Asset Managers

Asset managers need a framework to incorporate tokenized assets and digital securities into portfolios to meet the demands of clients seeking to gain exposure to digital forms of asset classes. We are a complete lifecycle solution to help asset managers seamlessly access the emergent digital capital markets.

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Custodians

Custodians and trusts are increasingly facing the radical shift towards tokenized assets and digital securities. Accessing a common set of records and workflow helps custodians provide new digital services to their markets.

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Securitized Products

10XTS

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Across the value chain, inefficiencies today include:

  • Origination and underwriting of underlying loans: long lead times; lack of data. standardization (contract terms, credit profiles, collateral); highly paper intensive; decentralized information and storage; costly to access and reconcile data.
  • Security structuring: complex, manual and costly processes to evaluate, rate and pool loans, which is often duplicated across multiple parties; slow, opaque and manual settlement processes.
  • Trading: except in certain MBS, relatively shallow over-the-counter markets, with constraints in liquidity and significant market information asymmetry.
  • Loan servicing: manual process to monitor and collect payments; limited insights offered to investors; fragmented account management.
  • Security servicing: costly due diligence and research due to absence of single source of truth; time lags leading to out-of-date or imperfect information; manual/slow reconciliation (time lags between loan payments and investor distributions).

Debt Markets

Solutions for Debt Markets

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Challenges that we specifically address through our solutions include:

  • Inefficiencies in issuance, trading and post-trade processes
  • Illiquidity in secondary markets and limited primary market issuance
  • Limited access to markets due to high minimum transaction sizes

As with other asset classes, various institutions attempt to address these challenges through both end-to-end platforms and solutions that are more narrowly focused on specific components of the value chain as opposed to our approach to offering an end-to-end platform for the full lifecycle of the asset.

Given the fragmented, over-the-counter nature of secondary market trading, bonds will significantly benefit from XDEX as they’re easier to transform into a digital financial instrument, without requiring wholesale market transformation.

  • The bond issuance process is highly manual and prolonged, with significant time required to issue and receive proceeds.
  • Because secondary markets are largely over-the counter, liquidity tends to be fragmented, with limited ability to accurately price trades.
  • Corporate bond markets tend to face limited secondary market liquidity overall, thereby limiting some investor interest and affecting cost of capital.
  • Trading processes are largely manual, leading to significant inefficiencies and poor data quality for all participants.
  • Relatively high minimum ticket sizes (given high transaction costs) exclude most retail investors.
  • All parties retain siloed data structures, calculating payments and other transactions independently using reference data, thus creating inefficiencies.
  • Extended settlement time frames add additional cost and risk.