The biggest post trade information and risk providing service in the world, ICAP Plc. has decided to make a “Series A Investment” in a company named Model Two Zero. Model Two Zero is known to specialize in reconciliation, innovative matching and data transformation software. Before ICAP, Euclid Opportunities had also invested into Model Two Zero. Incidentally, ICAP is also one of the biggest interdealer brokers in the world.
All these investments will be used by Model Two Zero to fund launching of its next generation reconciliation service. This new service will be built on the innovative data translation and matching technologies of Model Two Zero. The service is expected to improve operation risk control, increase flexibility & efficiency and utilize proper algorithms to lessen cost & time for setting up the reconciliations across the entire industry.
Incidentally, CEO of ICAP’s Portfolio Services, Mark Beeston has joined the Board of Directors of Model Two Zero. He commented that Model Two Zero has been able to properly demonstrate the capability of delivering a big range of powerful, flexible and efficient reconciliation services which are must to survive in today’s regulatory environment. He added that Model Two Zero is highly complementary to the services of ICAP and he looks forward to see the company playing a primary role in the new post-trading technology picture.
Model Two Zero is already working with many of the reputed tier-one banks so that the key service requirements can be properly defined. A group of private customers is currently testing the upcoming reconciliation service before it goes live in the next year.
Euclid Opportunities’ Managing Director, Steve Gibson added that Model Two Zero has been able to make good progress and has validated the potential of the service that it is going to offer. To ensure that the process is error free, they have collaborated with many key market participants. Steve commented that the Euclid officials are pretty impressed with Model Two Zero and are currently waiting for the launch of the reconciliation service eagerly.
The co-founders of Model Two Zero, Michael Marconi and Christian Nentwich stated that solving reconciliation issues is very important in the rapidly changing trading scenario. Hence, both middle and back offices are looking for new services which can improve efficiency. Company’s latest reconciliation service is expected to fulfill that with little human intervention required.