Nordic fintech firm Baymarkets is splitting in two, with one half of the business focusing on regtech and the other pushing a clearing platform.
The new RegTech Solutions business is being set up by three Baymarkets founders, along with CEO Per Andersson, and will focus on legal and regulatory compliance technology for the FS industry.
"The financial markets are rapidly becoming fully electronic, driven by regulations and new enabling technologies. There is a strong demand for solutions and platforms that automate and streamline the business processes to comply with these new regulations as well as to increase operational efficiency," says Andersson.
Meanwhile, the completely separate Baymarkets firm will be led by Tore Klevenberg as CEO and Peter Fredriksson as chairman, hawking its Clara clearing platform to marketplaces and clearing houses.
Comments Klevenberg: "I’m looking forward to this new phase in the development of Baymarkets’ clearing and marketplace offering. The Clara platform has proven to be very efficient at addressing all the demands of a modern clearing solution."