Equity book-building platform, Appital, has built and deployed its desktop application on OpenFin, the interoperability operating system.
Appital is designed to support equity capital markets (ECM) by allowing buy side firms to get greater exposure to deal flow opportunities they might not have been able to access before, helping portfolio managers and heads of trading build a comprehensive picture of liquidity, including illiquid, small and mid-cap stocks.
The Appital platform also intends to provide deal originators with the opportunity to execute large volumes with minimal market impact or risk of price erosion. It offers an allocation methodology that is contrasted with existing legacy practices that are mainly driven by phone interactions in the ECM space, lacking fully automated audit trails.
By making the Appital platform available on OpenFin, the firm believes deal originators will benefit from a real-time view of the book building activity and platform interactions directly on their desktop. At the same time, deal participants will receive notifications from their Appital desktop application, should a deal be of relevance to them.
Mark Badyra, CEO and co-founder of Appital, said, “Outdated legacy practices and a lack of innovation in equity capital markets have restricted the ability for buy side firms to access small and mid-cap or highly illiquid instruments for too long. We believe technology has a key role to play in transforming ECM, much as OpenFin has changed the landscape for capital markets desktops.”
Building on OpenFin supports application interoperability with third-party applications already built on OpenFin, making workflows for asset managers and hedge funds participating in book building processes more automated and efficient.
OpenFin currently claims to deploy over 1,200 applications across more than 225,000 desktops at 1,500 institutions, in more than 60 countries. Interoperability comes as standard for all applications built on OpenFin OS, allowing them to share information, context and intent with third party apps in a permissioned manner.