FIXED INCOME

Citi and Deutsche Bank take stakes in Neptune network

Citi and Deutsche Bank have agreed to provide data to bond network and will join the board alongside JP Morgan and Goldman Sachs.

By Hayley McDowell hayley.mcdowell@strategic-i.com November 10, 2016 9:44 AM GMT

Bond market initiative Neptune has announced both Citi and Deutsche Bank have agreed to provide data for its network and taken stakes in the company.

The Neptune network provides a venue for dealers to share information with investors on bonds they are looking to buy or sell.

The network consists of 17 dealers who are now using real-time data on 11,500 bond securities with over $100 billion in gross notional across 20 different denominations, Neptune said.

Citi and Deutsche will also join the likes of JP Morgan, Credit Suisse and Goldman Sachs on its network board.

Chief executive officer at Neptune Networks – a subsidiary of Neptune – Grant Wilson, said the addition of Citi and Deutsche Bank “is an important step to expand the reach and scope of the Neptune pre-trade data network.”

Neptune also announced an upgrade to its desktop with the addition of a watch list tool which provides a route to new clients for access to the network. 

The initiative said whilst the new tool is an important addition, “Neptune remains focused on enabling asset managers to use their preferred method of visualising the pre-trade data – this includes in-house OMS, third-party OMS vendors or a direct FIX connection.”