Non-profit trading utility Plato Partnership
has received support from four buy-side firms in a major boost to the
AXA Investment Managers, Union Investment,
JP Morgan Asset Management and Fidelity Worldwide Investment have all confirmed
their participation in Plato Partnership, which will use revenue generated to
fund academic research into market structure.
They join existing participants, including
Deutsche Asset & Wealth Management, Norges Bank Investment Management, UBS,
Barclays, Citi, Deutsche Bank, Goldman Sachs, JP Morgan and Morgan Stanley.
Paul Squires, head of trading at AXA Investment
Managers, said: "Having the opportunity to get involved with Plato Partnership
at such an early stage is very exciting for us.
“The prospect of guiding the sell side
towards the launch of a not-for-profit project such as this is unique – I don’t
believe that the buy and sell side have ever worked together in this way
before, and we are proud to be a part of that.”
Plato consists of a non-profit trading
utility for block trades, aiming to reduce costs and offer deep liquidity. It
will operate alongside the Market Structure Innovation Centre, which will
conduct research into better ways to execute trades and processes to lower
costs ad improve the quality of the trading experience for participants.
Plato Partnership expects to launch in