In other news, Tradefeedr has a new CDO, BAE Systems Sells NetReveal & ING Spins Out Pyctor.
Société Générale Supports Repos via DLT
French banking giant Société Générale reports that it is now “live on the distributed ledger technology repo platform” created by vendor Broadridge Financial Solutions.
The platform “accelerates the digitization of the global repo market, empowering participants to realize immediate benefits of reduced risk and operational costs and enhanced liquidity,” according to a Société Générale statement.
The platform is built on Broadridge’s fixed-income platform that “processes over $8T per day,” per the statement,
The platform “couples emerging distributed ledger and smart contract technology with existing operational account structure functionality, enabling real-time securities mobility in the repo market at scale,” according to Broadridge.
“Société Générale is an innovator in capital markets, and we’re excited to welcome them onto to this award winning DLR platform,” Vijay Mayadas, president of capital markets at Broadridge, says in the statement.
“Broadridge continues to drive the transformation of repo market infrastructure with the distributed ledger technology repo platform via the utilization of smart contracts to digitize the trade agreement between counterparties and leveraging digitized assets to reduce settlement cycles,” Mayadas says. — L.Ch
New Chief Data Officer & $1m Investor at Tradefeedr
Tim Cartledge
Tradefeedr, a foreign exchange (FX) data-analytics platform provider, reports that Tim Cartledge has joined as chief data officer (CDO).
Additionally, Alphaview Ltd., Tim and Kate Cartledge’s family office, will be making a $1 million investment in Tradefeedr and Tim Cartledge “will consequently join the company board,” according to a Tradefeedr statement.
Cartledge has “more than 25 years of experience, working in financial markets and over 20 years in electronic markets,” per the statement. “Most recently he was head of EBS at CME Group. Prior to this he spent 11 years at Barclays Bank, initially founding the BARX FX electronic trading business before ultimately becoming Global Head of FICC Electronic Trading.”
Before joining the firm, he was a member of Tradefeedr’s client advisory group. — L.Ch
BAE Systems Sells NetReveal to SymphonyAI
SymphonyAI, a provider of enterprise AI software as a service (SaaS), reports that it has acquired financial crime detection vendor NetReveal from BAE Systems.
“NetReveal protects against financial crime, ensures regulatory compliance, and reduces risk for 200 of the world’s leading financial services institutions,” officials say.
The financial services sector represents “a significant industry vertical for SymphonyAI. The company developed and launched the Symphony AyasdiAI Sensa platform in late 2021, bringing AI-based analytics and insights to financial crime detection,” officials say.
The acquisition “marks a significant step in SymphonyAI’s expansion strategy within the financial vertical,” according to a statement from SymphonyAI. “As part of SymphonyAI’s financial vertical, NetReveal will use Sensa AI technology to … better uncover anomalous activity, reduce false positives, and control costs.”
“We are well-positioned for growth. As part of SymphonyAI, NetReveal can pursue all avenues for that growth, including an innovative product roadmap, new partnerships, and expanded go-to-market opportunities,” says Mike Foster, managing director of NetReveal, in a statement.
“Our financial vertical now combines Sensa’s market-defining innovation with NetReveal’s strong counter-fraud and financial crime heritage,” says Sanjay Dhawan, CEO for SymphonyAI, in a prepared statement.
After the acquisition, “SymphonyAI’s financial vertical will consist of NetReveal … and its team of more than 750 subject matter experts, and SymphonyAI Ayasdi,” officials say. “The two product groups will accelerate innovation across the NetReveal and Sensa portfolios for … AI-based capabilities for financial crime detection.”
The combined SymphonyAI offerings will target “financial crime, fraud, sanctions screening, internal malfeasance, and growing cryptocurrency risk,” officials say.
ING Spins Out Pyctor to GMEX Group
Dutch banking group ING reports that it has spun out Pyctor to GMEX Group, a specialist in “digital business and technology solutions for exchanges and post-trade market infrastructure,” according to an ING statement.
Pyctor’s post-trade technology is “designed for firms operating in regulated environments,” according to the statement, which notes that Pyctor “provides highly secure digital custody and transactional network services for a broad range of digital assets, as well as delivering interoperability between permissioned and public blockchains.”
Pyctor was incubated in ING Neo’s Amsterdam innovation lab, in collaboration with major financial institutions and regulators.” per ING. — L.Ch
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