Global bank consortium create Capital Markets Syndication platform ‘DirectBooks’

A consortium of global financial institutions has come together to create a new technology platform named ‘DirectBooks’ to streamline connectivity within the primary market.

The financial institutions partnering to develop this new platform include Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, and Wells Fargo, according to a statement.

The new platform is designed to address inefficiencies across multiple communication channels in the marketplace. It will simplify the primary issuance process through the use of structured data and streamlined communications, the consortium said.

The new service will increase the efficiency and accuracy of deal workflow information by disseminating it through a robust communication platform that can be integrated into underwriter and investor systems to better connect underwriters and their clients.

DirectBooks expects to scale globally for primary market offerings, they added. Former NYMEX, CLS and ICAP/NEX Group executive Richard D. Kerschner has been named as the Chief Executive Officer of Primary Markets LLC, the holding company for DirectBooks.

“DirectBooks will help drive increased collaboration on a global scale and has the ability to deliver efficiencies and benefits to all participants in the primary issuance market. While DirectBooks will initially focus on Investment Grade transactions, its functionality should make it a platform of choice for other asset classes in the future,” said Anne Daley, Investment Grade Syndicate at Barclays.

DirectBooks expects to cooperate with OMS providers and members of the buy-side technology ecosystem to ensure optimal service for all market participants. BlackRock and the Aladdin platform have already engaged with the company.

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