FIXED INCOME

Rabobank and TD Securities become latest to join Neptune

Neptune’s network now has 24 dealers committed to providing data on axes in real-time.

By Hayley McDowell hayley.mcdowell@strategic-i.com August 01, 2017 9:00 AM GMT

Rabobank and TD Securities have become the 23rd and 24th dealers 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.

It already has 21 dealers live and providing axe information in real-time, with the 22nd bank expected to go live in August this year.

In May, Bank of America Merrill Lynch joined the network, following other investment banks like Citi, Jefferies, Nomura and Deutsche Bank.

Grant Wilson, CEO at Neptune Networks, explained the addition of Rabobank and TD Securities now indicates the maturity of the platform.

“Both banks are important counterparties 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.

Neptune’s network provides axe data on more than 30,000 securitise with over $140 billion in gross notional across 20 denominations, which is generated from over 30,000 pre-trade axe indications daily.