Banks invest in futures utility to guard against tech snafus

FCMs, including Goldman and JP, stump up $44 million to fund FIA Tech push to standardise trade processing

Global finance

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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