17 October 2017
visit www.response.ncr.com

Tullett & Tokyo joins Garban ETC platform

06 November 2000  |  3722 views  |  0 Tullett & Tokyo joins Garban ETC platform

Tullett & Tokyo Liberty is to add its prices to Garban-Intercapital's ETC network for the broadcast and execution of trades in US Treasury bills, notes, bonds and zero coupon securities.

The migration of Tullett's prices to the Garban platform is expected to spell the end for the rival LibertyDirect electronic bond trading system. About 50 people were fired from Liberty's Treasury trading operation on Friday, reports Reuters, including traditional voice brokers, LibertyDirect e-traders and support and back-office staff.

The ETC (Electronic Trading Community) platform was launched in February this year. It allows traders at major banks and investment houses to transact deals, initially in US Treasuries, interactively via a private extranet or the Internet.

Bruce Collins, chief executive of Tullett & Tokyo Liberty says: "The market for US Treasury securities has seen a number of electronic systems launched over the last year. There is a market demand that liquidity in this highly commoditised market is concentrated into fewer, more efficient, pools."

He says the ETC network will enable Tullett to combine the liquidity from voice broking with electronic trading, "offering us the flexibility to match trades off-screen or to use ETC to transact electronically".

Michael Spencer, chief executive of Garban-Intercapital welcomes Tullett's involvement: "By adding a share of Tullett & Tokyo Liberty's electronic transaction volume, currently estimated to be in excess of $100 billion/month, to that already on the ETC platform, our customers will have access to a greatly enhanced pool of liquidity in both active and off the run issues."

In September, Garban-Intercapital recorded $90 billion in US treasuries transacted across ETC. Spencer says the platform will be rolled out to other fixed income, derivatives and money markets and is expected to cover eight additional products by the first quarter of 2001.







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 stories

Deutsche Borse and banks to launch real-time bond feed

Deutsche Borse and banks to launch real-time bond feed

27 October 2000  |  2240 views  |  0 comments
State Street adds bond trading to Global Link

State Street adds bond trading to Global Link

17 October 2000  |  3635 views  |  0 comments
Deutsche Bank joins BondBook

Deutsche Bank joins BondBook

21 September 2000  |  3373 views  |  0 comments
Garban and GovPX to create new market data service

Garban and GovPX to create new market data service

15 September 2000  |  3023 views  |  0 comments
Eurex to launch bond trading platform

Eurex to launch bond trading platform

07 September 2000  |  3297 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.temenos.comvisit www.capgemini.comRegister now

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14972 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8228 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7663 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
6980 views comments | 13 tweets | 7 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6206 views comments | 8 tweets | 16 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job