DirectBooks is expected to address the inefficiencies in marketplace across multiple communication channels
Bank consortium creates DirectBooks
A group of global financial institutions has created DirectBooks, a new technology platform to streamline connectivity within the primary market.
The financial institutions that joined hands in creating DirectBooks, include Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, and Wells Fargo.
DirectBooks is expected to address the inefficiencies in marketplace across multiple communication channels and simplify the primary issuance process by using structured data and streamlined communications.
The new service is expected to improve efficiency and accuracy of deal workflow information for market participants by transferring it through a communication platform that can be integrated into underwriter and investor systems. DirectBooks expects to scale globally for primary market offerings.
Primary Markets, the holding company of DirectBooks will be led by Richard Kerschner, who has more than 25 years of experience as an active FinTech investor and board member.
Kerschner said: “I am thrilled to have joined DirectBooks at this important stage, and am eager to help drive its evolution for the benefit of the market.”
The new technology platform will cooperate with members of buyside technology ecosystem
To ensure optimal service for all market participants, the new platform expects to cooperate with OMS providers and members of the buyside technology ecosystem..
The technology is already working with BlackRock and the Aladdin platform for the development of enhanced integrated issuance process to bring efficiency and standardisation for buyside participants.
BlackRock Americas credit capital markets head Kamya Somasundaram said: “The creation of DirectBooks is an opportunity to re-engineer the way primary markets function by leveraging technology to improve connectivity, efficiency and accuracy.
“We are lending our expertise as an investor in the primary market as well as a leading provider of order management systems, investment technology and risk analytics, via the Aladdin platform, to enhance the function of the markets for all investors.”