Financial services July 2021

IT Shades
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I-Bytes
Financial Services
July Edition 2021
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................12
3. Rewards and Recognition Updates..................................................................................................................24
4. Customer Success Updates...............................................................................................................................28
5. Partnership Ecosystem Updates.......................................................................................................................32
6. Environment & Social Updates........................................................................................................................45
7. Miscellaneous Updates......................................................................................................................................47

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Financial, M & A Updates
Financial Services Industry

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Financial, M&A Updates
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BlackRock (USA) to Acquire Baringa Partners’ Climate Change Scenario Model
through New Long-Term Partnership
BlackRock, Inc. and Baringa Partners announced their entry into a
definitive agreement for BlackRock to acquire and integrate Baringa’s
industry-leading Climate Change Scenario Model into BlackRock’s
Aladdin Climate technology. The new long-term partnership is a significant
milestone for both firms, as they collaborate to set the standard for
modelling the impacts of climate change and the transition to a low carbon
economy on financial assets for investors, banks and other clients. Baringa
and BlackRock will bring together their expertise to develop climate risk
models underpinning Aladdin Climate, as well as innovating other climate
analytics solutions. Through the partnership, Baringa will use the core
Aladdin Climate capabilities as part of its growing global consulting work
in advising financial services, governments, regulatory bodies, and clients
across all sectors on climate risk and developing net zero strategies.
Executive Commentary
Global Head of the Aladdin Business at BlackRock comments
“Investors and companies are increasingly recognising that climate risk
presents investment risk. Through this partnership with Baringa, we are
raising the industry bar for climate analytics and risk management tools,
so clients can build and customise more sustainable portfolios. The
integration of Baringa’s models and the ongoing collaboration between
our firms will enhance Aladdin Climate’s capabilities, helping our
clients understand transition risks in more sectors and regions than ever
before.”
Description
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Deutsche Börse (Germany) Group acquires majority stake in Crypto Finance AG,
extending its offering for digital assets
Deutsche Börse Group has acquired a majority stake in Crypto
Finance AG, a financial group under consolidated FINMA supervision
that offers trading, storage and investment in digital assets to
institutional and professional clients. Through the acquisition,
Deutsche Börse further extends its offering for digital assets by
providing a direct entry point for investments, including post-trade
services such as custody. As part of Deutsche Börse Group, Crypto
Finance will be able to further scale the business and expand the range
of digital asset services. Deutsche Börse also intends to make Crypto
Finance’s offering easily accessible for participants via its established
platforms. The goal is to establish a neutral, transparent, and highly
scalable digital asset ecosystem under European regulation.
“Digital assets will transform the financial industry. There is
increasing demand from established financial institutions that are
looking to become active in this new asset class and want a trusted
partner,” said Executive Board member for Trading & Clearing at
Deutsche Börse. “We are excited that Crypto Finance is joining the
Group. The team is an ideal strategic fit and will help us
tremendously on our way to building a trusted and fully regulated
digital asset ecosystem for institutional investors in Europe. Crypto
Finance perfectly complements our recent offerings like 360X, the
innovative DLT-based platform for serial marketplace creation, and
our leading, centrally-cleared crypto ETNs.”
Description
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ICE Mortgage (USA) Technology Acquires eVault Technology from DocMagic for
Encompass eClose
ICE Mortgage Technology™, part of Intercontinental Exchange, Inc.
a leading global provider of data, technology and market
infrastructure, announced it will deploy an eVault solution for secure
storage of digital mortgages and notes, based upon technology
acquired from DocMagic, Inc. The eVault technology will be
integrated into ICE’s mortgage closing platform, Encompass eClose, a
leading-edge solution that helps to transform the way loans are
electronically closed in the United States. Encompass eClose enables
lenders to electronically facilitate every aspect of the eClosing
workflow, from ordering documents to delivering loans to investors -
and all steps in between - without ever having to leave Encompass, the
industry’s most recognized loan origination system.
“By creating an end-to-end solution and further automating the
mortgage closing process, we’re helping the industry transition to
paperless closings and enabling more efficient processes for our
customers,” said President, ICE Mortgage Technology. “We
acquired technology from DocMagic, who has deep experience in
the mortgage space, and when this technology is integrated with
our other services, Encompass eClose will enable customers to
eliminate time and cost in the closing process and create better
experiences for borrowers.”
Description
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Kinnevik's (Sweden) portfolio company Babylon Health to become publicly traded
via a SPAC merger with Alkuri Global Acquisition Corp.
Kinnevik AB announced that its portfolio company Babylon Health has
entered into a definitive merger agreement with the special purpose acquisition
company Alkuri Global Acquisition Corp., whereby Babylon Health will
become a publicly traded company on Nasdaq. Kinnevik intends to invest
USD 5m as part of a USD 230m private placement bringing Kinnevik’s
ownership to 13% of Babylon Health when the transaction is finalised.
Babylon Health and Alkuri Global Acquisition Corp. a special purpose
acquisition company, have entered into a definitive merger agreement. Upon
closing of the transaction, the combined company will operate as Babylon
Health and plans to trade on Nasdaq under the new symbol “BBLN”. The
transaction is expected to close in the second half of 2021, subject to approval
by Alkuri Global's shareholders and other customary closing conditions,
including any applicable regulatory approvals.
Kinnevik’s CEO commented: “Since our first investment in 2016, we have
been impressed with the vision and drive of the founder and CEO of
Babylon Health, Ali Parsa, to fundamentally change the healthcare
experience through digital transformation. Babylon Health will now be
well capitalized to take the next step on its growth journey and we look
forward to our continued cooperation.”
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Macquarie (Australia) Asset Management agrees to acquire Beauparc Utilities
Macquarie Asset Management, via Macquarie European Infrastructure Fund 6,
has agreed to acquire Beauparc Utilities from founder Eamon Waters and
Blackstone Tactical Opportunities Fund. Beauparc is a recycling and
processing led waste-to-resource business with a market leading position
across Ireland, and a significant growing presence in the United Kingdom and
the Netherlands. The portfolio of waste management services generates value
from waste by processing materials from collectors, including its own
residential and commercial collection business, towards reusable products and
supplying waste to cement kilns and energy-from-waste facilities.
Beauparc-owned businesses serve over 340,000 residential, commercial,
electricity and gas customers across a portfolio of 40 waste facilities, where
more than three million tonnes of waste is processed each year. Beauparc is
seeking to increase the amount of recyclable waste through significant
investments in plastics recycling, soil restoration and anaerobic digestion.
Head of Macquarie Infrastructure and Real Assets, said: “We see a
significant opportunity to build on Beauparc’s strong reputation in the
sector, investing to support the growth of the circular economy through
projects that divert waste from landfill. We look forward to partnering with
its team to support Beauparc’s long-term growth plans, maintaining its
strong focus on customers, health and safety, and sustainability.”
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Macquarie (Australia) Asset Management acquires 60 Carrington Street on behalf
of GLLAustralien Fonds
Macquarie Asset Management, on behalf of GLL Australian Fonds,
has acquired a 50.1% equity interest in 60 Carrington Street, Sydney
for approximately $A140 million (€87 million). The approximately
14,600m2 prime office building is located within the redeveloped
and revitalised Wynyard precinct in Sydney’s central business
district. Close to key transport connections, the 16-storey property
occupies a prominent corner position overlooking Wynyard Park.
The recently refurbished building is currently 100 per cent leased to
high-grade tenants and benefits strong sustainability performance,
which has been recognised with 5-star Energy and 4-star Water
ratings under the National Australian Built Environment Rating
System.
Co-Head of Macquarie Asset Management’s Real Estate team in
Europe, said: “We are delighted to have secured this iconic
building in the heart of Sydney on behalf of our German
institutional clients. Situated near a growing transport hub in the
city centre, 60 Carrington Street is a high-quality property and a
welcome addition to our Australian office portfolio.”
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Macquarie (Australia) Capital Principal Finance acquires majority stake in
Wavenet Group Holdings Limited
Macquarie Capital Principal Finance has announced the majority
acquisition of Wavenet Group Holdings Limited a multi-award-winning
provider of telecoms and technology solutions – serving thousands of
small and medium-sized businesses and enterprises across the United
Kingdom (UK). Wavenet has built on a solid foundation for growth over
the last five years, with a focus on future technologies and digital
transformation that will drive the industry and its customers. The new
partnership with Macquarie Capital will boost this growth potential, by
providing both expertise and flexible growth capital. This will enable
more investment in the people at Wavenet and provide a renewed focus
on strategic acquisitions.
“Wavenet's focus on supporting companies through their digital
transformation is an important and valuable one as businesses grasp
the opportunities from future technologies. We are looking forward to
using our experience from growing other UK businesses to support
the development of Wavenet both from an organic and acquisitive
standpoint.”
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Partners Group (Switzerland) to acquire US community solar and battery storage
platform, Dimension Renewable Energy
Partners Group, a leading global private markets firm, has, on behalf of its
clients, agreed to acquire a controlling equity stake in Dimension
Renewable Energy a leading distributed energy platform focusing on
community solar and battery storage across the US. Dimension is focused
on originating,developing, financing and operating community solar and
battery storage facilities across the US and has developed a deep pipeline of
over 180 projects totaling over 800 MWs of solar capacity, and over 800
MWhs of battery storage across eight states. Dimension's projects will
serve residential, commercial, and industrial subscribers from the local
community where the projects are located. Partners Group will work
closely with co-founders Rafael Dobrzynski and Sam Youneszadeh to grow
Dimension into a more than USD 1 billion platforms and one of the largest
community solar operators in the US.
Head Private Infrastructure Americas, Partners Group says: "Dimension
represents an excellent fit for our transformational investing strategy
given the scope to grow the platform into a leading independent power
producer that will build, own and operate solar projects, capturing the
benefits of scale in the distributed generation space. The highly
fragmented nature of the community solar market in the US, as well as
Partners Group's extensive experience building platform assets, allows
for significant potential to add to Dimension's organic pipeline through
project-level M&A."
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Raymond (USA) James Financial to acquire private equity advisor Cebile Capital
Raymond James Financial, Inc. announced that it has reached an agreement
to acquire Cebile Capital, a leading private fund placement agent and
secondary market advisor to private equity (PE) firms. The transaction is
subject to certain regulatory and other closing conditions. The addition of
Cebile Capital to the firm’s Investment Banking division deepens
relationships with the private equity community and expands the related
service offerings to include fund placements, general partner (GP)-led
secondary’s capabilities and limited partner (LP)-led secondaries advisory,
a rapidly expanding market. Based in London and New York City, Cebile
will operate as a new business unit within Investment Banking, and will be
led by Cebile founder. It will continue to serve leading middle-market PE
and private capital firms and their LPs in the United States, Europe and
elsewhere around the world.
“Our similar cultures, commitment to client-first values and shared
focus on the middle-market make this an ideal opportunity to add an
additional service offering to our PE clients who, like Raymond James,
are constantly looking to provide value and growth for their investors,”
said CEO.
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Voya (USA) Financial to acquire Benefit Strategies, LLC
Voya Financial, Inc. announced that it has entered into an agreement to
purchase Benefit Strategies, LLC, a leading third-party administrator of
health savings and spending accounts. Benefit Strategies provides
administrative services for COBRA, direct billing, flexible spending
accounts health savings accounts health reimbursement arrangements and
other services to more than 3,400 employers and nearly 370,000 participant
accounts throughout the U.S. Terms of the transaction were not disclosed.
“We are very excited about this transaction as it supports Voya’s
workplace growth strategy and will accelerate our expansion in the
health savings and spending accounts market,” said CEO of Health
Solutions for Voya Financial. “In addition to complementing Voya’s
current health and wealth solutions, Benefit Strategies will deepen our
capabilities to serve new and existing health savings and spending
account clients through its enhanced call center support, implementation
management and ongoing client services. Equally important, we see a
great cultural fit between the Benefit Strategies team and Voya as both
of our organizations are specifically focused on helping individuals take
advantage of the many benefits of workplace-based savings accounts.”
Description
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CDP Equity, Blackstone and Macquarie sign agreement with Atlantia to acquire
Autostrade per l’Italia
The Consortium comprised of CDP Equity, Blackstone Infrastructure Partners and Macquarie Asset Management has today announced
that it has reached an agreement with Atlantia S.p.A. to acquire its 88.06% equity interest in Autostrade per l’Italia S.p.A. ASPI is one
of Europe’s largest toll road operators, managing more than 3,000 kilometres of toll roads across Italy under long-term concessions
granted by the Italian State. ASPI and its subsidiaries are responsible for the development, maintenance and management of motorways
on a network which stretches throughout Italy and represents approximately half of the country’s tolled motorway system, with
approximately 4 million travellers per day. The acquisition will be carried out through Holding Reti Autostradali (“HRA”), a newly
established vehicle incorporated under Italian law, owned (directly or indirectly) by CDP Equity (51%), Blackstone Infrastructure
Partners (24.5%), and funds managed by Macquarie Asset Management (24.5%). HRA and Atlantia have executed, among others, a
share purchase agreement for the acquisition of 88.06% of ASPI. It is expected that the acquisition will be completed in the following
months further to the satisfaction of customary closing conditions and the receipt of the necessary authorisations from the competent
authorities.
Description
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Solutions Updates

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Aon (UK) Launches Certified Florida Hurricane Model to Offer Insurers
Alternative View of Risk
12
Solution Description
Aon plc a leading global professional services firm providing a broad range of risk, retirement and health solutions announced the release of
its new Impact Forecasting Florida hurricane model which incorporates the latest research and technology to provide insurers with an
additional view of risk when submitting Florida rate filings. The Florida Commission on Hurricane Loss Projection Methodology (FCHLPM)
has certified the model for ratemaking in the state. The model incorporates a range of wind mitigation options and secondary building
characteristics which insurers can use to develop refined views of risk, reflecting portfolio-specific risk appetites and underwriting
approaches. Model results incorporate regional variations in building code requirements and construction practices which have been
extensively validated using claims data contributed by Aon’s clients. The model also features an event set that calculates wind hazard during
the entire lifecycle of each simulated hurricane, allowing for variations in hurricane intensity that are associated with varying ocean
temperatures. In addition, insurers can also use the new model to develop a bespoke view of risk to shape underwriting, portfolio management
and reinsurance purchase decisions. In developing the new Florida hurricane model, Aon has furthered its commitment and investment in
enabling insurers to gain access to alternative views on their risks – without being restricted to just one catastrophe model.

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Aon (UK) Launches Employer Solution to Improve Musculoskeletal Care
for Workers
13
Aon plc has launched its MSK Integrated Care Solution with three leading health care companies to help employers improve quality and affordability of
musculoskeletal care for their employees. Aon a leading global professional services firm providing a broad range of risk, retirement and health solutions,
will help employers engage and educate their workforce as well as manage the solution’s performance by aggregating medical claims data and measuring
outcomes. Aon is collaborating with 98point6, Hinge Health and Employer Direct Healthcare on behalf of employers and health plans to create an integrated
care model that will help achieve the best clinical outcomes, avoid unnecessary surgeries and address high costs with the most affordable rates. Within the
integrated solution, members have access to Employer Direct Healthcare’s SurgeryPlus® concierge services and surgical network as well as Hinge Health's
wearable technology and clinical care team that includes doctors, physical therapists, expert specialists and health coaches. 98point6 provides members with
virtual, 24-hour primary care delivered by U.S. board-certified physicians who can diagnose, treat, and prescribe medications, order labs and follow-up with
patients via an artificial intelligence (AI)-powered, text-based mobile application. For employers, the new solution will provide:
• a holistic, integrated musculoskeletal program without needing to build, contract or manage multiple vendors independently;
• better engagement, savings, clinical outcomes and return on investment compared to contracting with the individual point solutions; and
• Mutual accountability for guarantees and outcomes across the vendors to ensure greater value.

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B3 (Brazil) launches new investor logged in area
14
Aiming to further facilitate the investment journey of more than 3 million Brazilians who are expanding and diversifying their financial
investments, B3, the Bolsa do Brasil, launches a new logged area for that investors can monitor their variable income and also fixed income
investments in a consolidated, transparent and reliable manner, in a single place. The new logged area will replace the Electronic Investor Channel
(CEI) and allows individual investors with an account in a bank or brokerage to consult information about their financial investments at B3, among
others, such as, for example, shares, ETFs, FIIs, CDBs, LCIs and LCAs in a consolidated, transparent and reliable manner. On the portal, it is
possible to view detailed information about each product, movements, positions, dividends and other provisioned events, among other data. Assets
are available in a single statement, divided by investment type or by financial institutions. Another advantage is that all screens in the logged area
allow data extraction to pdf or excel files, in addition to new historical filters since November 2019 for consultation. The new investor logged area
at B3 will also make available investment data consumption APIs, as authorized by the investor, for financial institutions and fintechs, so that they
can also participate in this ecosystem, bringing innovative investment solutions to Brazilians. This month, B3 will launch the extended launch for
the entire public and free of charge for individual investors who have assets in B3 and will continue to improve according to the interactions and
feedback that will be received through the portal itself.

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CME Group (USA) to Launch Nature-Based Global Emissions Offset
Futures on August 1
15
CME Group the world's leading and most diverse derivatives marketplace announced it will launch a Nature-Based Global Emissions
Offset (N-GEO)™ futures contract on August 1, 2021, pending all relevant regulatory reviews. N-GEO futures will be the company's
latest market-based solution to help create a more transparent and efficient voluntary emissions offset market. N-GEO futures were jointly
developed with Xpansiv market CBL, a leader in spot energy and environmental markets. Xpansiv launched the Nature-Based Global
Emissions Offset (N-GEO) spot contract earlier this year, which is based on eligible voluntary offsets from Agriculture, Forestry, and
Other Land Use (AFOLU) projects with additional Climate, Community, and Biodiversity (CCB) accreditation. A variety of solutions
have emerged to help meet net-zero targets, including projects that protect or restore natural ecosystems, which remove greenhouse gases
from the atmosphere. The purchase of nature-based voluntary offsets allows businesses to finance natural climate solutions while
transitioning to more sustainable business practices. CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and,
E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the
City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.

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CME Group (USA) to Launch Micro Treasury Yield Futures
16
CME Group the world's leading and most diverse derivatives marketplace announced it will expand its suite of deeply liquid U.S. Treasury futures and
options with the introduction of four new Micro Treasury Yield futures contracts on August 16, pending regulatory review. These innovative, micro-sized
contracts will provide market participants – from institutions to sophisticated, active, individual traders – exposure to the yield of on-the-run Treasury
securities in an efficient, cost-effective way. Micro 2-Year, Micro 5-Year, Micro 10-Year, and Micro 30-Year Yield futures will be sized at $10 per basis point
of yield, and will be cash settled to newly created BrokerTec cash U.S. Treasury benchmarks. The launch of Micro Yield futures comes at a time when U.S.
Treasury risk management is more important than ever. Over the last year, U.S. debt issuance has surpassed levels not seen since WWII, and the U.S. budget
deficit recently reached a record $1.9 trillion from October 2020 to April 2021. At the same time, average daily volume in CME Group's U.S. Treasury futures
and options grew more than 30% year-over-year during both April and May, in response to increased hedging and trading activity. BrokerTec U.S. Treasury
benchmarks are already providing robust volume weighted average yields for seven on-the-run U.S. Treasuries (2-Year, 3-Year, 5-Year, 7-Year, 10-Year,
20-Year and 30-Year), are calculated and published four times a day and are administered by CME Group Benchmark Administration Limited (CBA). The
benchmarks are based on industry best practices, compliant with UK Benchmark Regulation and aligned to IOSCO Principles. CBA is the benchmark
administrator with Chicago Mercantile Exchange Inc. (CME Inc.) providing Calculation Agent services.

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Fannie Mae (USA) Launches ‘Your Own Story,’ Provides Important Facts
and Information for Future Homeowners
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Fannie Mae is helping to demystify the homebuying process for future homeowners with “Your Own Story,” a
campaign designed to increase consumer knowledge with facts and figures that dispel myths about what it takes to
achieve sustainable homeownership. In honor of National Homeownership Month, these resources provide consumers
the necessary tools to take the first steps in the homebuying process. According to a June 2019 report*, a majority of
consumers overestimate the minimum credit score or required down payment necessary to qualify for a mortgage,
which creates a perceived barrier to entry for homeownership. “Your Own Story” addresses those misperceptions with
facts, educating future homebuyers that when certain eligibility requirements are met, 3% down payment loans are
available, and, even with a credit score of 620, consumers may be able to qualify for a mortgage.

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Deutsche Boerse (Germany): Origin launches instant-ISIN feature with
Clearstream as universal data standard Airbrush is upgraded
18
Origin Markets the London-based fintech digitising debt capital markets is launching an instant-ISIN feature created in collaboration with Clearstream,
which enables immediate, integrated ISIN code allocation for Eurobonds. ISIN codes are provided by Clearstream Banking S.A. and will support Eurobond
issuance. The structured data from the approved termsheet is validated against ICSD requirements directly on Origin platform, allowing codes to be provided
instantaneously and accelerating a process that can sometimes take hours. The service launch coincides with the release of the next iteration of Airbrush, an
interface data standard that aims to act as a universal language for all bond issuance market participants. Airbrush V2 covers a broader set of data, delineates
between the data required for ISIN allocation at termsheet completion and those required for settlement and enhances scalability by incorporating a nested
structure. The new version was developed in close consultation with industry partners. One feature of the new Airbrush release is a market-first, truly
open-source term sheet template for Eurobonds. It is available for free use by all fixed-income market participants to foster standardisation of bond issuance.
The term sheet will be available in two forms:
• A marked-up version created for use by dealers, issuers, law firms, and others annotated with directions to aid in the completion of the form
• A machine-readable version, marked-up using Jinja, the open-source templating language created for Python. As Jinja and Python are both open-source,
anyone can test the termsheet using a freely available Jinja templating library online

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Goldman Sachs (US) Launches Transaction Banking in the UK
19
Goldman Sachs announced the launch of Transaction Banking in the UK, expanding the business which was successfully launched in the US last
year. Transaction banking, also known as cash management and treasury services, is the business of providing solutions for clients’ day-to-day
treasury operations as well as optimizing working capital. Since launching in the US last June, Goldman Sachs has attracted more than 250 clients,
taking on over $35 billion in deposits and processing trillions of dollars through its systems. The launch of this business in the UK will bring a suite
of new services to corporate and institutional clients via a market-leading, digital-first cash management platform. TxB will offer traditional
products in a more streamlined and simplified manner by modernising treasury functions, and offering a simple, seamless, API-based experience.
TxB will launch features over time, building up to a holistic client solution that is inclusive of payments in more than 125 currencies, deposit
accounts, escrow services, liquidity solutions, full file and API connectivity and payroll. The Goldman Sachs Group, Inc. is a leading global
financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer
banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the
firm is headquartered in New York and maintains offices in all major financial centers around the world.

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Macquarie (Australia) launches UK build-to-rent platform Goodstone
Living
20
Macquarie Asset Management has established Goodstone Living a specialist real estate development and investment management business, to capitalise on
a significant market opportunity in the United Kingdom’s purpose-built rental housing sector. Macquarie Asset Management has partnered with two pioneers
in the sector to form Goodstone Living, which aims to acquire, develop, and operate purpose-built rental communities across the country. The new business
will be led by Darryl Flay and Martin Bellinger, founders of the UK’s first private build-to-rent developer-operator, who have overseen the development of
more than 30,000 homes over the last three decades. Goodstone Living will focus on the development and long-term ownership of rental communities in
exciting urban locations, benefiting from a growing demand for rental housing and an undersupply of high-quality accommodation. The business intends to
build a market-leading portfolio of scale, with Macquarie Asset Management leveraging its platform experience to support Goodstone Living’s initial
development programme. Goodstone Living’s ambition is to create a better way to rent. This means designing, delivering, and operating the next generation
of rental communities that integrate innovation, sustainability, wellbeing, and customer service into every decision. All homes developed by Goodstone
Living will be focused on promoting decarbonisation and creating positive social value. The business will target net zero carbon operations for both its
corporate and portfolio activities. The vertically integrated platform combines the deep expertise of Goodstone Living’s leadership team with the global
experience and investment capability of Macquarie Asset Management.

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Mastercard (USA) launches new Start Path programming dedicated to supporting minority-owned
startups, furthering efforts to close the racial wealth and opportunity gap
21
Venture capitalists invest less than 3 percent of funding to Black founders, resulting in fewer success stories. Mastercard announced the launch of
a new Start Path track dedicated to supporting traditionally underrepresented fintech founders as the company continues its work to ensure
minority led startups have access to the funding necessary to scale. The new programming is part of Mastercard’s In Solidarity commitment of
$500 million in products, services, technology and financial support to help close the racial wealth and opportunity gap. While Start Path has
historically engaged growth and expansion stage startups, this new pathway will provide support for early-stage startups led by Black, Indigenous,
People of Color and women. These startups will receive stage-relevant support, including enterprise partnership readiness training, mentorship and
coaching, as well as curated commercial and investor introductions. Mastercard will consider grants or investments in participating startups on a
case-by-case basis. The first participant to join this program is SpenDebt, which automates consumer debt repayment, and joined Start Path in
April. The programming was informed by insights provided by underrepresented founders, including those of Start Path alumni Goalsetter and
Mobility Capital Finance. Both companies have now received capital investments from Mastercard to help provide financial services to
underserved communities with a specific focus on providing tailored digital tools, and new payment cards to low wealth minority and Black
communities.

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Morgan Stanley (US) Wealth Management Launches Racial Equity Investing Tool
Kit to Help Clients Integrate Diversity Criteria within an Investment Portfolio
22
Morgan Stanley Wealth Management announced the launch of a Racial Equity Investing Tool Kit as part of its Investing with Impact Platform.
Investors will now have access to a range of investments and supporting resources to advance the goals of racial equity and social justice.
According to a survey conducted by Morgan Stanley Institute for Sustainable Investing, 71% of individual investors identify multicultural
diversity, which incorporates elements of race, ethnicity and culture, as an area of interest for their investment portfolios. The Investing with
Impact Platform has highlighted for its Advisors and clients investment strategies that are at least 50% women and/or minority-owned since 2015.
The Racial Equity Investing Tool Kit provides additional actionable insights for investors including our proprietary investment framework which
identifies ways to mitigate risk and pursue opportunities across a number of approaches, including:
• Diverse ownership: Investment strategies at asset management firms owned by, or with significant representation of, racial or ethnic minorities.
• Solutions: Investment strategies that invest in managers and companies seeking to alleviate social disparities, for example: by providing access
to capital, affordable housing & community services, criminal justice reform, economic inclusion, education and more.
• Leaders: Investment strategies that incorporate a range of environmental, social, governance (ESG) criteria, including racial equity criteria
focused in diverse representation across human capital, policies supportive of attracting and retaining talented diverse employees.

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TP ICAP (UK) to Launch Cryptoasset Trading Platform in Collaboration with
Fidelity Digital Assets, Zodia Custody and Flow Traders
23
TP ICAP a leading provider of market infrastructure, is to launch an innovative wholesale trading platform for cryptoassets working in collaboration
with Fidelity Digital AssetsSM, Zodia Custody and Flow Traders. The new platform, which is subject to registration with the UK Financial Conduct
Authority, will feature a wholesale electronic marketplace for spot cryptoasset trading, including Bitcoin and Ethereum, as well as providing
connectivity and post-trade infrastructure into a network of digital assets custodians. TP ICAP is required to register the TP ICAP Digital Assets
Platform with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. TP ICAP
has submitted an application to the FCA and the platform will only launch once that registration process has been completed. The FCA’s responsibility
under this regime is limited to AML/CTF registration supervision and enforcement only. It is not a license from the FCA or a recommendation or
endorsement of the platform. TP ICAP is working with Fidelity Digital Assets and Zodia Custody, both leading crypto assets custodians, to ensure
clients have a segregated and interoperable model for execution and settlement, a key requirement for clients entering this new asset class. The firms
have collaborated to develop a new trading model where clients will be able to access liquidity at TP ICAP whilst their assets remain under custody at
their digital asset custodian of choice, providing a level of security that institutional investors expect. Fidelity Digital Assets and Zodia Custody will
provide custodian services to the new platform.

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AGNC (USA) Investment Corp. Awarded the 2021 Nareit Gold Investor
CARE Award
24
AGNC Investment Corp. announced that it has received the 2021 Nareit Gold Investor CARE Award in the mortgage
REIT category. Nareit's Investor Awards honor Nareit corporate members that have demonstrated excellence in
communicating, engaging and reporting most effectively with their investors online, in writing and orally, and provided
investors with the most comprehensive, clearly articulated and useful information in the most efficient manner. AGNC
was chosen by an independent panel of judges including REIT analysts, portfolio managers and academics. Companies
were evaluated by their online presence, including website design, ease of use and amount and relevance of information;
disclosure and transparency of SEC filings, including supplemental filings for special disclosures about developments,
high risk events and other relevant occurrences; and investor relations practices, including the quality and relevance of
information in earnings calls, management accessibility and the quality of information contained in press releases.
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B3 (Brazil) is recognized as one of the best companies for women to work
for.
25
B3, the Brazilian stock exchange, was recognized by Great Place to Work as one of the best companies for women to work for. In its 5th edition, the GPTW Mulher ranking
selected 70 organizations that stand out for their HR practices aimed at promoting gender equality. The study was conducted using questionnaires that evaluated the good
practices of companies in aspects such as hiring policies, combating discrimination, requirements for suppliers and third parties to follow the same principles, development of
equal opportunities, leaders trained for diversity, among others. This year, 641 companies signed up for the study. Rebeca Andreosi, B3's Superintendent of Development,
Career and D&I, says this is an important achievement and reflects the company's efforts to promote gender equity and a more diverse environment, free from harassment and
discrimination, for all people. B3 has a series of initiatives aimed at gender equality in the company and also assumes the role of inducing good practices for the market, with
initiatives that encourage and foster diversity and inclusion guidelines with clients and partners. Learn about B3's initiatives to promote gender equity:
• Woman on Board: The company is a signatory of the Woman on Board, an initiative that aims to engage the board in the discussion of gender equity. Currently, B3's board
of directors has three women among the 11 members.
• Women in IT - Initiative focused on increasing the representation of women in technology careers, training young girls in programming languages, developing women who
are already at B3 and seeking new ways to relate to and attract this audience. The organization's first internal hackathon with this problem, in 2020, brought together men and
women from the organization who, divided into teams, dedicated themselves to a week of study, discussion and prototyping viable solutions. In addition, via B3 Social, they
offer 300 scholarships focused on the development of programming languages for young people, through partnerships with PrograMaria, Reprograma and Generation Brasil.
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Macquarie’s (Australia) Asia Equities Research wins multiple key awards
in Institutional Investor’s 2021 Asia-Pacific Research Rankings
26
Macquarie’s Asia Equity Research team wins multiple key awards in Institutional Investor’s 2021 Asia Research Rankings, it is
ranked No. 2 among regional / local brokers in Asia-Pacific region with six winning positions at firm level supported by 18 ranked
analysts across the 11 countries / regions.1 The team achieved outstanding results in Australia/ New Zealand, China, Hong Kong,
India, Indonesia, Philippines, Singapore, South Korea, Taiwan and Thailand, across a broad range of sectors including auto & auto
parts, banks, basic metal, consumer discretionary, consumer staples, gaming & lodging, industrials, health care & pharmaceuticals,
internet, oil & gas, and property (including REITs). According to Institutional Investor, results were collated across 36 sectors,
comprising 24 industries and 12 region sectors across the Asia-Pacific region. For more than 25 years, Macquarie's Equity Research
Asia has delivered diversified knowledge, breakthrough ideas and sector themes for our institutional clients. Our dedicated team
covers more than 830 stocks across Asia in 11 markets2. Outside of Asia, our coverage is complemented internationally by our
specialised teams in the US and Australia, and partnerships with Kepler Cheuvreux in Europe.
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Morgan Stanley (US) Announces Inaugural Winners of the Sustainable
Solutions Award and Collaborative
27
The Morgan Stanley Institute for Sustainable Investing announced the inaugural cohort of its Sustainable Solutions Collaborative (the
Collaborative), an initiative to identify breakthrough innovations that address systemic change to support sustainability. Spanning Africa, and
Southeast Asia, Europe and North America, the five winners will participate in a bespoke yearlong strategic collaboration with the Institute where
they will tap into the full range of Morgan Stanley’s expertise, networks and resources to help them achieve scale. Each winner will also receive
an award of $250,000 to increase the impact and reach of their initiative. Each member of the Sustainable Solutions Collaborative was selected for
developing a breakthrough concept aimed at solving critical global challenges. The five inaugural participants of the 2021 Sustainable Solutions
Collaborative come from a diverse group of organizations and backgrounds:
• Mpharma, a Ghana-based health tech startup is revolutionizing the drug supply chain in Africa taking the tools that make ecommerce
convenient and profitable to make healthcare accessible and affordable.
• MySOC, a project of Skidmore College and Michigan State University, is harnessing unprecedented amounts of diverse data types to answer
foundational questions about soil carbon to create a new market in partnership with farmers truly committed to sustainability
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CME Group (USA) Selected to Administer ARRC's Forward-Looking
SOFR Term Rates
28
CME Group, the world's leading and most diverse derivatives marketplace was selected by the Alternative Reference Rates Committee to publish
its recommended forward-looking Secured Overnight Financing Rate (SOFR) term rates, following a robust request for proposals (RFP) process.
CME SOFR Term Reference Rates for 1-month, 3-month and 6-month tenors became available for licensing on April 21, 2021. CME Term SOFR
Reference Rates can be accessed from the CME Group website, the CME Market Data Platform or various licensed data vendors. As the world's
leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC
markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities.
CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes,
foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex®
platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading
central counterparty clearing providers, CME Clearing. With a range of pre- and post-trade products and services underpinning the entire lifecycle
of a trade, CME Group also offers optimization and reconciliation services through TriOptima, and trade processing services through Traiana.
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Mastercard (USA): Porto Seguro Cards Selects Brighterion Artificial
Intelligence Technology to Manage Credit Risk
29
Porto Seguro, one of the largest Brazilian insurance companies, announced that it has selected Brighterion’s AI for
Credit Risk solution to improve the customer experience. The solution determines credit risk earlier in the customer
lifecycle, identifying those who can be offered higher credit limits. It is the first Brazilian company to use the AI for
Credit Risk solution, already known globally. Brighterion’s artificial intelligence and machine learning platform
provides decisioning intelligence for key customer applications such as credit risk and transaction fraud for
hundreds of billions of events every year. Brighterion develops a custom AI model through a collaborative program,
AI Express, using a combination of proprietary tools including its Smart Agents technology.
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ICE Mortgage (USA): Magellan and Enterprise Team up With Intercontinental
Exchange for New Houston Crude Oil Futures Contract
30
Magellan Midstream Partners, L.P. Enterprise Products Partners L.P. and Intercontinental Exchange, Inc. announced the establishment of a new futures contract
for the physical delivery of crude oil in the Houston area. The Midland WTI American Gulf Coast contract is being launched in response to market interest for a
Houston-based index with greater scale, flow assurance and price transparency. It will utilize the capabilities and global reach of ICE’s industry-recognized,
state-of-the-art trading platform and is due to be launched by ICE by early 2022, subject to regulatory approval. The quality specifications of the new futures
contract will be consistent with a West Texas Intermediate crude oil originating from the Permian Basin with common delivery options at either the Magellan East
Houston terminal or the Enterprise Crude Houston terminal. In support of this new futures contract, Magellan and Enterprise anticipate discontinuing their existing
provisions for delivery services under the current futures contracts deliverable at each terminal once the new contract receives regulatory approval and is finalized.
Jeff Barbuto, Global Head of Oil Markets at ICE stated, “Combining efforts with Magellan and Enterprise to establish a benchmark for pricing Midland quality
WTI on the Gulf Coast allows ICE to offer the industry a futures contract with over 4 million barrels per day of supply capacity from Midland into Houston, access
to both domestic and foreign demand, and nearly 60 million barrels of storage capacity in the Magellan and Enterprise systems. Traded on the same global platform
as ICE Brent, Murban and Platts Dubai Crude Oil futures contracts, the new Midland WTI American Gulf Coast contract can also offer significant capital
efficiencies to the industry and provide industry-leading quality that buyers have grown accustomed to in the Houston market.”
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State Street (USA) Alpha℠ Recognized by Global Custodian as Front-to-Back
Partnership of the Year
31
Magellan Midstream Partners, L.P. Enterprise Products Partners L.P. and Intercontinental Exchange, Inc. announced the establishment of a new futures contract
for the physical delivery of crude oil in the Houston area. The Midland WTI American Gulf Coast contract is being launched in response to market interest for a
Houston-based index with greater scale, flow assurance and price transparency. It will utilize the capabilities and global reach of ICE’s industry-recognized,
state-of-the-art trading platform and is due to be launched by ICE by early 2022, subject to regulatory approval. The quality specifications of the new futures
contract will be consistent with a West Texas Intermediate crude oil originating from the Permian Basin with common delivery options at either the Magellan East
Houston terminal or the Enterprise Crude Houston terminal. In support of this new futures contract, Magellan and Enterprise anticipate discontinuing their existing
provisions for delivery services under the current futures contracts deliverable at each terminal once the new contract receives regulatory approval and is finalized.
Jeff Barbuto, Global Head of Oil Markets at ICE stated, “Combining efforts with Magellan and Enterprise to establish a benchmark for pricing Midland quality
WTI on the Gulf Coast allows ICE to offer the industry a futures contract with over 4 million barrels per day of supply capacity from Midland into Houston, access
to both domestic and foreign demand, and nearly 60 million barrels of storage capacity in the Magellan and Enterprise systems. Traded on the same global platform
as ICE Brent, Murban and Platts Dubai Crude Oil futures contracts, the new Midland WTI American Gulf Coast contract can also offer significant capital
efficiencies to the industry and provide industry-leading quality that buyers have grown accustomed to in the Houston market.”
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BlackRock (USA) Enriches Aladdin Platform’s Derivatives Capabilities with
Cassini Partnership
32
BlackRock and Cassini Systems a leading provider of pre- and post-trade margin and collateral analytics for derivatives markets,
announced that the two firms have entered into a strategic partnership to integrate Cassini analytics into BlackRock’s Aladdin®
platform. The integration will allow mutual clients to factor margin-based analytics into their pre- and post-trade decision-making.
Integrated into the Aladdin platform, Cassini’s margin analytics capabilities will empower traders, portfolio managers and operations
professionals to better understand and control margin requirements at all stages of the trade lifecycle. This includes the ability to
analyze drivers and movement in margin exposure, identify opportunities to optimize collateral, and maximize margin efficiencies
across the entirety of a firm’s book of business. The partnership builds on existing Aladdin derivatives capabilities to provide
pre-trade margin comparison and collateral optimization. The announcement is part of BlackRock’s multi-year investment in the
Aladdin platform’s derivatives functionality to enable clients to comply with post-financial crisis regulations, including those subject
to the Uncleared Margin Rules (UMR). BlackRock and Cassini will first offer joint pre-trade initial margin capabilities in September.
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CME Group (USA) and Mayor Lightfoot Award Scholarships for Star Scholars
to Continue Education at Four-Year Colleges and Universities-ennnn
33
CME Group the world's leading and most diverse derivatives marketplace and Chicago Mayor have awarded 25 Star Scholars with scholarships towards
earning a degree at a four-year college or university. The award recipients recently graduated from City Colleges of Chicago with an associate degree
and will receive a $5,000 scholarship from CME Group to continue their education, helping create more equitable opportunities for hardworking
students in Chicago. For the fifth consecutive year, CME Group has selected 25 Star Scholar students from City Colleges of Chicago who graduated in
May and summer 2021 with a cumulative GPA of 3.0 or above. The scholarships will support them in furthering their college career with a bachelor's
degree in accounting, business management, math, computer science (IT), finance or economics at one of the Chicago Star Partner colleges and
universities in the fall. The Chicago Star Scholarship program at City Colleges of Chicago has helped more than 10,500 CPS graduates pursue their
associate degree debt-free with 85% being Black and Latinx. Star Scholars are diverse, representing the diversity of Chicago and more than 175 CPS
high schools. Forty-eight percent of first-time, full-time Star Scholars who started in fall 2017 graduated from City Colleges within three years,
exceeding the national average for community colleges. CME Group joined the Star Scholars movement in 2017 after a long partnership with the City
of Chicago on initiatives designed to help make college more affordable and attainable for CPS graduates.
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Balder (Germany) and Serneke in a joint housing project in Umeå
34
Balder and Serneke have been jointly awarded a land grant by Umeå municipality for a block in the Tomtebo Gård area, one of the largest housing projects
in Umeå. The joint proposal from the companies comprises approximately 200 apartments, both rental and condominiums in various sizes, from 1 to 5 rooms
and between 25-130 square meters. A number of townhouses are also included in the proposal for the block. Great focus has been placed on both
environmental and social sustainability aspects in the proposal, which includes energy solutions with solar cells and recycled heat from wastewater as well
as the choice of non-toxic and recyclable building materials. The social and health qualities of the neighborhood's outdoor environments are also prominent
in the proposal, where green farms, opportunities for movement and meeting places have been prioritized. The project is carried out and certified in
accordance with the requirements for Miljöbyggnad Silver. The proposal's sustainability ambitions have also been highlighted in the municipality's
motivation for the award:
• It feels very fun to, together with Serneke, have been given the confidence to realize this nice housing project. This will also be Balder's first establishment
in Umeå, which is a very exciting and long-awaited step, says Emil Engelbrektsson, Sweden Manager Real Estate Development at Balder.
• The parties shall, after signing the land allocation agreement, in a first stage further develop the proposal for a building permit. Planned construction start
is in the spring of 2022 and the homes are expected to be completed from the turn of the year 2023/2024 onwards.
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Exor (Netherlands) and the World-Wide Investment Company Limited Join
Forces to Invest In and Support Italian Consumer Goods Excellence
35
Amsterdam and Hong Kong. Exor N.V. one of Europe’s leading family-controlled holding companies, and The World-Wide Investment Company Limited
Hong Kong’s oldest family office, announce a partnership between two multi-generational entrepreneurial families to invest in and support the global
development of medium-sized Italian companies specialising in consumer goods excellence. A new company to be called NUO S.p.A. will be owned 50%
by a WWICL company, and 50% by Exor. Tommaso Paoli, will become CEO of NUO S.p.A. Italy is rich in medium-sized enterprises with strong expertise,
renowned creativity and brand authenticity in consumer goods and particularly in the high-end segments of the market. NUO will unite the knowledge,
experience and networks of its founders, to help its companies make their Italian expertise, creativity and authenticity available to global consumers, and
especially in fast-growing Asian markets. NUO inherits from its founding partners a clear purpose, values and long-term investment horizon as well as a deep
understanding of family and owner-operated companies. It will provide not only capital but also support on how to achieve greater scale while continuing to
nurture the culture and uniqueness that differentiate its companies. NUO will be endowed with initial permanent capital of €300 million, contributed equally
by its founders including a 30% shareholding in Ludovico Martelli S.p.A. Founded in 1908, Fiesole-based Ludovico Martelli is a personal care products
company known for its storied brands including Marvis, Sapone del Mugello, Valobra and Proraso. It is a fine example of the excellence of Italy whose global
development NUO will invest in and accelerate.
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Arab Financial Services and Discover (USA) Sign Network Alliance Agreement
36
Arab Financial Services the leading digital payment solutions provider and fintech enabler in the Middle East and Africa, and Discover, a digital
banking and payments services company, have signed a strategic network alliance agreement that will increase the global acceptance footprint for both
organizations. The agreement will initially give Discover, Diners Club International and network alliance cardholders the ability to use their card on
AFS Android-based point-of-sale (POS) terminals across the Kingdom of Bahrain. All AFS POS terminals are enabled for contactless debit and credit
card payments. Discover, Diners Club International and network alliance cardholders will be able to use their cards for the first time in Bahrain through
this strategic alliance. It also enhances the AFS strategy to bring new entrants into the Bahrain market, and AFS banks can opt to issue credit cards that
will have access to the Discover Global Network for international purchases and cash access outside of Bahrain. When AFS banks begin to issue AFS
Global Cards, cardholders will have access to more than 50 million merchants in 200 countries and territories as part of the Discover Global Network.
As the first smart Android-based, integrated POS terminals in Bahrain, the AFS world class payment acceptance solutions give merchants and
customers access to state-of-the-art tools for payment. Additionally, AFS’ many value-added benefits include acceptance of all major card schemes,
multi-lane integration for hypermarkets, dynamic currency conversion, loyalty programs, easy payment plans, analytics, bill payment and merchant
lending.
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Hong Kong Exchanges (Hong Kong): The Exchange and Frc to Strengthen
Collaboration
37
The Stock Exchange of Hong Kong Limited a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited
and the Financial Reporting Council signed a new Memorandum of Understanding (MoU) to further strengthen
collaboration between the two organisations, in ensuring the upholding of quality financial reporting by listed entities and
their auditors. The new MoU replaces the one signed in 2007 and facilitates efficient and effective collaboration between
the Exchange and the FRC in respect of the Financial Reporting Council Ordinance’s regulation of public interest entity
auditors and the compliance by listed entities with regulatory requirements in financial reporting. Key modes of
collaboration include liaison, coordination and cooperation in cases of mutual interest, mutual referral of complaints and
cases, exchange and use of information and mutual assistance. To ensure proper coordination of their regulatory efforts,
the Exchange and the FRC have also agreed to notify each other when preparing and issuing policies or guidelines that
may have a significant impact on their respective regulatory functions.
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Macquarie (Australia) Capital announces strategic partnership with Prime
Data Centers
38
Macquarie Capital, the advisory, capital markets and principal investment arm of Macquarie Group, announced that it has formed a strategic
partnership with and made an equity investment in Prime Data Centers, a California-based wholesale data center developer and operator with
several existing facilities and a robust pipeline of data center projects throughout the Americas and Europe. Macquarie Capital will lend its
infrastructure investing and development capabilities, along with its growing expertise in the digital ecosystem to Prime’s expertise in delivering
and servicing data center infrastructure solutions to enterprise and hyperscale companies. The partnership has targeted capital investments in
excess of $US5 billion over the next 10 years. Corporations and other institutions are increasingly relying on data centers to house critical
applications amid continued exponential growth in data globally. The global data center colocation and interconnection market is estimated to be
worth $US53.9 billion and projects at a compound annual growth rate of 11.4 per cent, according to Structure Research. This investment is being
led by specialists within Macquarie Capital’s Infrastructure Investment and Development team that focus on asset creation and stabilization
opportunities within the broader digital infrastructure ecosystem, including towers, data centers, fiber, small cells and other related digital
infrastructure assets. This team invests balance sheet capital to sponsor, develop and grow landmark projects that create new digital, transport and
social infrastructure.
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Mastercard (USA) partners with FCLTGlobal
39
Mastercard has joined FCLTGlobal as the non-profit’s latest member. Mastercard joins 60 other companies and investors who are looking
to use insights and research to enhance the impact of their respective efforts to support a long-term, sustainable economy. FCLTGlobal
develops research and practical tools to help rebalance capital markets by focusing on key areas of governance, incentives, strategy,
investor-corporate engagement, and public policy. Members participate in action-oriented programming, fund ongoing operations, and
promote strategies that support increased education and participation by investors worldwide. Through its partnerships, Mastercard is
able to create, support and grow networks for long-term sustainable change that will positively impact the future of the economy and the
planet. Some of the company’s recent efforts include a pledge to reach net-zero emissions by 2050, a $600 million sustainability bond
offering, our In Solidarity action plan to combat racism, our ongoing work to bring 1 billion people into the digital economy by 2025 and
a carbon calculator tool for consumers to track and reduce the estimated carbon footprint of all their purchases. Mastercard recently
introduced plans to link senior executive compensation to Environmental, Social and Corporate Governance (ESG) initiatives, namely
carbon neutrality, financial inclusion, and gender pay parity.
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Bilt Rewards and Mastercard (USA) team up to launch the Bilt Mastercard:
The first credit card with no fees on rent payments
40
Bilt Rewards the new renter loyalty program launched by an alliance of the country’s top real estate owners, and Mastercard announced a multifaceted
partnership to launch the Bilt Mastercard. The co-brand credit card offers renters across the United States a way to pay rent via credit card with no fees,
earn points on their largest expense, raise their credit history with every on-time rent payment, and build a path towards homeownership. The Bilt
Mastercard includes several features that meet the needs of consumers:
• No transaction fees: The Bilt Mastercard is the first card to waive transaction fees for both the cardholder and the property owner, in addition to
offering cardholders rewards points at no cost. The card also has no annual fee, allowing cardholders to experience the full value of their rewards.
• Protected payments: To ensure renters aren’t using up their credit line or risking debt to finance rent, Mastercard and Bilt Rewards collaborated to
create BiltProtect by tapping bill payment processing and open banking through Transactis and Finicity, both Mastercard companies. When enabled,
the Bilt Mastercard preserves a cardholder’s credit line and directly pulls funds from their linked bank account with each rent charge, effectively
keeping credit lines open for other purchases.
In addition to the Bilt Mastercard, Bilt Rewards and Mastercard will continue to collaborate to offer cardholders innovative new products, benefits and
experiences.
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Mastercard (USA) Partners with Conservation International to Protect and
Restore Wildlife Habitats through New Line of Wildlife Impact Cards
41
Mastercard and Conservation International announced the introduction of the Wildlife Impact Card program which enables consumers to help protect
wildlife habitats, including those that are home to many Critically Endangered species. Across the world, habitat loss poses the greatest threat to
wildlife, with 1 million animal and plant species now at risk of extinction. As more people increasingly express personal intent to help protect the
environment and wildlife, the Wildlife Impact Card program offers consumers an opportunity to contribute to Conservation International’s efforts to
conserve the habitats of many Critically Endangered species globally, including the Sunda Pangolin, African Forest Elephant, Peruvian Yellow-Tailed
Woolly Monkey and the Black-and-White Ruffed Lemur. This program will help promote awareness of the urgent need to preserve the habitats of these
and more than 2,000 other Critically Endangered Wildlife species, with card expiration dates that aim to highlight the short timeframe to help protect
many of these animals. The Wildlife Impact Card program is available to issuers globally. The first card offerings launch in the U.S. in partnership with
Usio, with virtual prepaid cards available now that can be added to any mobile wallet. Physical cards made from 100% recycled materials will launch
this summer. For each card purchased, $1 will be donated to Conservation International to help protect and restore wildlife habitats, including priority
areas equal to 40 million hectares of landscape and 4.5 million square kilometers of seascape globally by 2030. Consumers are also offered the
opportunity to further support the cause by contributing to Conservation International through the Mastercard Donate platform.
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Morgan Stanley (US) Launches Next Level Fund in Partnership with Hearst,
Microsoft and Walmart to Invest in Diverse Start-Ups
42
Morgan Stanley Investment Management and the Multicultural Strategy Group announced it has launched Morgan
Stanley Next Level Fund, L.P. The Fund, part of MSIM’s Private Credit & Equity platform, will invest in primarily
early-stage technology and technology-enabled companies with women or diverse members as part of the founding team
from target sectors including technology, consumer/retail, financial technology, healthcare and media & entertainment.
Investors in the strategy include the key inaugural corporate partners: Hearst, Microsoft and Walmart. This new strategy
will build upon the expertise of the Morgan Stanley Multicultural Innovation Lab, Morgan Stanley’s in-house start-up
accelerator, and HearstLab, which provides cash investment and services to early-stage, women-led startups. The team
anticipates partnering with additional corporate organizations that share similar strategic interests. The Next Level Fund
is based and operated out of Morgan Stanley’s New York headquarters. Debevoise & Plimpton has been retained as
counsel for the Fund.
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Morgan Stanley (US) and Microsoft Collaborate to Accelerate Cloud
Transformation
43
Morgan Stanley and Microsoft Corp. on Wednesday announced a strategic cloud partnership aimed at accelerating the firm's digital
transformation and shaping the future of innovation in the financial services industry. The companies will strike a unique collaboration to
unlock the opportunities that Microsoft's cloud provides with a specific view toward the challenges of financial services and enabling
Morgan Stanley to accelerate the modernization of its IT environment to enhance client, employee and developer experiences. The
financial services industry faces ever-evolving customer needs, dynamic markets, a complex regulatory landscape and increasing cyber
threats, requiring secure and scalable solutions that will empower businesses and clients to manage complex data tasks, growing risk and
rising demand for real-time insights. By bringing together the world-class engineering power of the Microsoft Azure and Morgan Stanley
Technology teams, the partnership will tap into both companies' deep engineering expertise to solve challenges within the highly
regulated financial services industry. Microsoft is providing Morgan Stanley with a secure and compliant platform with data privacy at
the center that will fuel the firm's cloud transformation and scale across natively integrated platforms to dramatically improve developer
experience to drive innovation.
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SEI (USA) American Funds Strategies Expands with U.S.-Focused Offerings
44
SEI announced the expansion of its strategic partnership with Capital Group ®, home of American Funds®, adding U.S.-focused
strategies to the SEI American Funds® Strategies family. The new solutions provide greater investment flexibility for independent
advisors through the SEI Wealth Platforms (Platform). Complementing the existing global-oriented line-up, the expansion includes new
solutions that emphasize allocations to U.S. companies across risk tolerances and common investment objectives, including growth,
stability and income. Together, they allow advisors to choose between U.S.-focused and global exposures in order to more effectively help
achieve clients’ financial goals. Launched in June 2020, the SEI American Funds Strategies support a transparent and cost-effective
goals-based wealth management approach, offering broad diversification across a variety of asset classes. They use a core selection of
American Funds accessed through low-cost F-3 shares and are securely held in the SEI Private Trust Company. With SEI’s Investment
Management Unit’s¹ investment oversight and asset allocation approach, as well as American Funds’ objectives-based mutual funds, the
portfolios provide scale and efficiency for advisors guiding their clients in the pursuit of their financial goals.
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Fannie Mae (USA) Extends Protections for Renters Affected by COVID-19
45
To continue to support renters in multifamily units and Fannie Mae-financed multifamily property owners experiencing financial
difficulties as COVID-19 persists, Fannie Mae announced the extension of its multifamily COVID-19 forbearance program
through September 30, 2021. The program, which requires landlords to suspend all evictions for renters unable to pay rent during
the forbearance period, was formerly set to expire on June 30, 2021. For any Fannie Mae-financed multifamily properties with a
new or modified forbearance plan as the result of a financial hardship due to COVID-19, the property owner must inform tenants
in writing about tenant protections available during the property owner’s forbearance and repayment periods. In addition, the
borrower is required to provide tenant protections, which include:
• Allow the tenant flexibility to repay back rent over time and not in a lump sum;
• Not charge the tenant late fees or penalties for non-payment of rent; and
• Give the tenant at least a 30-day notice to vacate.
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Morgan Stanley (US) Donates $5 Million to 22 Hunger Relief Organizations
Worldwide Through Move for Meals Campaign
46
Morgan Stanley announced a donation of $5 million to 22 hunger relief organizations worldwide, equaling 50 million meals, as a result of its latest
employee campaign: Move for Meals. From June 1-6, 15,086 employees in more than 533 cities around the world participated in the Move for Meals
campaign, walking over 690 million steps to raise funds and awareness for global hunger. The Morgan Stanley Move for Meals campaign builds on the
Firm’s ongoing commitment to children’s health and providing sustained access to nutritious food. Morgan Stanley hosted its first Move for Meals
campaign in October 2020 that resulted in a donation of $2.5 million to hunger relief organizations worldwide, equaling 25 million meals. However,
the needs of communities are still dire with one in four people malnourished globally, and, in the U.S., Feeding America® projects that approximately
42 million people, including 13 million children, could face hunger this year due to the pandemic. Since the start of the pandemic, food banks across
the U.S. and around the world have seen both their food supplies drop and their demand increase. During the first twelve months of the pandemic,
Feeding America member food banks saw an estimated 55% increase in the number of people seeking food assistance. Morgan Stanley (NYSE: MS) is
a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With
offices in more than 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals.
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Miscellaneous Updates

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CME Group (USA) Integrates FX Link with Bloomberg to Support Market Data
Distribution and Execution and to Expand FX Swaps Pricing and Liquidity
47
CME Group, the world's leading and most diverse derivatives marketplace, announced that market data and order entry functionality for FX Link are now
available on the Bloomberg Terminal to enable market participants to electronically access pricing, liquidity and trading for FX swaps in G5 currency pairs.
The integration provides mutual clients with access to new FX futures contracts through Bloomberg's ISV, Tradebook. It also strengthens FX Link's position
as a cleared and capital efficient central limit order book for FX swaps, which leverages existing OTC and futures workflows. Through the integration with
Bloomberg, a larger group of market participants are able to view and execute FX Link's firm liquidity pool. FX Link delivers a differentiated liquidity pool,
supported by a diverse set of participants, including banks, non-bank liquidity providers, hedge funds and asset managers. CME Group, the Globe logo,
CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are
trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile
Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec, EBS, TriOptima, and Traiana are trademarks of BrokerTec Europe LTD,
EBS Group LTD, TriOptima AB, and Traiana, Inc., respectively. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks
of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been
licensed for use by Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners.
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Hkex (Hong Kong) Welcomes First Etf Cross-Listings in Hong Kong and
Shanghai
48
Hong Kong Exchanges and Clearing Limited are pleased to welcome the first Exchange Traded Funds (ETFs) listings
in Hong Kong and Shanghai under the new Hong Kong-Mainland ETF Cross-listing Scheme announced in 2020. The
new ETF listed in Hong Kong – CSOP Huatai-PineBridge CSI Photovoltaic Industry ETF (Stock code: 3134) – has
been approved by the Securities and Futures Commission. Through the Renminbi Qualified Foreign Institutional
Investor (RQFII) status, the ETF invests 90 per cent or more of its total net asset in an ETF approved by the China
Securities Regulatory Commission and currently listed on the SSE. Hong Kong’s ETF market has one of the most
diverse product offerings in Asia, and is being broadened further with growing exposure to China’s new economy. As
at 28 May 2021, the over 140 Hong Kong-listed ETFs trade over $7.6 billion a day, up from an average daily turnover
of $6.4 billion in 2020, with assets under management at over $400 billion.
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Deutsche Börse (Germany) Bank and Investec arrange financing to revitalise
Ghana’s railways
49
The project is part of the Republic of Ghana’s initiative to expand and develop its rail network infrastructure updating the route to make
it safer and faster while providing an alternative to less environmentally friendly modes of transport, such as haulage trucks and private
cars. The 600 million euro financing consists of two loans in favour of Ghana’s Ministry of Finance. Deutsche Bank acted as mandated
lead arranger (MLA) for both loans. The first, backed by EKN and fully arranged by Deutsche Bank, is a 523 million euro loan covering
the bulk of the cost. The second is a 75 million euro commercial loan arranged and structured by Investec to cover the down payment on
the EKN-backed financing. It is backed by ECIC and funded by a syndicate of Investec Bank Ltd, Rand Merchant Bank, a division of
FirstRand Bank Limited, Nedbank Limited (London branch) and Sanlam life Insurance Limited (acting through its Sanlam Capital
Markets division). Engineering, Procurement and Construction (EPC) contract of the project will be carried out by Amandi Investment
Ltd with Bluebird Finance & Projects Ltd acting as lead financial advisor for the EPC. This transaction is one of a number of recent major
infrastructure financings for Investec in Ghana involving the support of African based EPC contractors with export credit supply chain
financing solutions, with two further projects currently in financial close in the health and transportation sectors.
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