US banks break ranks on book building tech to move out of ‘Stone Age’
Three US banks announced this week that they were setting up a new electronic platform to make primary issuance easier, which will go head to head with software firm Ipreo’s efforts. Primary markets bankers are keen to see more competition in the race to improve new issue tech, but some worry that the three banks will undermine a broader market initiative using Neptune software to solve the same problem.
Bank of America Merrill Lynch, Citi, and JP Morgan are collaborating on the new platform, which will help distribute prospectuses, investor information, pricing updates, and eventually, collect orders directly from investors.This is broadly the same business proposition as Ipreo’s Investor Access product, a piece ...
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