In other news, RBC buys Brewin Dolphin, Coinbase embraces the Netherlands, and AccessFintech has Series C news.
Nasdaq Sets Up Three New Divisions
Nasdaq has announced that it is reorganizing its business units into three divisions that better reflect “the foundational shifts” of the global financial system and will help the exchanges company better serve client needs.
The three new business divisions are Market Platforms, Capital Access Platforms, and Anti-Financial Crime, officials say.
“The new corporate structure will take effect by the end of the fourth quarter 2022 with corresponding executive appointments taking effect on January 1, 2023,” according to Nasdaq.
“The financial system is being transformed by the modernization of markets, corporate and investor focus on long-term value creation, and the growing importance of protecting the system’s integrity,” says Adena Friedman, president and CEO of Nasdaq, in a prepared statement.
“The value created by our strategy over the past five years has given us the confidence to accelerate our efforts in our major growth areas through this new corporate structure, with our ultimate goal to become the trusted fabric of the financial system,” Friedman says.
The Market Platforms division will encompass:
- Nasdaq’s North American and European market services, market infrastructure technology, digital assets and carbon markets. “Tal Cohen will lead the division as president of Market Platforms. Cohen currently serves as executive vice president and head of North American Markets and is responsible for the company’s equities, options, and surrounding systems in Nasdaq’s U.S. and Canadian businesses,” officials say.
The Capital Access Platforms will cover:
- Nasdaq’s corporate platforms and investment intelligence businesses. “With over 10,000 corporate clients and 5,000 clients across the investment management ecosystem, Nasdaq is the world’s leading franchise serving the corporate issuer and investment community,” officials say. The division will include Nasdaq indexes, data, and listings to help clients modernize workflows, navigate the climate and ESG landscape, and deliver even more holistic, actionable insights and intelligence.” Nelson Griggs will oversee the division as president and will keep his role as president of the Nasdaq Stock Exchange. He also serves as executive vice president of Nasdaq’s Corporate Platforms business and is responsible for listings and corporate solutions.
The Anti-Financial Crime unit will include:
- Nasdaq’s Verafin fraud detection and anti-money laundering solution. “This division will help protect the integrity of the financial system and fight financial crime,” officials say. “Jamie King, executive vice president, will continue to lead the Anti-Financial Crime division at Nasdaq.”
RBC Acquires Brewin Dolphin for $1.75 Billion
Royal Bank of Canada (RBC) reports that it has acquired Brewin Dolphin Holdings (Brewin Dolphin) for approximately C$2.4 billion (US$1.75 billion), which equates to 515 pence per share, RBC says in a statement.
Brewin Dolphin will now operate as RBC Brewin Dolphin, part of RBC, and will continue to be led by Robin Beer, its CEO, officials say.
Brewin Dolphin has more than 2,100 employees “and a long history of providing exceptional service to private clients,” the statement declares, calling it a “transformative acquisition for both RBC Wealth Management and Brewin Dolphin, creating one of the largest wealth managers in the UK, Channel Islands and Ireland with £58 billion assets under management as [of] 31 August 2022.”
Royal Bank of Canada spotlights its 92,000+ employees, its position as Canada’s biggest bank, and one of the largest in the world (based on market capitalization), and its 17 million clients in Canada, the U.S. and 27 other countries.
RBC Brewin Dolphin, a U.K. and Ireland wealth manager, traces its origins back to 1762. It maintains 33 offices across the UK, Jersey and Republic of Ireland.— L.Ch
Dutch Central Bank Gives Coinbase the Greenlight
Coinbase is the first major cryptography exchange to “successfully register with the (De Nederlandsche Bank (the Dutch Central Bank [DNB]), the firm says in a statement. That means, of course, that Coinbase is able to “to offer our crypto products and services to the Dutch market,” per the statement.
Those products include Coinbase’s “full suite of retail, institutional, and ecosystem products,” the crypto exchange says.
“Coinbase views regulation of the industry as an ‘enabler’ for crypto’s growth, setting clear ground rules that will create an environment which encourages innovation and strengthens trust in the sector from both the public and policymakers,” according to Coinbase.
“Additional registrations or license applications are in progress in several major markets, in compliance with local regulations,” per the exchange. — L.Ch
AccessFintech Raises $60M via Series C Funding
AccessFintech, a fintech company that characterizes itself as “evolving the capital markets operating model through data and workflow collaboration,” reports the “successful completion of its $60 million Series C funding round,” led by private equity firm WestCap.
“As the lead investor, WestCap brings deep experience building and scaling transformational software for capital markets with companies including Ipreo, iLEVEL, BrokerTec, Tradeweb and Simon Markets,” AccessFintech says.
Additional investment comes from BNY Mellon and Bank of America, “with further participation from Series B investors Dawn Capital, J.P. Morgan, Goldman Sachs and Citi Group. The company’s latest funding round follows a $20 million Series B and brings the total capital raised to $97 million since 2018.”
Kevin Marcus, partner at WestCap and former president of Ipreo, and Caroline Butler, global head of custody at BNY Mellon, will join the AccessFintech board of directors.
“Democratizing data across market participants reduces operational friction and associated costs, and improves settlement, all of which are critical to our clients and the smooth functioning of the capital markets,” says Caroline Butler, CEO of custody at BNY Mellon. — L.Ch
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