RQD* Clearing, a U.S. firm that handles the plumbing behind stock and options trading, has raised $74 million as it looks to expand into digital assets and prepare its infrastructure for a financial market increasingly moving onchain.
Bain Capital Tech Opportunities, the tech-focused arm of private investment firm Bain Capital, led the minority investment, with participation from ABN AMRO Clearing Bank and Nyca Partners, the firm said in a press release Thursday.
The company said it plans to use the capital to expand in North America, Asia and the Middle East and build out products spanning digital asset custody and tokenization.
The investment highlights a less visible part of the race on how to move assets on blockchain rails: the infrastructure needed after they change hands. Tokenized securities still need custody, clearing, risk management and settlement, especially as trading stretches beyond traditional market hours.
RQD* provides clearing and custody services to broker-dealers, investment advisers and overseas financial institutions accessing U.S. markets. Clearing firms keep track of positions, move securities and cash and manage risk between a trade and its final settlement.
In March, the firm partnered with Blue Ocean Technologies to work on clearing and settlement infrastructure for tokenized U.S. National Market System (NMS) equities, aligning the project with the Depository Trust & Clearing Corporation’s (DTCC) emerging framework for tokenized securities.
DTCC, which provides the clearing and settlement backbone for U.S. securities markets, also moved toward 24/5 clearing in June.
RQD* already handles significant volume in traditional markets. The firm said it has cleared about 515 million equity transactions worth nearly $2 trillion so far this year, representing roughly 2.4% of U.S. National Market System equity trading.
Leave a Reply
You must be logged in to post a comment.