The Bond Market Association's STP Steering Committee is reviewing 27 responses to a Request for Information on the creation of a Common Message Hub for matching inter-dealer trades on a real-time basis.
The RFI, issued late February by the technology committee of the BMA and the Asset Managers Forum, proposes the creation of an industry utility for electronically exchanging block trade information and allocation details for automated matching and processing.
The BMA says the move is part of a commitment to "eliminating phone and fax processing of institutional fixed income securities trades".
The Association has yet to confirm whether it will press ahead with a more formal Request for Proposals from bidders.