Cloud-based derivatives clearing provider wins first client

The partnership will allow FirstRand Securities to complete the process of becoming a direct clearing member of LCH.

Cloud-based startup Sernova Financial has taken on its first investment manager client for its new post-trade futures and derivatives clearing utility.

Sernova has integrated FirstRand Securities, a South African investment firm and owned by FirstRand Bank, and will provide real-time cloud-based services to enable the clearing of interest rate swaps at LCH.

The partnership with Sernova will enable FirstRand to complete its transition from being a client of a clearing broker to a direct clearing member of LCH for South African rand interest rate swaps.

“Sernova’s offering and approach align closely with our broader strategic goals of gaining efficient access to international liquidity pools. The reduced upfront spend and the speed and ease of execution with both Sernova and LCH made the project all the more compelling,” said Stephen Linnell, COO of RMB Global Markets.

Sernova is headed by Venkatesh Ramasamy, the former global co-head of prime services at RBS, and is backed by clearing technology vendor Calypso.