By Flora McFarlane.
Neptune has announced that MUFG (Mitsubishi UFJ Financial Group) is the latest bank to join its fixed income network, bringing the total number of participating banks up to 25.
Neptune’s network supplies bond axes and inventory data from bank counterparts to buy-side clients. With high quality data from counterparts, institutional investors can be more effective and targeted when dealing with large-sized bond orders.
The standardised, real-time information is provided to buy-side firms via order and execution management systems.
“MUFG will further satisfy buy-side client demand for data in the bond market to meet pre- and post-trade needs, including managing liquidity risk in response to SEC rule 22e-4”, said Grant Wilson, CEO of Neptune.
With twenty-one bond dealers already live on the network, Neptune reports that it provides axe information in real-time on over 30,000 different securities. The total gross notional across 20 different denominations is over US$140 billion, including US$50 billion in US liquidity.
Earlier in the month, Rabobank and TD Securities announced their participation in the network, joining firms such as Nomura, Bank of America Merrill Lynch, Citi and Deutsche Bank.
The 22nd bank is set to go live in late August and 3 other banks are reportedly looking to join shortly after, which could drive the network to a US$200 billion/40,000 real-time pre-trade ‘axe’ indications level in the near future.
TOP OF PAGE