Appital and Turquoise Launch BookBuilder for Buy-Side Investors

Appital Turquoise BookBuilder, which is a collaborative platform between Appital and LSEG-owned Turquoise, has launched its services, according to the press release shared with Finance Magnates on Monday.

The buy-side to buy-side bookbuilding platform is aimed at institutional investors who can proactively source liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term. The focus of the platform is on transparency and providing control over bookbuilding and deal distribution process with an automated and electronic platform.

“The launch of Appital Turquoise BookBuilder™ represents a step change for the asset management industry in the way they unlock and proactively drive liquidity in the market, ushering in a new era of automation in equity markets,” said Appital’s CEO, Mark Badyra.

According to Appital, the new bookbuilding platform will provide buy-side Buy-Side The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim Read this Term participants with liquidity discovery and price formation opportunities for illiquid equity positions along with the additional ability to execution of large volume orders on Turquoise MTF.

The launch came after Appital enhanced its infrastructure with the integration of EMS providers FlexTrade, FactSet Portware, TS Imagine, and executing brokers Bernstein and Instinet.

Now, the Turquoise integration will offer buy-side companies straight-through-processing (STP) to more than 20 settlement destinations.

“Where bookbuilding is the appropriate mechanism to find the right price for large block trades, Appital Turquoise BookBuilder™ innovates with the world's first automation of buy-side bookbuilding seamlessly integrating STP trading to settlement,” Dr. Robert Barnes, the Group Head of Securities Trading & CEO Turquoise Global Holdings at LSEG, said.

The First Trade

Additionally, the announcement revealed that the first trade on the platform already originated and was executed by Norges Bank Investment Management through a series of bilateral transactions.

“Unlocking latent liquidity and executing multiple days’ ADV is essential to achieving our investment objectives,” added Emil Framnes, Norges Bank Investment Management’s Global Head of Trading and Transition. “We welcome Appital’s innovative peer-to-peer access of hard-to-find liquidity and executing large volumes using Appital Turquoise BookBuilder™ without market impact or the risk of price erosion."