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KKR will remain the majority owner as OSTTRA moves into new markets and asset classes.
Bank of America, Barclays, Citi, HSBC, UBS Investment Bank, and Wells Fargo have agreed to make a combined $100 million strategic equity investment in post-trade provider OSTTRA to support its expansion into new markets and asset classes.
The move follows investment firm KKR’s $3.1 billion acquisition of OSTTRA late last year. The company’s network connects thousands of market participants and processes millions of trades each day, including large volumes of over-the-counter (OTC) and listed derivatives transactions. KKR will remain the majority owner.
The consortium of banks, all existing OSTTRA clients, will provide input into the company’s future product roadmap and into the design of a more resilient post-trade ecosystem.
In a joint statement, the banks say the investment reflects a shared commitment to strengthening and modernizing the critical infrastructure underpinning global capital markets. They position OSTTRA as a key component of this system, and that modernizing post-trade services would be key to maintaining market stability.
OSTTRA, meanwhile, described the backing from six of its largest clients as pivotal for both it and the broader post-trade environment. The company is waging that the opportunity to collaborate closely with these clients will ensure growth and innovation across its network.
Need a Reprint?- Read More:
- Noncleared OTC Derivatives,
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- post-trade operations,
- settlement,
- wall street
