Hedgebay Launches Electronic Settlement for Secondaries
The secondary market for hedge funds is still mostly manually settled, and typically transactions in the space will take 90 days to close. The new service is designed to reduce operating cost and back office personnel for Hedgebay's users, as well as mitigate deal break risk. The new service, the vendor believes, should attract more buy-side interest to the liquidity tool.
“The ultimate endgame of this progression is being able to complete secondary trades in a single day. That is what Hedgebay is working towards. That point may be a while away, but the launch of the Electronic Settlement Service is a massive step in that direction, and this is a glimpse into the future of the secondary trading industry," says Jared Herman, Hedgebay's founder.
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