A group of 10 clearing firms have committed $44 million to the Futures Industry Association's FIA Tech.
FIA Tech was launched in 2007 as a technology provider to the thousands of futures industry market participants, helping with digitally managing give-up agreements, meeting regulatory compliance requirements, and settling brokerage fees and providing reference data products.
FIA will retain a stake in the business but is now joined by ABN Amro Clearing, Bank of America, Barclays, Citi, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley, UBS, and Wells Fargo.
Financial industry executive and former FIA chair Richard Berliand has agreed to join the board as independent director.
The newly-capitalised business will work on the development of existing products and launch new efforts designed to improve market infrastructure across the listed and cleared derivatives industry.
Nick Solinger, CEO, FIA Tech said: "More than 8,000 market participants globally rely on FIA Tech’s services, and we are excited to bring greater innovation and efficiency to their firms, clients and investors.
"With this investment, FIA Tech will be able to further address the needs of the market - buyside firms, end users, clearing firms, introducing brokers and market makers."