For Itiviti, the partnership with Diginex aligns with its strategy of working with best-in-class fintechs globally to bring innovation to its clients. “We are always looking to see how we can benefit our clients by delivering new tools quicker to enhance their workflows, or accelerate their automation, or both. The overarching goal is to provide a competitive advantage to our client base.”
Itiviti looks for two critical elements in a potential partner: the organization must be truly unique in the way it introduces its solutions, and it must be best in its class. “We partner ourselves with companies that are ahead in their thinking and solutions compared with their competitors,” says Rahman.
Itiviti operates in a number of areas in capital markets, including order management systems (OMSs), connectivity, onboarding, testing, and post-trade. In combination, it is able to offer a complete front-to-back trading solution for institutional clients. This allows it to partner across a wide range of areas.
Solving the challenges of digital assets
“If you look at Itiviti and Diginex – Itiviti dominates in order management systems and connectivity, while Diginex has a wealth of expertise in the digital assets space,” says Rahman. “Together, we are perfectly positioned to help solve the challenges faced by institutions keen to access and trade cryptocurrencies.”
For Diginex, it is essential that partners have a forward approach to innovation and tackling new markets. “The evolution of the digital assets market is happening at an accelerating pace,” says Moore. “The question has changed from: 'Are crypto assets going to be around in the future?', to 'Yes they are, so what are we going to do about them?' Organizations are starting to think they don't want to be left behind. This is leading to two forms of innovation – first, around the development of financial instruments, and second, in the institutionalization of the market.”
With traditional institutions taking cryptocurrencies more seriously and starting to introduce them to their portfolios and regulators putting stronger frameworks in place to enhance investor protection, Diginex saw a growing need for a standardized way of sending messages and packages of information about digital assets trading. “FIX is the dominant messaging protocol in the traditional financial markets, so it was important for us to form the partnership with Itiviti for NYFIX connectivity at the beginning,” says Moore.
“Moving forward, we looked at how we could partner with Itiviti around their portfolio management capabilities. We recognized Tbricks as an established brand tested in the market for a variety of asset classes. Putting the two together – NYFIX connectivity and Tbricks OMS – solved a major part of the puzzle of how to provide a bridge for traditional institutions to get more involved with digital assets,” says Moore.
Driven by client needs
“We are driven wholly by what our clients wish to trade,” says Rahman.