This Week: Digital Asset, BNY Mellon-SimCorp, AccessFintech & More

Digital Asset Raises $35M+ to Push DAML Adoption

Distributed ledger technology provider Digital Asset has raised more than $35 million in Series C funding from new and existing investors to accelerate the adoption of its open-source DAML smart contract language across industries, and expand the range of DAML-enabled products form partner vendors.  Digital Asset will also use the new funding to support the development of new products aimed at developers, such as Project:DABL, a cloud-based prototype development and production environment for DAML applications. Officials say this will enable developers to focus on areas of development that add value. Since founding the company in 2014, Digital Asset has raised a total of $150 million.

BNY Mellon, SimCorp Integration to Improve Investment Data

Mutual clients of BNY Mellon and buy-side software vendor SimCorp will be able to achieve greater visibility into transactions and positions, as a result of an integration agreement that connects BNY Mellon’s custody and settlement services with the SimCorp Dimension investment management system. Improving data communication between the two will result in higher reconciliation match rates, and give portfolio managers, operations, and risk professionals a better understanding of how their cash and securities are being used, while more timely availability of corporate actions and tax reclaim data will result in better-informed decision making, officials say.

CBOE Preps for European Equities, Derivatives Trading Growth with EuroCCP Buy

CBOE Global markets has agreed to buy out the other owners of Amsterdam-based clearinghouse EuroCCP—Euronext, Nasdaq, ABN Amro, and the Depository Trust and Clearing Corp.—to support plans for the exchange to begin offering equity derivatives trading and clearing in the region. Officials say ownership of EuroCCP, which currently clears trades totaling between €30 billion and €40 billion daily, covering 39 trading venues, will also improve its existing European equities trading business. The deal is expected to close in the first half of 2020.

Citi, Credit Suisse, Goldman, JPM Sign Up for AccessFintech Exceptions Network

Exception management technology provider AccessFintech has gone live with four investment banks—Citi, Credit Suisse, Goldman Sachs, and JP Morgan—to create a service based on its Global Data Network that will reduce the resources and improve resolution times associated with exceptions in the settlement process. AccessFintech’s network allows industry participants to agree fail-resolution parameters and share exceptions with the industry, among other tasks. Participants say AccessFintech’s network will enable firms to share post-trade information in real time and automate manual exception management processes to deliver greater transparency and improved service for clients.

Alerian Buys S-Network to Boost Global Indexes, Data

Alerian, a Dallas, Texas-based data and research provider specializing in energy and infrastructure indexes, is to acquire New York-based specialist index provider S-Network Global Indexes, for an undisclosed sum. The deal will see the integration of S-Network’s “state-of-the-art technology platform and team of experienced professionals,” bringing total assets under management linked to Alerian-owned indexes to $20 billion, enhancing its existing indexing, analytics and data capabilities, officials say. The deal is expected to close January 1.

Nasdaq Unveils Sustainable Bond Market Platform

Nasdaq has rolled out the Nasdaq Sustainable Bond Network, a web-based platform designed to improve transparency in the market for green, social, and sustainability bonds. The online repository provides issuers of sustainable bonds with a platform to voluntarily publish key information and data regarding their specific bonds. The network also aims to provide a standard framework for impact reporting.