DirectBooks join an array of fintech startups developing products to modernize the market for newly-issued bonds, one of the last corners of finance to experience a digital makeover.
IHS Markit Ltd.’s Investor Access system allows traders in Europe and Asia to order bonds electronically. While the platform is growing with more than 300 asset managers signed up, plans to expand into the U.S. have fallen short due to the launch of DirectBooks.
London-based Nivaura is seeking to automate parts of the new-issue process like producing detailed bond prospectuses. The firm, which raised $20 million in seed funding earlier this year and has made some high-profile hires from Citigroup and HSBC Holdings Plc, is seeking to cut the cost of issuance and reduce settlement times.
Bloomberg LP, the parent of Bloomberg News, provides services that facilitate bond ordering and distributes information on new debt offerings.
This article provided by Bloomberg News.