Allianz Global Investors, which has US$510 billion in assets under management, has joined Glimpse Markets, an initiative to support buy-side data sharing in the fixed income markets. Europe has no post-trade tape for fixed income markets, unlike the US, and a plan to develop one established by the European Union (EU) is expected to take several years.
Launched this year, following many calls for better buy-side collaboration from investment traders, Glimpse Markets operates a model by which buy-side contributors to the programme share data for free if their contribution reaches a pre-agreed level.
Sell-side firms and market operators can then receive the data for a fee, which turns the convention of buy-side firms paying to access market data on its head.
In addition to the Allianz GI one other buy-side firm, as yet unnamed, has also been confirmed as joining the initiative.
“We’re delighted to have Allianz Global Investors join the Glimpse data sharing network for corporate bonds,” said Paul O’Brien, CEO of Glimpse Markets. “This is a significant milestone for us and we look forward to working closely with them as we bring the platform to market. We’re tackling the longstanding issue of trading data for corporate bonds and doing so with our unique, industry-led approach. It’s exciting onboarding major buy-side accounts and further validation of our business model.”
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