In other news, OpenFin wins over ING Ventures, Zennor Taps TORA, and MarkitWire & triResolve connect.
Xenomorph to Support Key Groups at RA Capital
Boston-based investment manager RA Capital has selected data management solutions vendor Xenomorph to provide enterprise data management (EDM) support for the firm’s bio-tech and financial data needs, officials say.
“We were diligent in the selection of RA Capital’s data platform. We wanted more than a standard security master, we wanted a true data platform product that can handle all types of data across industries, and providers,” says Chris Caliri, chief information officer for RA Capital, in a prepared statement. “Many products in the market are an offshore consultant team disguised as a product, we were careful to rule those out. We ran a rigorous RFP process and a detailed POC before finally selecting Xenomorph.”
Xenomorph offers a data model that supports all data vendors and matches companies and drugs from multiple data vendors, and that was key to the platform’s selection, according to vendor officials.
“The solution also enables the reconciliation of data from multiple sources and provides event notification to interested parties and systems,” the vendor adds.
“Xenomorph’s ability to support complex hierarchical data structures with multiple relationships, across a variety of entities, was critical to the success of our project. Customizable data management rules allowed RA to merge and enrich company, person and drug data, across several internal and external data providers,” adds Ernesto Gonzalez, senior business systems analyst for RA Capital, in a statement.
Xenomorph’s solutions have been used for pricing complex over-the-counter (OTC) traded derivatives, multi-factor investment models, for managing global risk factors, officials say.
RA Capital Management is a multi-stage investment manager with a focus on investing in healthcare and life science companies developing drugs, medical devices, diagnostics, services, and research tools, according to the firm.
ING’s Venture Capital Arm Invests in OpenFin
ING Ventures, the venture capital arm of ING Markets, reports that it is making a strategic investment in the maker of a web-based operating system, OpenFin, whose software facilitates application distribution, workspace management, and workflow automation, and is based upon Google Chromium technology, officials say.
The Dutch banking and financial services conglomerate ING Group has been an OpenFin customer since 2021 and has been using the software “as a desktop transformation solution for trade desks,” officials say.
In fact, ING Group is the “seventh major financial institution to not only buy OpenFin but also become a strategic partner. Previous investors include Bain Capital Ventures, Barclays, DRW Venture Capital, HSBC, J.P. Morgan, NYCA Partners, Pivot Investment Partners, Standard Chartered, and Wells Fargo Strategic Capital among others,” according to OpenFin. The OS is used by 90 percent of global financial institutions to deploy more than 3,500 apps across 300,000 desktops.
The ING Ventures investment “will accelerate the expansion of OpenFin OS throughout the financial industry,” according to officials at OpenFin, which is based in New York with an office in London and a presence in Hong Kong.
Zennor Taps TORA for Multi-Asset Support
Zennor Asset Management, a London-based boutique firm, reports that it has implemented an all-in-one, execution, order, and portfolio management system from vendor TORA in support of a rapidly growing fund and for scalability.
Zennor officials wanted a single provider system that supports trade execution, position keeping, P&L monitoring, commission management, share class accounting, and advanced tools for managing the daily operations of their fund, officials say.
“We expect our fund to grow rapidly and we needed a solution that works for a newer fund but also has the capacity to scale significantly over time,” says Sachin Patel, chief operating officer (COO) at Zennor, in a prepared statement.
“We selected TORA because their all-in-one solution met both of these criteria and was ready to go with no new development required. It was important for us to work with a technology partner that could handle potential future fund complexities and growth whilst delivering state-of-the-art technology that easily integrates with our existing fund administrators and custodians,” Patel adds.
The TORA product offers “a single sign-on execution, order and portfolio management platform with a unified interface, unified nomenclature, and standardized data that delivers superior workflow efficiency and transparency,” according to the vendor.
OSTTRA Connects MarkitWire & triResolve
Post-trade systems provider OSTTRA, a joint venture of CME Group and IHS Markit, reports that it is launching new connectivity between two of its post-trade services —an electronic trade confirmation and processing platform, MarkitWire, and a portfolio reconciliation, collateral management, and reporting reconciliation system known as triResolve.
The new link means that trades confirmed by MarkitWire can be delivered “directly into triResolve, across a common network of more than 2,000 firms,” OSSTRA officials say. Vendor officials hope that this effort “will drive standardization of data for reconciliation, bringing improved efficiency, cost reduction and greater transparency between counterparties.”
The new workflow via the new connection “leverages the MarkitWire trade ID to link the full MarkitWire FpML trade representation with the existing data in triResolve for customers who opt to switch on the new link. This information allows users to quickly remediate trade breaks identified by triResolve, making portfolio reconciliation a more efficient process,” officials say.
The new link is already live with nine customers, covering interest rate and equity derivatives, officials say. “It will also include repo transactions following the go-live of OSTTRA Trade Processing for Repos in Q3.”
Formed in 2021, OSTTRA combines MarkitServ, Traiana, TriOptima and Reset, and is focused on building “a global network to streamline and standardize post-trade workflows across a broad range of asset classes,” officials say.
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