Project Neptune, an open standards network utility for pre-trade indications in bond markets, has gone live.
Backed by 42 institutions, including 27 from the buy-side and 15 sell-side firms, the project was conceived as a means to improve information dissemination among market participants and aid the search for liquidity in an increasingly fragmented market.
With Epam Systems providing the technology backbone, the network has kicked off a working production pilot with connections to multiple order management systems ongoing. Neptune uses a FIX standard for pre-trade information flows, enabling banks and investors to exchange controlled and targeted real-time axe and inventory whilst leaving ownership and control with the data providers
Asset managers using the system will be connected directly to the utility via a GUI, their own in-house developed OMS or an external OMS provider in order to receive pre-trade indications from multiple banks.
Grant Wilson, partner, Etrading Software - commissioned by the banks backing the project to draw up the blueprint - says: “We are pleased that the implementation phase is moving along successfully and the exchange of pre-trade indications between the Neptune participants has started. This success is due to the tremendous support from banks and asset managers for the core principles of Project Neptune - to collaborate together to create an open standard, technology-based, non-profit utility that is execution venue agnostic.”