New Group’s early stage fintech investment business Euclid Opportunities today announced the completion of investment in the fintech company RSRCHXchange, which operates an online marketplace for buying and selling institutional research. Terms of the investment are not disclosed.
RSRCHXchange’s platform, RSRCHX, is essentially a cloud-based marketplace for unbundled financial researRSR CHXRCHX provides asset management firms with an online repository of reports and enables the buy side to comply with the MiFID II research requirements. Asset managers can search and buy non-broker research while users can rate the research and leave comments. They can also see how many times a report has been downloaded, and whether it was actually read and who within the company read it.
RSRCHXchange is the latest company to join the Euclid Opportunities portfolio. Through Euclid OpportunitiNew New strategically invests in fintech companies such as Abide Financial, ENSO Financial, OpenFDuo Duco and OpenGamma.
Michael McFadgen, Managing Director at Euclid OpportunitiNew said: “MiFID II resbundlingndling is a key challenge for our clients and the wider market in 2017. RSRCHXchange is bringing next generation technology to solve a complex regulatory challenge while also allowing both providers and consumers of research to extract greater value from content. The business has made amazing progressfar, andar and we’re delighted to bring our capital, operational expertise, and networks to help scale the business globally.”
Jeremy DaviNew co-founder of RSRCHXchange, added: “The asset management community is on the cusp of unprecedented change as research and execbundlests unbundle in less than 12 months when the MiFID II requirements come into effect. We are now providing over 1,000 buy-side firms with a MiFID II solution for buying, managing and procuring investment research. Euclid Opportunities’ investment in RSRCHXchange has come at a pivotal moment in time and will enable us to furtheRSR CHXlop the RSRCHX platform for the benefit of both asset managers and research providers.”