In other fintech news, the 2021 FinTech Innovation Lab New York participants have been chosen, and Tradeweb is partnering with AWS.
New Platform to Target CLOs, Syndicated Loans First
Citi and Bank of America are collaborating on “a next generation trading, data and analytics platform” for fixed income markets that will be a more accessible, transparent, and efficient marketplace for the industry, according to bank officials.
The banks hope their combined effort will yield a multi-dealer platform that will initially focus on structured credit and underlying collateral markets, officials say. The platform will first target collateralized loan obligation (CLO) instruments, which are single securities backed by pools of debt, and syndicated loans with other asset classes to come later.
“Bank of America and Citi initiated the build of this platform to address some of the biggest challenges in both CLO and syndicated loan markets, for both dealers and buy-side clients including efficiency, liquidity, and cost of execution,” officials say. “Citi is backing this effort through its Spread Products Investment Technologies (SPRINT) group, within the Citi Markets FinTech Investments program.”
“The platform, which is currently in [a] testing phase and is expected to launch later this year will build out a more accessible, user-friendly marketplace for third-party data and analytics and will combine the trading and data consumption in these markets onto a single platform with seamless user experience,” says Brian Bejile, head of loan portfolio trading and e-trading for loans and CLOs at Citi, in a prepared statement.
Ten Vendors Picked for FinTech Innovation Lab New York
The Partnership Fund for NYC and Accenture have picked 10 emerging technology companies to be part of the 2021 FinTech Innovation Lab New York, a 12-week program that helps early- and growth-stage enterprise IT companies hasten product and business development, officials say. The lab effort is now in its 11th year.
The 2021 participants were drawn from a pool of “more than 200 applications across the globe,” officials add.
The participants for the new lab are:
- Cinchy, based in Toronto, offers the Data Fabric platform used by several of the “world’s most complex financial institutions to eliminate integration and data silos;”
- CoverGo, with offices in Hong Kong and Singapore, offers “a configurable, modular, no-code insurance platform … to enable digital transformation at record speed;”
- Delio, based in Cardiff, U.K., offers white-labeled technology and infrastructure to create connected distribution platforms and marketplaces for private markets;
- Quarrio, based in Berkeley, Calif., offers conversational analytics for sales teams that need to ask questions about enterprise data and need to get answers quickly;
- RightFoot, of San Francisco, offers application programming interfaces (APIs) to help developers add student debt repayment (and later any type of debt repayment) capabilities into any app;
- Safekeep in New York City offers an “A.I.-driven claims solution” to speed up recovery potential and reduces effort by as much as 90 percent;
- SPIN Analytics, with offices in London and New York, offers the “explainable A.I. platform, RISKROBOT,” for automated data preparation and management, model development, regulatory documentation, validation, and monitoring for credit risk management in banks;
- The Climate Service, of Durham, N.C., makes the Climanomics software platform that allows investors and corporations to “incorporate climate risks into their strategic planning, risk management, and climate risk disclosure processes;”
- Util, based in London, “autonomously gathers and quantifies sustainability data about companies, products, services, and portfolios at scale;”
- And Vesttoo, based in Tel Aviv, offers data-driven risk modeling for insurers and pension funds.
Tradeweb Data Now Available via AWS Data Exchange
Tradeweb Markets, which operates electronic marketplaces for rates, credit, equities, and money markets, is working with Amazon Web Services (AWS) to “broaden access to its U.S. Treasury and U.K. Gilt closing price data through AWS Data Exchange,” officials say.
The AWS Data Exchange service was created to make it easier for firms “to find, subscribe to, and use third-party data in the cloud,” officials say.
“Tradeweb ICE U.S. Treasury Closing Prices and Tradeweb FTSE U.K. Gilt Closing Prices can now be accessed directly via AWS Data Exchange, either as a monthly subscription to daily publication data or as historical data sets,” officials add.
“The offering comes at a time when market participants are increasingly looking for more personalized and efficient digital solutions, including pay-as-you-go access to data, in response to current virtual and hybrid market environments,” officials say.
“This collaboration is an important step toward the broadening of access to Tradeweb data through the use of cloud-based services, and we’re excited for the road ahead,” says Lee Olesky, Tradeweb CEO, in a prepared statement.
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