Liquidnet adds live deals through OMS to primary markets offering

Invesco Asset Management and Charles River Development (CRD) were the first to facilitate the new functionality earlier this year following an initial testing period.

Liquidnet has expanded its primary markets offering with the addition of live market deals from buy-side order and execution management systems (OEMS) to participating syndicate banks.

Launched in September last year, Liquidnet Primary Markets is intended to electronify end-to-end workflows for new issue announcements in the debt capital markets (DCM) – a notoriously complex process that has previously relied heavily on manual processes and communications.

Since its launch, Liquidnet claims to have expanded its number of participating banks from 10 to more than 30 in Europe, covering roughly 80% of European new deal announcements.

With the introduction of new technologies comes an adoption curve. Our Primary Markets solution is unique in that it brings solutions to challenges that have existed for decades. For the implementation of new technologies to be effective, we believe it is crucial to understand the needs of the industry as a whole and that’s exactly what we’ve done,” Mark Russell, global head of fixed income at Liquidnet, told The TRADE.

“We have worked extensively with top banks, asset managers and critical market participants to deliver this solution that is now available as both a standalone solution and completely integrated with other systems and tools that our clients already use. And despite the difficulty in coordinating across multiple solution providers, we have found many partners who, just like us, are eager to collaborate to bring efficiencies to the current debt issuance workflow.”

Liquidnet Primary Markets won the Editors’ Choice award for Best Electronic Trading Initiative at Leaders in Trading 2022.

“We’ve been on this electronification journey alongside the buy-side for a number of years now. We made great progress and launched our Primary Markets solution a year ago,” said Jonathan Gray, head of primary markets for EMEA at Liquidnet.

“Since then, we enabled investors to send orders via their E/OMS, we partnered with firms involved in this electronification effort and we grew our network of participating syndicate banks substantially. With these live deals, we have now proven that it all works, that we got there.”