Press releases 2011
New Market Maker Barclays Capital Brings Extra Liquidity To Order Book for Retail Bonds
- Sixth dedicated market maker to join ORB
- Follows migration of ORB to MillenniumIT
London Stock Exchange Group today welcomes the latest dedicated market maker to its Order Book for Retail Bonds (ORB). Barclays Capital, the investment banking division of Barclays Bank PLC will join 5 existing market makers on the UK’s electronic order book for the trading of retail-sized bonds.
Barclays Capital has a proven track record in debt capital markets, distribution and fixed income trading. It is currently joint lead manager on the National Grid RPI-linked bond issue, the first RPI-linked bond marketed at retail investors, which last week raised £260m.
The recent migration of ORB to the Millennium Exchange platform has provided enhanced flexibility and functionality for trading participants. Following its launch in 2010, ORB, has raised over £1billion, with 150 bonds now available for trading on the platform.
Pietro Poletto, Head of Fixed Income at London Stock Exchange Group, said:
"We are delighted to welcome Barclays Capital as a market maker to the Retail Bond Market, ORB. They have a strong track record in fixed income trading and have already worked with high profile bond listings on ORB, including National Grid’s bond issue. Since its introduction ORB has already seen promising growth and dedicated market makers such as Barclays Capital bring liquidity and depth to the market, which will only encourage further private investor participation."
Michael Cattano, European Head of Credit Trading at Barclays Capital, said:
"Following the launch of the ORB in February 2010 we have seen growing interest in the retail bond market from companies looking to diversify their funding and investors looking for fixed income solutions, a trend we fully expect to see continue. We are pleased to be able to deepen our strong existing relationship with the LSEG and work with them to help develop a highly efficient and transparent secondary market in the UK for dedicated retail bonds."
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Notes to editors:
About London Stock Exchange Group:
London Stock Exchange Group (LSE.L) sits at the heart of the world’s financial community. The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and Turquoise, offering pan-European and US lit and dark equity trading. Through its markets, the Group offers international business unrivalled access to Europe’s capital markets.
The Group is a leading developer of high performance trading platforms and capital markets software and also offers its customers around the world an extensive range of real-time and reference data products and market-leading post-trade services.
Headquartered in London, United Kingdom with significant operations in Italy and Sri Lanka, the Group employs around 1500 people. Further information on London Stock Exchange Group can be found at: www.londonstockexchangegroup.com.
About the Order book for Retail Bonds (ORB):
The Order Book for Retail Bonds (ORB) is the London Stock Exchange’s electronic platform for private investors trading fixed income securities. The ORB offers continuous, transparent, two-way tradable prices in nearly 150 individual UK gilts, supranational and corporate bonds, all tradable in typical denominations of £1,000 or less. Introduced in February 2010 in response to strong demand from private investors, it offers issuers a high profile route to raise debt capital from a retail audience.