Neptune, an open standards network utility for pre-trade indications in bond markets, has completed connectivity to Fidessa’s buy-side OMS platform to distribute high quality pre-trade data to assist the buy-side with liquidity and price discovery utilising their existing workflows.
Neptune continues to garner industry momentum as market participants see the benefits of collaboration within this network utility.
Neptune was set up by Etrading Software and a group of over 40 major banks and asset managers in 2014. Last year, Finance Magnates reported that the banks involved in the Neptune collaboration had been granted a new utility in the form of pre-trade indications. Neptune is now looking to expand from its initial focus of just European IG/HY corporate bonds, to a portfolio reflecting the global nature and reach of its user base.
Neptune now has 17 dealers have committed to the platform and over $60 billion of gross notional and twelve thousand line items, referencing over 8 thousand ISIN’s across IG/HY/EM and Covered bonds and 20 CCY’s.
ATFX Thanks NHS Frontline Workers with 1k Fruit Boxes DonationGo to article >>
Paul Nokes, CEO, Fidessa Buy-Side, commented: “With the markets undergoing fundamental change, initiatives like Neptune that help buy-sides discover liquidity and price information for fixed income instruments are a big step forward in enabling investment managers to access these markets.”
Neptune offers a commoditised and open standard FIX network that allows banks and investors to exchange controlled and targeted real-time axe and inventory using a robust data governance model that minimises unintended information leakage.
By focusing on the creation of a technology utility to exchange this information directly between market participants, Neptune enables greater transparency of trading interests across the marketplace between buyers and sellers of bonds including banks and investors.
The Neptune network helps asset managers connect to the sell-side via any combination of the Neptune GUI, their own in-house developed OMS or an external OMS provider such as Fidessa. The flexibility of connectivity options means they will be receiving pre-trade indications from multiple banks in real time through a single connection that can be integrated into their own in-house workflows.
Grant Wilson, Partner, Etrading Software, said: “Enhancing the flow of electronic pre-trade information has been a focus of market participants for many years. For Neptune to have achieved this in a relatively short period of time is testament both to our core principles of standardisation and also to the tremendous support we have had from banks and asset managers who have collaborated closely with us and each other, in order to create an open standard, technology-based, non-profit utility.”