Project Octopus becomes Octaura, killing BofA’s Instinct platform and Citi Velocity trading protocol

Backed by the banks in the Project Octopus consortium, the new, independent company will launch this year with a focus on new trading protocols and integrated data analytics. At the same time, Bank of America will sunset its single-dealer loan trading platform, and Citi Velocity will end use of its BWIC protocol.

Last spring, WatersTechnology first reported that a consortium of banks led by Citi and Bank of America was preparing to combine its members’ collateralized loan obligation (CLO) trading efforts into a new multi-bank trading platform under the working title Project Octopus. This month, the efforts of that consortium have come to market as Octaura.

The independent company plans to roll out an electronic trading platform this year, with functionality for syndicated loans coming first.

Citi and

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