Banks invest in futures utility to guard against tech snafus

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Ten of the world’s largest clearing banks have agreed to fund the growth of an industry utility tasked with helping standardise post-trade workflows – seen as vital in preventing a repeat of the operational bottlenecks that crippled futures trade processing during last year’s Covid-19 market meltdown.

FIA Tech, a for-profit subsidiary of industry trade body the Futures Industry Association, has received $44 million in funding from a group of futures commission merchants (FCMs), including

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