BondAuction has announced its closure, citing a lack of market adoption.
The platform was designed to improve transparency and efficiency in syndicated bond issuance and enhance price discovery. A live transaction with The Housing Finance Corporation was conducted earlier this year.
READ MORE: BondAuction completes inaugural trade
However, BondAuction said, the onboarding process was too burdensome for underwriters to embrace the service and it ultimately could not sustain operations.
Spencer Maclean, BondAuction co-founder, commented, “We are gutted that we could not get further. The problem remains unsolved, and we hope the work we have done can inform whoever takes it on next.”
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