First electronic IOI in the primary Capital Markets
LONDON, October 6, 2016
Financial markets platform company Dealogic announces the launch of Connect, its newest product seamlessly linking the buyside and sellside.
With Connect, investment firms can place an Indication of Interest (IOI) on an IPO electronically for the first time in the history of the primary Capital Markets. That IOI is transmitted to the banks running the IPO, who can review and approve the request and confirm back to their clients electronically.
Last week Connect saw its first live deal. A syndicate of banks released an IPO in the United Kingdom to Connect, and investors were able to enter Indications of Interest of shares, with Fidelity International submitting the first.
“Because Connect takes advantage of existing technology and operational practices at buyside firms and is embedded into the Dealogic network at sellside firms, it is an incredibly attractive option,” noted Chief Product Officer Jody Drulard. “When you add that Connect also reduces risk and errors and provides a transparent audit trail, it becomes the only option. Interest from banks and investors is significant.”
Added Sam Spilfogel, Head of Product Incubation and leading the launch of Connect at Dealogic, “This deal was the culmination of a long journey, where we worked closely with the buyside and sellside to create a solution that addresses both market needs and the prevailing regulatory environment.”
Connect integrates with an investment firm’s existing OMS/EMS system using FIX, the industry standard for secondary market equity trading. Currently supporting IPOs, Fully Marketed Follow-ons, and ABBs, Connect will support Converts next year. The Dealogic platform offers the only truly global equity capital markets network that has helped execute the biggest transactions on record in the past 30 years.
Dealogic plans a global rollout of Connect, beginning now in Europe and available worldwide by mid-2017.
Dealogic offers integrated content, analytics, and technology via targeted products and services to top financial firms worldwide. Whether working in capital markets, sales and trading, banking, or compliance, firms rely on the Dealogic platform to connect and more effectively identify opportunities, execute deals, and manage risk. With 30 years’ experience and a deep understanding of financial markets, Dealogic is a trusted global partner.