While every major industry, including retail banking and secondary market trading, now uses digital services, the pace of adoption within capital markets has been slow.

 

There are good reasons for this – it’s hard to drive change when the processes are complex, the infrastructure is fragmented and the market is heavily regulated.

But things are changing

 

 

Capital markets professionals who see the benefits of digitisation in their daily lives are now demanding the same benefits in the workplace.

It’s also increasingly apparent that new approaches are the only way for institutions to meet ever stringent compliance standards and rigorous cost pressures.

Thus, as capital markets businesses put more emphasis on service differentiation and value-add, they need to embrace automation within more standardised processes.

 

At the same time, fintech companies need to understand and address industry challenges, deliver real functionality, and articulate a credible vision for the marketplace.

Complimenting this effort, technology itself has evolved to better meet capital markets standards around security, stability, speed and flexibility.

Within this new paradigm, both capital markets participants and technology providers will need to consider how to remain relevant and benefit from the changes around them.

 

Founded in 2016, Nivaura is a regulated financial technology company that delivers capital markets automation solutions.

Our flagship technology suite, Aurora, is available to a range of participants, including banks, issuers, lawyers, paying agents and CSDs.

Our team is led by an experienced group of technology, legal and capital markets experts, and is supported by a well-respected board of directors.

 

Board Members

Alan Morgan

Board Member and Chairman

Alan is an experienced investor in FinTech through Adfisco (where his portfolio includes Funding Circle, Ebury, Cleo, Tide, etc.) and is the co-founder and Chairman of VC firm MMC Ventures, one of the leading VC investors in UK. Alan spent 28 years at McKinsey & Co where he was head of the financial services practice in the UK, Europe and Middle East. He was also a Board member of the McKinsey investment office. Alan has an MA in Law from Trinity College, Oxford University and an MBA from Harvard Business School and is a qualified barrister.

Nikhil Rathi

Board Member

Nikhil was appointed CEO of the London Stock Exchange plc subsidiary in September 2015. He also has Group-wide responsibility for International Development. Nikhil joined LSEG from the UK Treasury, where he held a number of senior positions over an eleven year period. Most recently he was Director of the Financial Services Group, representing the UK Government’s financial services interests in the EU and internationally.

Simon Hill

Board Member

Simon is a market leading strategic legal adviser to corporate trustees and agents at Allen & Overy. He has unrivalled experience advising service providers to the capital markets in relation to new issuances (from EMTNs, regulatory capital, equity linked, high yield through to repackagings, securitisations, supply chain finance and other ABS). Simon also specialises in advising trustees and agents in relation to complex litigation defaults, restructurings and exercises of discretions.

Spencer Lake

Board Member

Spencer is a Founding Partner in Element Ventures, a VC focused on investing in and helping young enterprise financial technology companies reach scale, as financial institutions accelerate their “must do“ digital journey. In addition to Nivaura, Spencer sits on the board’s of nCino, Fenergo, and Duco, and Chairs the Advisory Board of Callsign. Spencer was formerly Vice Chairman of HSBC’s Global Banking and Markets division, having previously run Debt Origination globally, the Global Markets division, and then the Global Capital Financing division (balance sheet and all IB products). Spencer also Chaired the ICMA board from 2010 – 2016.

Peter Walker

Board Member

Peter is Managing Director and Board Member with responsibility for the UK and Dutch businesses of Link Group’s Banking and Credit Management Division. He has 20 years experience of capital markets and lending businesses with a particular emphasis on real estate and mortgages.  He has expertise in creating new lenders, loan servicing, asset management and debt restructuring. Peter is a chartered chartered accountant (ICAEW), qualified as an insolvency practitioner with a degree in Law (LLB).

Avtar Sehra

Board Member and CEO

Avtar holds an MSci in Physics, PhD in Particle Physics and MRes in Computational Engineering. After leaving academia Avtar spent 10 years in the capital markets, working in quantitative analysis and risk management. Avtar also led a number large scale projects with major investment banks in business and operating model transformation to deliver new business lines and to meet regulatory requirements. Avtar founded Nivaura and is also the company’s Product Architect.

Management Team

Avtar Sehra

CEO

Avtar holds an MSci in Physics, PhD in Particle Physics and MRes in Computational Engineering. After leaving academia Avtar spent 10 years in the capital markets, working in quantitative analysis and risk management. Avtar also led a number large scale projects with major investment banks in business and operating model transformation to deliver new business lines and to meet regulatory requirements. Avtar founded Nivaura and is also the company’s Product Architect.

Vic Arulchandran

COO

Vic has a PhD in Mathematics from Brunel University supervised by the leading mathematicians in Shell Theory and Continuum Mechanics. He trained as a quantitative analyst and spent several years in banking gaining exposure to quantitative analytics, financial modelling, risk management, and operations and compliance across a range of fixed income products. Vic is also a member of the advisory board to the Mathematics department at Brunel University, London.

Marcello Fiori

Chief Technology Officer

Marcello has over 18 years of experience in design and development of financial technology solutions, with a focus on financial lifecycle operations technology and cryptographic security methods. He is skilled in leading global teams in developing technical products. Marcello has operated both as a consultant for Deloitte and a self-employed consultant for a range of tier 1 investment banks in order to execute projects. Marcello is also a founder of various other software companies including Peak Logic Ltd and 3102 Srl.

Gavin Youll

Chief Financial Officer

Gavin is a chartered accountant with over 9 years of post qualified experience and has a degree in Accounting and Finance (BSc from University of Warwick Business School). Gavin originally trained at EY in their Assurance service line. One year subsequent to qualifying as a chartered accountant, Gavin left practice and joined Conduit Capital Markets Limited (‘CCM’). Upon leaving CCM, Gavin has spent the last 3 years operating as a CFO for early stage technology ventures advising on strategy, leading funding rounds and building financial models.

Richard Cohen

General Counsel

Richard is General Counsel and Legal Product Architect at Nivaura, together with his role as General Counsel he focusses on the design, implementation and commercialisation of the legal technology which underpins Nivaura’s offering. Prior to joining Nivaura Richard was a lawyer in Allen & Overy’s debt capital markets practice where he acted for both managers and issuers and specialised in straight-debt (Regulation S and Rule 144A standalone issues, LPNs, MTN programmes, CP, CDs), covered bonds and liability management transactions. He combined his debt capital markets practice with a focus on fintech and blockchain advisory work in the context of the optimisation of securities issuance. Richard was cited in the 2019 edition of Chambers & Partners for his work in this area.

Duncan Phillips

Chief Commercial Officer

Duncan leads Nivaura’s commercial strategy. Prior to joining the company, he was Global Head of Capital Markets at Ipreo, and continued in the same role after the company was acquired by IHS Markit. Before moving into the fintech industry, Duncan was a Managing Director at Citigroup, where he held a number of debt syndicate roles in London, Tokyo, and Hong Kong, executing bond transactions for a variety of issuers. Duncan read Law & Economics at Edinburgh University.