RBC Capital Markets and UBS have acquired equity stakes in Sydney-based electronic trading outfit Yieldbroker. Financial terms were not disclosed.
Yieldbroker offers an electronic trading platform in the local debt markets which institutional investors with the ability to view live indicative prices and request competitive two-way markets in over 700 debt securities.
The firm is also expanding into the interdealer market and launching a straight-through-processing initiative for debt markets in conjunction with Omgeo.
The latest equity investments give both RBC Capital Markets and UBS an equal share of the online trading company alongside existing shareholders ABN Amro, Citi, Deutsche Bank, JP Morgan and Macquarie Bank.
Commenting on the investment, RBC's Rod Ireland says: "RBC is committed to providing a full range of products and services for Australian and New Zealand debt market clients and we view an online presence through Yieldbroker as an integral part of our service strategy."