Business
DelphX Enters into Business Consultant Agreement with Cardiff Associates to Accelerate Commercialization Timeline
Toronto, Ontario--(Newsfile Corp. - April 26, 2023) - DelphX Capital Markets Inc. (TSXV: ...
About this update from Delphx Capital Markets, Inc.
[{"type":"text","content":"DelphX Enters into Business Consultant Agreement with Cardiff Associates to Accelerate Commercialization TimelineToronto, Ontario--(Newsfile Corp. - April 26, 2023) - DelphX Capital Markets Inc. (TSXV: DELX) (OTCQB: DPXCF) (\"DelphX\"), a leader in the development of new classes of structured products for the fixed income market, announces that the Company has today entered into a business consultant agreement with Cardiff Associates (\"Cardiff\"), a US-based organization that specializes in financial services development. Cardiff will provide comprehensive advisory services to support the implementation of the DelphX business strategy, specifically relating to proprietary products addressing rating changes, and corporate downgrade and upgrade structures. As a reminder, DelphX recently introduced a novel Credit Rating Security (CRS) product, which represents an industry-first solution that gives bond holders and traders the ability to position against potential rating changes on existing bonds.Under the terms of the agreement, Cardiff will receive 1MM options with a two-year maturity and an exercise price of $0.15 per common share; along with the right to gain additional compensation by achieving the following major milestones: The first commercial transaction by a new customer on the DelphX platform;Establishment of a DelphX network, platform, or other structure capable of providing consistent liquidity for DelphX products and/or services, as defined by gaining four (4) or more market makers on fifty (50) or more underlying names; Establishment of a stable, scalable issuance mechanism for DelphX products and/or services (e.g., reducing corporate issuance and settlement process from T+3 to T+2, T+1, and/or inter-day);The first commercial sale of a DelphX index product/service;The first commercial sale of a DelphX asset management wrapper product encompassing a DelphX index product or service.\"Individually these are all major milestones for us, but collectively they are a company-maker because they would represent the establishment of a new market to support one of the world's largest asset class,\" explained DelphX CEO Patrick Wood. \"Teaming with Cardiff gives us access to advisors with decades of experience in the global financial markets, both operationally and at the board level of some of the industry's leading internation...