FIXED INCOME

BAML becomes latest to join Neptune’s network

Neptune Networks now has 22 banks signed up to join its network for axe indications.

By Hayley McDowell hayley.mcdowell@strategic-i.com May 16, 2017 2:27 PM GMT

Bank of America Merrill Lynch (BAML) has become the latest investment bank to join the fixed income network for ‘axe’ indications, Neptune.

The network provides a venue for investors to sift through bond axes and inventory data from bank counterparts and allows a more targeted approach to executing large size orders in fixed income.

BAML joins the likes of Citi, Deutsche Bank, Jefferies and Nomura who joined the network last year and earlier this year.

Citi and Deutsche Bank also agreed to provide data for the network and took stakes in the company in November last year.

Currently, 19 bond dealers are live on the network providing axe data on over 14,500 securities with over $131 billion in gross notional across 20 different denominations.

Grant Wilson, CEO of Neptune Networks, explained the addition of BAML means Neptune Networks now include the leading fixed income market makers.

“This is an important step forward in the development of our open-access, non-discriminatory network and will make these markets more efficient,” he added.

BAML will provide its data to the network in the second quarter this year.