Fixed Income Collaboration Project Neptune Pilot Goes Live

Pre-trade information exchange hub aims to bring a level of standardization and access to liquidity.

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Based in London, Project Neptune is a collaborative initiative between the buy and sell side.

The pilot program of project Neptune, a hub to facilitate the exchange of pre-trade information between Fixed Income (FIX) market participants, has gone live.

Banks involved in the collaboration have begun sending pre-trade indications to clients across the Neptune pilot production network, which, when fully implemented, will improve the dissemination of information and help investors to connect to the right intermediary.

The project seeks alternatives to the existing communication channels for the bond market through a unified communication network using the FIX protocol, gathering the support of investors, asset managers and banks such as Credit Suisse, BNP Paribas, HSBC and UBS.

"We are pleased that the implementation phase is moving along successfully and the exchange of pre-trade indications between the Neptune participants has started," says Grant Wilson, partner at London-based consultancy Etrading Software, which has spearheaded the project. "This success is due to the tremendous support from banks and asset managers for the core principles of Project Neptune."

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