Interdealer broker Icap has launched a vehicle to provide seed funding to new companies developing technology for post-trade risk management, data and other financial market applications.
As well as money, Euclid Opportunities provides an "acceleration program" offering tailored support and guidance through a network of advisors, domain experts, mentors and market practitioners.
With regulatory reform driving demand for new approaches, the service will help Icap stay at the cutting edge of post-trade technology, says the firm's portfolio risk services CEO Mark Beeston.
Steve Gibson, MD, Euclid Opportunities, adds: "Euclid will bridge the gap between underfunded technology innovators and the needs of stakeholders in today's financial markets. We believe the creativity, talent and ambition that exists in many start-up enterprises can be nurtured and supported to provide a number of groundbreaking financial technology success stories."