This Week: BNP/AccessFintech, Broadridge/Glue42, Omega/TNS and more

BNP Paribas joins AccessFintech Series C funding round

BNP Paribas’ post-trade arm has joined the Series C funding round for data and workflow collaboration tools provider AccessFintech. The bank’s securities services unit intends to use AccessFintech to enhance its own technological offering to corporate and institutional banking clients.

In particular, BNP Paribas will use the vendor’s Synergy data collaboration network to reduce collateral needs and compress transaction costs through data collaboration, accelerated workflows, and a cloud-based approach to data governance and normalization. Synergy also provides mutually managed network solutions to help market participants fulfill regulatory requirements.

TMX Group takes 21% stake in VettaFi

TMX has announced a strategic investment in analytics and indexing company VettaFi Holdings, acquiring about 21% of VettaFi’s common equity for $175 million.

In a statement, TMX said it would explore ways to combine the capabilities of its information services division, Datalinx, with VettaFi’s offering.

TMX CEO John McKenzie and COO Jay Rajarathinam will both join the VettaFi board of directors, effective immediately.

Solactive acquires governance support services company to bolster ESG data capabilities

German index provider Solactive has increased its stake in Minerva Analytics, a UK company that provides governance support services, including ESG research and analysis. Solactive said in a statement that the acquisition will help it to provide proxy voting and stewardship oversight services to its clients.

Solactive became a minority investor in Minerva in May 2019. Index providers rely on extensive research and data gathering capabilities in specialized fields to meet demand for increasingly customizable index products. In recent years, a pattern has emerged of index providers buying or investing in data or research companies.

In the release, Solactive said the two companies will continue to operate independently and collaborate on an arm’s length basis on questions of data science and technology.

For more analysis of how relatively new index providers like Solactive have achieved growth in a field dominated by big names like S&P and MSCI, see this article by Joanna Wright.

Iress, Megaport collaborate on market data connectivity

Financial software vendor Iress has partnered with network-as-a-service (NaaS) provider Megaport to provide connectivity between Iress and major public cloud providers, including AWS, Microsoft Azure and Google Cloud Platform.

The resulting product will give Iress clients access to data from global markets from hosted cloud environments via the IressFeedOS API. Clients will be able to link their cloud provider with major financial centers using Megaport’s Software Defined Network (SDN), which is designed to reduce costs when compared with standard leased lines.

Broadridge chooses Glue42 for integrated trading interface

Financial technology company Broadridge Financial Solutions has opted for software from desktop application interoperability provider Glue42 to support an integrated framework linking user interfaces across its products. A single login will give traders access to a workspace that links together multiple Broadridge products, including the Ullink OMS and Tbricks.

The integration is already available in the UK. The company says it will launch soon in the EU and the US.

Fintus completes acquisition of Finstreet

German software-as-a-service (SaaS) provider Fintus has completed the bolt-on acquisition of software and services vendor Finstreet. Fintus provides low-code automation software to the financial services sector.

Münster-based Finstreet develops workflow automation software for banks (including the German cooperative banking sector), as well as for leasing and factoring companies. It currently has over 90 employees and 100 clients.

Fintus hopes the acquisition will help to grow its automation software offering to banks. In a statement, the company said it would develop new integrated automation products and look for cross-selling opportunities combining its own technology focused on private and development banks with Finstreet’s front-end software.

Vienna Stock Exchange upgrades data feed

The Vienna Stock Exchange has unveiled a new market data distribution infrastructure, allowing customers to receive stock market data from 11 markets four times faster than before.

The exchange upgraded the software, hardware, and operating system of the Alliance Data Highway feed with the aim of increasing stability and speed. The old and upgraded systems will run in parallel until April 3 to give some 270 users the opportunity to switch over. An integrated simulation environment will allow customers to run extensive test scenarios in the updated system.

This is the latest installment in a raft of tech upgrades by the exchange, which updated its trading system technology in 2019.

Apex Group buys PFS-Paxus

Financial services provider Apex Group has acquired fund administration software business Pacific Fund Systems (PFS). It acquired the stake from the company’s co-founders as well as Pollen Street Capital.

Apex Group and PFS were already partners through their PFS-Paxus accounting and administration software for the funds industry. PFS-Paxus integrates a variety of processes, including securities portfolio, allocation system, general ledger, fee calculation, share registry and investor communications. It is used by more than 100 clients at hedge funds and private equity investment vehicles managing over $1 trillion in assets.

Omega Acquires TNS Group

Omega Systems has acquired The TNS Group, a Connecticut-based IT services provider, with the aim of expanding its presence in the Northeastern US. Omega’s customer base includes businesses in financial services as well as other sectors. Its portfolio includes cybersecurity, managed IT compliance, NOC and SOC services, and cloud hosting.

This marks Omega’s third strategic acquisition in the last 12 months, after it acquired Ace IT Solutions and Pics ITech in 2022.

Esma recommends DTI codes for digital asset reporting

ISO-standard digital token identifier (DTI) codes, issued by the DTI Foundation, have been recommended by the European Securities and Markets Authority (Esma) for use under its distributed-ledger technology (DLT) pilot regulatory regime. The DTI Foundation is responsible for issuing DTI codes to help standardize the digital asset trading marketplace. The foundation has already issued ISO identification codes for over 1,000 of the most traded digital assets in preparation for the new regulation.

Esma’s DLT pilot will start applying on March 23 of this year. The pilot extends the EU’s Mifir regime to tokenized financial instruments, helping bring pre- and post-trade transparency and market abuse monitoring to DLT-based securities.