Sell-side negotiation platform Squawker has signed up more than 70 firms as part of its initial European rollout.
The platform aims to provide a neutral venue for sell-side firms to negotiate high-touch orders that they cannot match internally, free of algorithms and high-frequency trading.
Squawker confirmed it has signed up more than 70 sell-side firms from 13 European countries and expects to break the 100-mark by year end.
Clients include tier-1 investment banks and agency brokers as well as private banks and other niche sell-side firms.
The bulk of clients are based in London though the platform has also experienced strong demand in the Nordic market and is currently in discussion with a number of Nordic sell-side businesses. It expects its community to consist of around 80% of all Nordic sell-side firms in the near future as more onboard.
Squawker also expects to have around 50% of sell-side liquidity flow in Germany on board by November.
Chris Gregory, CEO and co-founder of Squawker, said: “By the very nature of the breadth, diversity and plurality of Squawker’s community, with natural flow interacting with risked capital flow, Squawker helps participants find their opposites to negotiate on those orders that are difficult to execute on the order books or in dark pools.”
Squawker said trade interests on the platform are seeing average acceptance rates of more than 80%.