Deutsche Bank and Société Générale have joined the ownership consortium of FIA Tech, a technology provider for exchange traded derivatives (ETD), following a recent funding round. A press release revealed that this brought FIA Tech’s ownership consortium to 12 global clearing firms and the total funds raised to US$84.2 million. Deutsche Bank and Société Générale will also be on the firm’s board of directors.

Some of the other 12 clearing firms in FIA Tech’s ownership consortium include BNP Paribas, Citi, Barclays, UBS, and Goldman Sachs. Besides the clearing firms, the Futures Industry Association is also an owner.

The latest investment contributed US$14.8 million to the development of FIA Tech’s Trade Data Network (TDN), which the firm describes as “an industry initiative that provides a shared ledger of trading information to address the fragmentation and lack of transparency in ETD post-trade processing”. A previous funding round had raised US$25.4 million in April last year. The TDN initiative currently includes 17 banks or brokers, as well as 40 investment managers and hedge funds, with total assets under management of more than US$37 trillion.