FIA Tech, a leading futures industry technology provider, announced that HSBC has joined its ownership consortium.

HSBC is the 13th global clearing firm to invest in FIA Tech and will also serve on its board of directors.

The addition of HSBC to FIA Tech’s ownership consortium continues FIA Tech’s global expansion, diversifying the client base and bringing FIA Tech’s solutions to a wider range of clients in Europe, Middle East, and Asia.

The investor consortium now comprises ABN AMRO Clearing, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Societe Generale, UBS, Wells Fargo as well as the FIA. Funds raised by the investor consortium are earmarked for the strategic growth of the Trade Data Network and FIA Tech’s goal of improving the operational resilience of the exchange traded industry.

Najib Lamhaouar, Global Head of Derivatives Clearing Services of HSBC, said: “FIA Tech has a proven track record of delivering best-in-class services that connect buy-side and sell-side participants to improve efficiency, reduce risk and create long-term scale for our growing industry. We look forward to working closely with FIA Tech on their future initiatives.”

Nick Solinger, President and CEO of FIA Tech, said: “HSBC has long been a partner of ours in developing innovative solutions for our industry, so bringing them formally into our ownership consortium was a logical next step. HSBC’s strong footprint in the Middle East and Asia will also help us expand our global reach and diversify our client base in other regions”.

Source: FIA Tech