Jefferies and Nomura have become the latest to join Neptune’s open-standard network for bond AXE indications.
The network provides a venue for institutional investors to access sell-side pricing on bonds they are looking to buy and sell.
The addition of Nomura and Jefferies is an “important step forward in the development of our open access. Non-discriminatory network,” Grant Wilson, chief executive officer at Neptune Networks said.
Jefferies and Nomura join the likes of Citi and Deutsche Bank - who joined the network in late 2016 - with 21 bank covering approximately 90% of the European credit market for buy-side customers.
“Beyond that we continue to expand our USD product coverage and connectivity to the US-based desks of these banks,” Neptune said.
Currently, 17 bond dealers are live on the platform, with a further four expected to go live in the first quarter this year.
There are over 13,500 securities available across 20 denominations, with almost 20,000 AXE indications in the system.
Wilson added: “Identifying the client pain points, for Neptune to solve, was critical.
“It wasn’t simply a matter of considering the issues surrounding pre-trade data in the corporate bond market – it was focusing on aspects that were common amongst market participants and that could be addressed by technology: structure, distribution and quality.”
In January, Neptune Networks hired fixed income sales specialist, Byron Cooper-Foggarty, as it moves forward with its US expansion plans.
Cooper-Foggarty will head up sales for Neptune Networks focusing on developing client relationships and engaging with both its buy- and sell-side clients.