Neptune, the open standards network for pre-trade indications in bond markets, today announced the formation of a new company, Neptune Networks Ltd, to run the utility. The board will consist of members of the banks and asset managers involved in the venture for the past 18 months.
Tim Morbelli, vice president and senior credit trader at Alliance Bernstein said: “The launch of Neptune is a great step towards increasing transparency within the dealer community. By having a direct feed to consume multiple dealer axes in an electronic format is not only cost effective but makes our process more efficient.”
Managing partner at Etrading Software and interim CEO of Neptune, Grant Wilson, said: “The incorporation of Neptune is the culmination of 18-months work with our consortium members across business, finance, legal, technology and strategy. We are pleased to have reached this milestone resulting in the formation of Neptune Networks Ltd. Our sponsors bring tremendous experience and a deep understanding of the challenges and opportunities facing the financial markets and we are delighted to cement the relationship with these market leading institutions and continue to drive the Neptune strategy forward.”