J P Morgan Chase & Co and Royal Bank of Scotland subsidiary Greenwich Capital have each taken equity stakes in the electronic fixed income platform BrokerTec Global.
Tom Juterbock, chairman of BrokerTec Global and head of government bond trading at Morgan Stanley Dean Witter welcomed the investments: "Each of these firms is a significant participant in the global capital markets, and we are very pleased to have them join as shareholders of BrokerTec Global."
Don Layton, co-CEO of the J P Morgan investment bank says that the industry-backed platform offers significant economies of scale and efficiency. "BrokerTec Global will play a key role in how we participate in the inter-dealer fixed income markets," he forecasts.
Ben Carpenter, co-CEO, Greenwich Capital Markets, comments: "We have been a customer of BrokerTec from the beginning and welcome the opportunity to invest in what we consider to be a leading wholesale liquidity pool that is providing the advantages of electronic execution to our trading desks."
The new recruits join other heavyweight BrokerTec shareholders, including: ABN Amro Bank, Banco Santander Central Hispano, Barclays Capital, Citigroup/Schroder Salomon Smith Barney, Credit Suisse First Boston, Deutsche Bank, Dresdner Bank, Goldman Sachs Group, Lehman Brothers, Merrill Lynch, Morgan Stanley Dean Witter & Co., and UBS Warburg.