Citi, other banks set to ink ‘Octopus’ deal for new multi-bank CLO platform

Sources say initiative is designed to fend off higher fees and disintermediation in case established multi-dealer platforms start trading CLOs.


A consortium of banks is preparing to combine the collateralized loan obligation (CLO) trading efforts of its members into a new multi-bank trading platform, with the working title Project Octopus, WatersTechnology has learned. Sources say the move is a bid to prevent existing fixed-income platforms from cornering the nascent electronic CLO market and charging what the banks see as high fees for trading and market data.

WatersTechnology understands that the consortium plans to set up an

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