News review : Fixed income

PROJECT NEPTUNE MOVES FORWARD.

Sassan Danesh, Etrading Sortware
“It’s really the first time in fixed income there is a robust mechanism to allow the exchange of inventory data between market participants” Sassan Danesh

Project Neptune, a plan for boosting liquidity in the European and US corporate bond market, have agreed to a common protocol for exchanging information about dealer inventory available in the market.

The project which is expected to launch first in Europe, is the financial industry’s most widely supported attempt to overcome growing fears of a dearth of liquidity in fixed income markets as technology overhauls the industry and tougher regulation makes it potentially more difficult to trade bonds

It is backed by 12 banks and 16 European financial institutions, including sellside firms Goldman Sachs, Morgan Stanley, State Street Global Advisors, BNP Paribas, Credit Suisse, JPMorgan and asset managers Aviva Investors, Axa IM, Nordea Investment Management and Standard Life Investments.

The project is not intended to be a trading platform for executing trades, but rather a network for sharing information on available dealer inventory of corporate bonds, the Wall Street Journal reported.

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