New tech disrupts traditional book-building process for institutional investors

Automation is long overdue in the book-building process for publicly listed equities. One startup hopes to bridge the gap.

When it comes to innovation, markets can be deeply paradoxical. The capital markets have reared both the supremely technologized world of high-frequency trading, where players compete for a nanosecond edge over their competitors, and the laggard segments where fax machines and legacy programming languages like Cobol are still commonplace.

Or, take the book-building workflow for institutional investors looking to trade equities, for example. As it stands, this is a manual process: The

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Systematic tools gain favor in fixed income

Automation is enabling systematic strategies in fixed income that were previously reserved for equities trading. The tech gap between the two may be closing, but differences remain.

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