The London Stock Exchange Group-backed Fintech firm Nivaura introduced its highly-anticipated product, Aurora, on February 14 to an audience of around 150 financial market professionals including Dealers, Issuers, IPAs, Exchanges, Rating Agencies and CSDs.
“The future of structured data in primary markets does not begin and end with execution. It’s about how all financial institutions and infrastructure firms can have two way interaction and enable complete STP data and feedback flow across a primary issuance process. This is the foundations of driving sustainable cost reduction and minimising operational risk.”
Nivaura is a regulated Fintech firm that mainly focuses on digitizing and automating primary markets. In December of last year, the company revealed it had made more upgrades to Aurora.
In early 2019, Nivaura partnered with Fineqia (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) on a digital bond issuance. The partnership sought to “perform a fully automated tokenized bond issuance and administration, registered and cleared on a public Ethereum blockchain, to conduct its test for issuing crypto asset-backed bonds in the UK.”
The Aurora solution aims to address the structural inefficiencies and problems in the new issue process, where interactions take place through a fragmented and manual process. Aurora automates the new issue process for program-based executions including Euro Medium-Term Notes (EMTNs), Commercial Paper (CP) and Certificates of Deposit (CD).
Aurora supports multi-party bond and swap termsheet negotiation, legal document and swap confirmation drafting, wet and digital signing, and it can securely share data across internal and third-party platforms.
In October 2019, Nivaura confirmed the appointment of former HSBC executive Chris Jones.
As noted at that time, Jones will advise the firm on product features and he will also be responsible for promoting the use of Nivaura’s blockchain-enabled platform.
Last year, Nivaura secured $20 million via an investment round led by the London Stock Exchange Group. Other firms that took part in the round included Allen & Overy, Linklaters, Orrick, Santander InnoVentures, Aegon Asset Management, Middlegame Ventures and the Digital Currency Group.