12 December 2017
visit www.solutions.lexisnexis.com

Reuters invests US$35 million in Internet mortgage marketplace

16 June 2000  |  3385 views  |  0 Reuters invests US$35 million in  Internet mortgage marketplace

Reuters (www.reuters.com) has invested US$35 million in Pedestal (www.pedestal.com), an Internet-based secondary mortgage marketplace operator. The company, based in Washington DC, manages an Internet business-to-business marketplace for the trading of secondary mortgage loans and mortgage related products in the US. Pedestal's other strategic partners are Deutsche Bank and Battery Ventures.

The alliance will enable Reuters to increase its penetration in the fixed income markets by extending its range of services, via the Internet, to one of the largest segments - the US Mortgage Backed Security (MBS) and Asset Backed Security (ABS) sectors. It will provide Reuters with direct access to Pedestal's clients and enable the group to sell Internet-based data and analytics products for the mortgage market.

Reuters and Pedestal expect to realise synergies from the exchange of market information, the cross-selling of products and connectivity to services provided by both parties.

Philip Wood, managing director business development, Reuters Trading Solutions, says: "This investment strengthens our position in the fixed income markets and is yet another example of Reuters seeking to make the financial markets work on the Internet. Pedestal is playing a leading role in the shift towards internet enabled secondary mortgage market trading. The combination of Pedestal's significant industry expertise with Reuters content, technology and global distribution creates a solid foundation to enable secondary mortgage market trading to work more efficiently and effectively on the Internet."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.aciworldwide.comvisit www.atos.net

Who is commenting?

Top topics

Most viewed Most shared
Revolut lets customers buy Bitcoin, Litecoin and EthereumRevolut lets customers buy Bitcoin, Liteco...
18630 views comments | 26 tweets | 22 linkedin
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11554 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
8060 views comments | 15 tweets | 21 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
6840 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
6195 views comments | 19 tweets | 10 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job