BornTec had the pleasure of attending FIA Boca 2022

BornTec had the pleasure of attending FIA Boca 2022. It was great reconnecting with customers, friends, and former colleagues after nearly two years virtual.

The advance in technology and cryptocurrency over the past several years showed a strong presence at this year’s conference. There were several crypto exhibitors that spoke on the institutionalization of crypto, which brought a large crowd to the several panel discussions that were held throughout the conference. On a related note, last week we saw Goldman Sachs become the first major bank to execute an OTC crypto trade, and more are likely to follow.

Boca FIA

Innovations and business models now employed in the Crypto space caused many to discuss the applicability of these in the broader futures space. Topics included cloud based trading and connectivity and the possibility of rethinking the exchanges model of charging for market data.

Data utilization was another hot topic at the
Boca event, and one close to our hearts at BornTec. Many of the discussions we had were centric to how brokers and FCM’s can make better use of their trade data, run meaningful analytics from their data, and solve key problems like faster customer onboarding through better data dissemination.

The event was among the most well attended Boca conferences on record, and would have likely been a stronger turnout if not for the recent geopolitical and market turmoil keeping some from attending. We spoke to several persons who had meetings canceled last minute as the gyrating energy and commodity markets necessitated key people stay home to attend to business during this time.

We had a busy and enjoyable conference and can’t wait for next year.


Is your firm violating exchange audit trail regulations?

How certain are you that your company is compliant with CFTC and Exchange “Audit Trail Requirements”? Some firms would ascribe a fairly high degree of confidence. Our data shows this confidence is mis-placed.

BornTec’s analysis shows that utilizing typical industry practices, there will be missing, invalid or corrupted data much of the time. 

These audit trail regulations are primarily prescribed under CFTC 17 CFR § 1.35 and 38, CME 536.B.2, ICE Futures US 27.12A and others. Individual penalties can be significant.

BornTec’s audit trails module in Crosscheck expertly mitigates the core issues that managing audit trails poses for clearing members – retrieval/production of data, validation of data and verifying completeness.

Without Crosscheck, audit trail compliance is a manual and disorganized process:

  • Retrieval/production of data requires resources from the member to manually comb through numerous folders, files, and logs looking for the exact data the exchange requested. This was often a fool’s errand, as the requisite data was commonly  incomplete, or missing altogether. In most cases, it took weeks to gather the data, filter it, send it to the exchange, and then hope they do not issue a fine. In some cases, significant fines were issued for lack of a timely response.
  • Validation of data is generally limited to spot checks at best
  • Checking for completeness of data is usually limited to whether or not files exist. This is insufficient to ensure that the file data is complete or in the required format.

Crosscheck solves this problem by ensuring complete and validated data in an automated way.  The audit trail data is compiled in a normalized schema and is accessible for users to query via a GUI.  Exports can be made in the exchange requisite format.  Users are provided confidence in their audit trail data. What previously took weeks, can now be accomplished in minutes.  

Having actionable knowledge of your data ahead of an audit can go a long way in mitigating your firm’s reputational risk.


BornTec’s CrossCheck Selected by FCT Europe Limited as Premier Regulatory Solution

Using CrossCheck will enable FCT to meet trade surveillance and compliance needs

CHICAGO–(BUSINESS WIRE)–BornTec, the premier provider of real-time trade surveillance, data analytics, and compliance solutions for the capital markets industry, today announced that FCT Europe Limited has selected CrossCheck to meet its compliance mandates for trade surveillance.

“At FCT, we take compliance seriously. After reviewing several platforms, we determined BornTec’s CrossCheck best fit our needs, both today and as we expand. The team at BornTec have been great – hands-on and easy to work with. The solution was essentially turnkey.”

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FCT, a regulated proprietary trading firm with traders located across Europe, Asia, and North America, is presently growing operations both organically and strategically with its unique approach to trading.

FCT’s Director, Mario Kyriacou, said: “At FCT, we take compliance seriously. After reviewing several platforms, we determined BornTec’s CrossCheck best fit our needs, both today and as we expand. The team at BornTec have been great – hands-on and easy to work with. The solution was essentially turnkey.”

BornTec CEO Derek Haworth said: “The success FCT has enjoyed speaks to the vision and execution of the management team and the intelligence and entrepreneurial spirit of all the traders there. As a multi-asset, multi-region buy-side firm, it had specific needs and complexities that we were eager to deliver via CrossCheck’s unique data model.”

In recent months, BornTec has seen a significant increase in implementation of the CrossCheck platform by hedge funds and proprietary trading firms. More of the buy-side has been expanding internal compliance capabilities, easing the burden on brokers and clearing members. To learn more about BornTec’s regulatory solutions, contact us.

About BornTec

BornTec provides technology infrastructure and services to global banks, futures commission merchants, hedge funds, and asset managers. Providing execution into global exchanges through technology architecture that reduces latencies and offers direct market access, BornTec services clients globally.

About FCT

FCT Europe Limited is an FCA-regulated proprietary trading firm that participates in the global capital markets. It is one of the industry’s most innovative and forward-thinking firms; with success driven by its steadfast adherence to its core principle of investing in people to drive success for the firm.


PhillipCapital UK Implements BornTec’s CrossCheck FIX Hub and Data Software Solution

Recently, BornTec implemented its CrossCheck FIX Hub and data software solution for PhillipCapital UK. This implementation, along with other technology integrations, are part of PhillipCapital UK’s strategy to continue building out its institutional tech infrastructure and pushing towards becoming the UK gateway to the Asian markets. 

As a way to provide more information to their audiences, BornTec CEO Derek Haworth and Jon Regan, CEO of PhillipCapital UK, recently discussed how the two companies complement each other and the benefits that PhillipCapital UK clients will see. The highlights of their conversation are below:

Derek: Jon, I’m glad we could get together today and chat through this new working relationship. Can you start us off by giving a brief description of PhillipCapital UK?

Jon: Likewise. PhillipCapital UK is a London-based member of the PhillipCapital group of companies, headquartered in Singapore. We are a full-service broker offering a full range of services to retail, HNWI, family office, corporate, and institutional clients. PhillipCapital provides our clients with execution and clearing services across a variety of asset classes including exchange-traded futures and options, base metals, FX, and CFDs.

Derek: What brought you and your team to BornTec and our software solutions?

Jon: We were looking for a vendor that could become a long-term partner as we continue our technology infrastructure buildout. PhillipCapital is a technology-focused firm and BornTec was identified as a company that could keep pace with our growing and changing technical needs. We were also looking for a vendor with the agility that our customers demand in order to deliver on short notice.

Derek: We quickly recognized that the integration agility and flexibility you require are an ideal match for our technology stack. As we have all come to find, the future of our businesses is real-time hyper-connectedness, and consequently, if you can’t integrate, you can’t innovate. Our centralized hub for normalizing and distributing real-time post-trade data enables the speed of delivery that you and your customers require. Plugging new applications or customers into the data hub will be seamless. 

In your view, why is now the right time to join together? How will this implementation help streamline processes for PhillipCapital UK and its clients?

Jon: PhillipCapital UK has recently undertaken several initiatives to build out our infrastructure, invest in technology, and grow our product and services offerings. Of course, this is all with an eye to servicing our customers in a more effective way and providing them with best-in-class solutions. We believe that our technology offering, combined with our Asian market coverage through our parent company, Phillip Capital Pte Ltd., gives us a strategic advantage in the institutional space. 

Jon: Speaking of the space, I know you guys keep a close eye on industry trends. I’d be curious to hear about some of the trends you are seeing in the industry right now.

Derek: I think the pace of regulatory enforcement will definitely continue, and probably accelerate, in the coming years. We see this happening today from traditional oversight bodies such as the CFTC and FCA, but we’ve also seen a marked increase in exchange-issued fines and enforcement actions. There’s also the continued trend of vendor consolidation at banks and brokerage houses. And then lastly I’d note that we are seeing a strong interest in the area of post-trade data analysis and monetization. We’ll certainly keep watching to see how these trends pan out.

What’s the future looking like for your team in the UK and as a whole?

Jon: Our main focus now and in the near future is to continue to grow the business — particularly on the institutional side — and the CrossCheck solution is surely playing a major role in that. 

Derek: And, we’re thrilled to be a part of that journey, Jon. Thanks for taking the time to chat today. Looking forward to many more of these!

Jon: The feeling is mutual, Derek. Yes, a great chat and a bright future ahead of us.

To learn more about PhillipCapital UK, please visit 


BornTec Grows Global Sales Reach Through Strategic Partnership With CapitalMarkets.Technology and Expansion of Sales Team

CHICAGO–(BUSINESS WIRE)–BornTec, a software solutions provider for trade data analysis and reporting, today announced the signing of a reciprocal distribution agreement with CapitalMarkets.Technology, whereby CM.T will resell BornTec’s products in Germany, France, Switzerland, and the Benelux and Nordic regions, and BornTec will resell CM.T’s products and services in the Americas region. The partnership will provide both firms a broader geographic reach to transcend their primary markets, with boots on the ground and the ability to sell to and support the nuances of local markets in their respective languages.

“We believe our new and innovative F-I-X offering, combined with BornTec’s stellar reputation and customer reach, will facilitate rapid growth of our solutions in the region.”

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The product stacks for both companies are also highly complementary, with similar buyer personas for each. BornTec launched its rebuilt flagship product, CrossCheck, last year, providing normalized real-time post-trade data integration to enhance users’ risk and compliance efforts. CapitalMarkets.Technology empowers their customers with F-I-X, a trading-centric platform built on hybrid-cloud technologies with a number of enterprise-grade business solutions. CM.T’s F-I-X platform disrupts incumbent FIX routing technology, increasing value through a flexible, agile, and cost effective connectivity offering, with business solutions that offer many other benefits related to connectivity, trading, and integration.

“We believe there is a great need in the regional markets served by CM.T for best-in-class trade surveillance, regulatory reporting, and post-trade data analytics software, and BornTec can fill that gap,” said Peter Mott, V.P. Global Head of Sales for BornTec. “Having had a long and positive relationship with the management team at CM.T, I am confident that this endeavor will create benefits for years to come, both for our companies and especially for customers who will be able to leverage the combined offering of platforms.”

“We are looking forward to working together with BornTec,” said Anders Henriksson, Partner at CapitalMarkets.Technology. “We believe our new and innovative F-I-X offering, combined with BornTec’s stellar reputation and customer reach, will facilitate rapid growth of our solutions in the region.”

In addition to this partnership, BornTec has also hired Dave Sellen as a sales consultant. Sellen is a former user of BornTec’s CrossCheck technology during his time in European e-Futures Sales & Solutions at Wells Fargo, and is well-versed in the applicability of CrossCheck to the FCM, broker, and bank community. Presently based in the APAC region, Sellen will help BornTec continue to bolster its reach to a global customer base.

About BornTec

BornTec, a software solutions and technology infrastructure provider for the capital markets, helps firms harness the power of their trading data for processes such as trade surveillance, regulatory and audit trail reporting, and market abuse and disorderly market condition monitoring. Its flagship product, CrossCheck 2 (CC2), facilitates the smooth transfer of financial information from almost any source to a single data warehouse. From there, a globally comprehensive picture emerges in real-time, enabling customers to achieve more efficient and informed analyses.

About CapitalMarkets.Technology

CM.T is on a mission to disrupt the value chain for buy- to sell-side and execution venue order flow across all major asset classes. CM.T provides the F-I-X platform that comes with a complete set of order flow related business solutions targeted at the enterprise. The company was founded by a group of experienced professionals and entrepreneurs with strong, diverse backgrounds throughout the Capital Markets vertical. CM.T’s well-rounded leadership team has extensive experience from previous senior roles at buy-side and sell-side vendors as well as working directly for major players on the buy-side, sell-side and with exchanges.