We have seen fintech companies revolutionise multiple markets over the past ten years, however the corporate bond market has been largely neglected by such technological modernisation. Corporate bond market participants today face serious challenges when it comes to discovering liquidity and executing trades without harmful data leakage. Lagging behind many markets in terms of utilising digital solutions, with only 30% of the $59bn daily volume being executed electronically, this market is ripe for evolution.
R3 CEO, David E. Rutter, who also founded US Treasuries platform LiquidityEdge, has now launched a new venture – LedgerEdge – to tackle these issues head-on. LedgerEdge has been set up with the mission to build an ecosystem for the exchange of data and assets in the corporate bond market.
Rutter has assembled a team of experts to help resolve the issues in corporate bond trading, enabling the market to operate more effectively. The team compromises David Nicol (IBM/R3) as CEO, Ian Chicken (ICAP/BrokerTec) as COO, and Bob Bose (Santander/NYSE Euronext) as CTO. Rutter remains as CEO of R3 and will act in an advisory capacity for LedgerEdge.
While there have been several companies and projects that have aimed to combat the inherent challenges in the corporate bond market, many of these have acted as mere stopgaps and have failed to combat the real issues due to the lack of technology available. All have required trade-offs including imprecise order tools, centralised data stores, and data leakage.
In recent years, technology advancement has meant that it is now possible to build a suitable, effective digital solution for institutional trading. LedgerEdge will be harnessing R3’s Corda blockchain technology, artificial intelligence and secure enclave computing to empower users to locate and promote liquidity in the market.
Chatsworth worked with LedgerEdge to help deliver the key communication elements of the first steps of LedgerEdge’s journey. We look forward to continuing this journey with them over the coming years and helping them deliver their mission of revolutionising the corporate bond market.
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