FIXED INCOME

MUFG joins Neptune’s bond axes network as 25th dealer

Neptune’s network provides the buy-side with bond axes and inventory data from major investment banks.

By Hayley McDowell hayley.mcdowell@strategic-i.com August 14, 2017 9:48 AM GMT

Neptune has confirmed the addition of MUFG to its fixed income network for axe indications, bringing the total number of participating dealers to 25.

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.

MUFG joins Rabobank and TD Securities who signed up to the network earlier this month, as well as Deutsche Bank, Citi, Nomura and Bank of America Merrill Lynch.

Grant Wilson, CEO of Neptune Networks, explained the addition of MUFG is testament to the network model in an ever-changing regulatory environment. 

“MUFG is important to the users of Neptune in their areas of the market and will further satisfy buy-side client demand for the highest-quality data in the bond market to satisfy pre and post-trade needs including managing liquidity risk.” he said.

The network offers axe data on more than 30,000 securities with over $140 billion in gross notional across 20 denominations, which is generated from over 30,000 pre-trade axe indications daily.

The information is delivered to buy-side firms via order execution management systems.

The 22nd bank is due to go live on the network later this month and with three further banks to join after that, the network will reach $200 billion in gross notional with 40,000 real-time pre-trade ‘axe’ indications, Neptune said.