Equity Capital Marketplace Appital has revealed today that FlexTrade Systems, a multi-asset execution and order management systems developer, is the first EMS provider to integrate with Appital’s bookbuilding platform.
With this integration, Appital is driving technological infrastructure development and brings automation to equity capital markets.
Appital’s platform will be fully integrated with FlexTrade’s FlexTRADER EMS. The integration will allow buy-side firms access to the liquidity and efficiency of executing on Turquoise, LSEG’s (London Stock Exchange Group) pan-European MTF with seamless straight-through-processing (STP) to more than 20 settlement venues.
The move is driven by demand from some of the largest asset management firms globally. It will offer buy-side community a more efficient and transparent way to execute large orders with minimal market impact or risk of price erosion.
Andy Mahoney, Managing Director EMEA FlexTrade Systems, commented:
This integration with Appital brings transparency and automation to an area of the market traditionally plagued by opacity and outdated, phone based bookbuilding activity. We see significant demand for Appital’s offering from some of our largest asset management customers. As a result, we have been collaborating with Appital to develop standard integration procedures to ensure our clients have seamless access to Appital’s platform directly within the FlexTRADER EMS order blotter to actively participate in the liquidity discovery process in the market for size.
The integration also has led to the establishment of a working group which includes some of the largest asset managers globally. This group helps mutual clients define how they want to interact with the hard-to-find liquidity in the market and proactively build books of demand. At the same time, it also ensures that the integration to existing workflows remains seamless. Other EMS providers are now able to code to the established, FIX based protocols, to the benefit of the buy-side community overall.
Robert Barnes, CEO, Turquoise Global Holdings & Group Head of Securities Trading at London Stock Exchange Group, said:
Turquoise is pleased to build on our innovation in partnership with Appital to unlock latent liquidity for the market. Through FlexTrade’s integration, buy-side participants can look forward to Appital’s novel bookbuilding and seamless execution to settlement of liquidity at the right price through Turquoise.
Mark Badyra, CEO of Appital, said:
FlexTrade has been instrumental in developing the Appital workflow alongside ourselves and the team at Turquoise. This is a major step forward for not only our combined client base, but the market as a whole, and we look forward to scaling this integration market-wide in the coming months.
Through Appital, the the buy-side community receives greater exposure to deal flow opportunities they have not been able to access before. Buy-side traders looking to execute large orders in excess of 5 days ADV, including in highly illiquid, small and mid-cap stocks, will get access to real-time visibility, full transparency and maximum control over the bookbuilding and deal distribution process. Traders can proactively source liquidity and efficiently drive the bookbuilding process in real-time. It is all done on one automated platform, with the ability to make distribution adjustments throughout. Appital users will also be able to execute all deals through the Turquoise MTF, via a single point of access and with seamless straight-through-processing (STP) to over 20 settlement venues.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.