HSBC has invested an undisclosed amount into futures industry technology provider, FIA Tech.
Najib Lamhaouar
The bank is the thirteenth global clearing firm to invest in FIA Tech and is set to also sit on its board of directors.
The move is set to contribute to FIA Tech’s global expansion, accessing a wider range of clients across Europe, APAC, and the Middle East, diversifying the client base.
Najib Lamhaouar, global head of derivatives clearing services, HSBC, said: “FIA Tech has a proven track record of delivering best-in-class services that connect buy- and sell-side participants to improve efficiency, reduce risk and create long-term scale for our growing industry.
“We look forward to working closely with FIA Tech on their future initiatives.”
Other investors in the consortium comprise of: ABN AMRO Clearing, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Societe Generale, UBS, and Wells Fargo.
Overall funds raised are earmarked for FIA Tech’s Trade Data Network, as well as its overarching aim of improving the operational resilience of the industry.
Read more: FIA Tech adds block trading capabilities to brokerage settlement platform
“HSBC has long been a partner of ours in developing innovative solutions for our industry, so bringing them formally into our ownership consortium was a logical next step,” said Nick Solinger, president and chief executive of FIA Tech.
“HSBC’s strong footprint in the Middle East and Asia will also help us expand our global reach and diversify our client base in other regions.”