholding disclosure requirements. This collaborative approach enhances the automation of the entire end-to-end monitoring process.
The former Financial and Risk business of Thomson Reuters has recently launched a new analytics solution for users of FXall: Trade Performance Analytics. The solution is designed to empower users to assess the quality of their historical execution, conduct like-for-like comparisons of liquidity providers, as well as make better-informed trade planning decisions.