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ICAP invests in Model Two Zero

Interdealer broker ICAP has made a series A investment in Model Two Zero, a company specialising in matching, reconciliation and data transformation software.

This investment follows an earlier investment by Euclid Opportunities, ICAP’s vehicle for funding next-generation financial technology.

Model Two Zero will use the funding to launch a next generation reconciliation service built upon the company’s matching and data-translation technologies. The hosted service uses algorithms to reduce the time and cost involved in setting up reconciliations, improving operational risk controls, efficiency and flexibility across the industry.

Mark Beeston, chief executive of portfolio services at ICAP, who has joined Model Two Zero’s board of directors, says: “Model Two Zero has clearly demonstrated its ability to deliver a range of powerful, efficient and flexible reconciliation services necessary in today's demanding regulatory environment. The company is highly complementary to our existing business and we look forward to Model Two Zero establishing itself as a key piece of the new post-trade technology landscape.”

Model Two Zero has been working with tier-one banks to define key service requirements. A core group of launch customers is currently testing the service in preparation for going live with the service in 2013.

Steve Gibson, managing director of Euclid Opportunities, says: “Model Two Zero has made significant progress to validate the potential of its offering with a number of key market participants. We continue to be impressed by the company and look forward to the launch of the service.”

Christian Nentwich and Michael Marconi, co-founders of Model Two Zero, say: “Middle and back offices need new ways of improving efficiency. Solving reconciliation issues is critical in an environment of regulatory and structural upheaval. ICAP’s investment enables us to work with customers to launch an asset-class agnostic service that reconciles any data, in any business process, with little human effort. This will sharply lower cost, increase flexibility and dramatically shorten set-up times.”

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