Cetera Teams With Credit Union in Kentucky: Tech Roundup

TZERO's broker-dealer subsidiaries can now "independently onboard additional private securities at a faster pace, accelerate the settlement times of transactions on its private security trading platform, and improve the user experience in transferring cash and securities to and from third-party platforms," the company said.

The new capability will "significantly increase the velocity at which we can onboard new assets to the tZERO ATS, giving customers a greater variety of investment opportunities and enabling increased liquidity for private capital markets," according to Alan Konevsky, tZERO interim CEO and chief legal officer.

The clearing and custody model supports current and future private digital securities that trade on the tZERO ATS, which are uncertificated securities with blockchain functionality. It will also support National Market System securities, which are public securities that trade on national exchanges, the company said.

In addition to supporting traditional BD custody, tZERO "expects, subject to regulatory approval, to implement parallel clearing, settlement, and custodial solutions to support digital asset securities, which are securities issued and settled on a blockchain, to its platform," the company said.

That solution will initially be implemented via user-directed settlement in partnership with a custodian and, later, in conjunction and in accordance with the Securities and Exchange Commission's statement that outlined how BDs can engage with digital asset securities, tZERO said.

Innocap to Buy BNY's HedgeMark

Innocap Investment Management, a managed account platform for institutional investors, entered into a definitive agreement to acquire BNY Mellon's HedgeMark business in a move that Innocap said will "create a single technology-enabled alternative investment platform and become the global industry leader."

Innocap said the purchase was being made with a combination of cash and Innocap shares but did not say how much it was paying.

The deal will allow BNY Mellon to own a minority equity stake in Innocap's combined $50 billion global platform, which focuses on helping institutional allocators access their investments via managed account services providing customized investment solutions, "meaningful control," increased transparency and operational alpha over their investment portfolios, Innocap said.

The transaction is subject to normal closing conditions and regulatory approval and is expected to close in the first half of 2022, Innocap said.

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