Swedish FinTech firm Baymarkets Technology AB (Baymarkets) today announced that it has separated its current business into two independent companies – Reg&Tech Solutions AB (Reg&Tech) and Baymarkets AS.

Three previous founders of Baymarkets along with Reg&Tech’s CEO Per Andersson has created the new company Reg&Tech Solutions AB amid separation form Baymarkets. The firm will continue to deliver its solutions in Big Data automation. Its products address the regulatory challenges faced by financial institutions around the globe.

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Per Andersson, CEO of Reg&Tech Solutions commented: “The financial markets are rapidly becoming fully electronic, driven by regulations and new enabling technologies.”

Last year, Baymarkets introduced a new Reg&Tech market solution, called Clarity, aiming at banks, brokers, and exchanges. It was introduced to address a number of different regulatory challenges amidst an increasing demand for automated workflows. Moreover, the solution also helps shore up pre and post-trade obligations across all of the trade lifecycle.

“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,” Andersson added.

The second company, Baymarkets AS will be led by Tore Klevenberg as its CEO and Peter Fredriksson as Chairman. The firm will continue to provide FinTech solutions to marketplaces and clearing houses and like before, the products will be based on Clara clearing platform.

“I’m looking forward to this new phase in the development of Baymarkets’ clearing and marketplace offering,” Klevenberg said. “The Clara platform has proven to be very efficient at addressing all the demands of a modern clearing solution.”