ICAP, the U.K.-based money broker, said Wednesday it has launched a seed fund and accelerator program for startups developing specialized financial technology, such as post trade risk management systems.
The new fund, Euclid Opportunities, will seek to support and commercialize promising under-funded technologies, the firm said. It did not say how large a seed fund Euclid would invest.
“The rate of regulatory reform is global financial markets is driving unprecedented demand for new approaches, methods and practices,” says Mark Beeston, chief executive of ICAP’s portfolio risk services.
ICAP is among the largest inter-dealer brokers. It matches wholesale buyers and sellers in interest rates, credit, commodities, foreign exchange, emerging and equity derivatives markets.
Wednesday’s announcement comes as regulators in Washington and Brussels are rewriting the rules for financial markets, particularly those applying to derivatives.
“Euclid will bridge the gap between underfunded technology innovators and the needs of stakeholders in today’s financial markets,” says Steven Gibson, managing director of Euclid Opportunities, in a press release.