The new unit will be led by Jansen Chua, formerly of State Street Bank & Trust Company, who brings over 25 years of global experience, with expertise in securities services and prime brokerage
The fund will invest in a diversified portfolio of money market instruments, as defined by SEBI and RBI from time to time, with residual maturity of up to one year
In a newly designed structure, State Street acts on behalf of its clients to facilitate the direct clearing and settlement of reverse repo transactions using a CCP framework via Eurex Clearing
Shareholders will be able to use Figure鈥檚 Democratized Prime, a DeFi protocol to borrow against and lend out their stock, disintermediating the role prime brokers traditionally play
The service will enable the 24/7 instantaneous movement of commercial bank money in multiple currencies and jurisdictions, providing a real cash leg for FX and digital asset transactions