Icap, a UK-based money broker, has launched a corporate venturing fund for start-ups developing technology for the financial services sector.
Icap invests 11% of its revenue on technology and has provided an undisclosed amount to the fund, Euclid Opportunities.
Steve Gibson is managing director of Euclid after previously holding the role of vice-president at Calypso Technology. Gibson said: "Euclid will bridge the gap between underfunded technology innovators and the needs of stakeholders in today’s financial markets."
Mark Beeston, chief executive of Icap’s portfolio risk services, said: "The rate of regulatory reform in global financial markets is driving unprecedented demand for new approaches, methods and practices. Identifying solutions to the challenges of tomorrow is one way that Icap can remain at the forefront of innovation in the post-trade space. Euclid will enable ICAP to support and guide the providers of ideas and innovation to our industry, which in turn ensures we will continue to offer our customers the world’s best post-trade solutions."
Icap operates in the interest rates, credit, commodities, FX, equities and equity derivatives markets across more than 32 countries.