Charles River Development, a State Street Company, and Neptune Networks Ltd. (Neptune), today announced a strategic collaboration that will provide buy-side clients of Charles River’s Order and Execution Management System (OEMS) with aggregated, real-time fixed income axes and inventory. Neptune provides technology solutions that enable real-time connectivity and deliver high-quality bond market data from sell-side banks to buy-side clients.
The collaboration is the latest addition to Charles River’s growing ecosystem of global liquidity venues, data, analytics, third party apps, and benchmark providers. Buy-side firms can configure and scale the Charles River platform to optimally support their asset mix, investment process and execution priorities.
“Collaborating with Neptune underscores Charles River’s commitment to offering our clients the most diverse and comprehensive platform available for managing their fixed income products and portfolios,” said John Plansky, CEO Charles River. “Neptune’s innovative approach to standardizing massive volumes of unstructured data and aggregating liquidity across multiple dealers enables our clients to make faster and more informed trading decisions in highly fragmented and illiquid fixed income markets.”
Since its 2016 launch, Neptune has grown rapidly with 28 dealers on the platform, over USD210B of gross notional and more than 60,000 axe/inventory items updated in real time across 30,000 individual bonds daily.
In addition to Investment Grade, High Yield, Emerging Markets and Rates, Neptune now quotes MBS and Munis, and has recently added bilateral messaging to further digitize the fixed income trading lifecycle. By providing a facility for direct exchange of axe and inventory information, Neptune enables greater transparency and trading efficiencies between bond dealers and investment firms.
“Connectivity to the Charles River OEMS will benefit our mutual buy-side clients by automating time consuming price discovery and liquidity aggregation,” said Byron Cooper-Fogarty, Neptune’s Head of Sales. “Portfolio managers can quickly target axes and inventory of interest, enabling faster decision making and fewer missed trading opportunities. The inventory data captured in the Charles River OEMS also aids clients in demonstrating and documenting MiFID II-mandated best execution requirements.”
About Charles River, a State Street Company
Charles River Development, a State Street Company, enables sound and efficient investing across all asset classes. Investment firms in more than 40 countries use Charles River IMS to manage more than US$25 Trillion* in assets in the institutional investment, wealth management and hedge fund industries. Our Software as a Service-based solution (SaaS) is designed to automate and simplify investment management on a single platform – from portfolio management and risk analytics through trading and post-trade settlement, with integrated compliance and managed data throughout. Headquartered in Burlington, Massachusetts, we support clients globally with more than 750 employees in 11 regional offices. For more information, please visit www.crd.com.
*As of April 2019
About Neptune Networks, Ltd.
Neptune Networks delivers high-quality bond market data from sell-side banks to buy-side clients. Our technology enables real-time connectivity between banks and investors which leads to meaningful conversations, satisfying the immediate requirements of each party and ultimately, increasing trade volumes. We are uniquely positioned in the marketplace, as we have bilateral commitment from buy-side and sell-side, including representatives of each sitting on our board.
About State Street Corporation
State Street Corporation (STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $32.6 trillion in assets under custody and administration and $2.8 trillion* in assets under management as of March 31, 2019, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management include the assets of the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $33 billion as of March 31, 2019), for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.
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