Glimpse Markets, the buy-side data sharing service, is officially live with a group of global asset managers sharing post-trade bond data with one another on a ‘give to get’ basis and at zero cost.
More than a dozen asset managers have signed up to the service, with SEB Investment Management and Mirabaud Asset Management being the latest additions, and more expected to be added over the summer months.
Glimpse operates with no membership fees for buy-side firms, and payment to the buy side for the data they contribute to the platform on a pro-rata basis, according to the number of trades and total volume contributed.
The idea arose from an inversion of the current model by which financial data is largely consumed, aggregated and then the output is charged for.
Of the data shared so far, Glimpse reports that:
- ~40% of trades over €1m in size
- ~3000 unique ISINs shared so far
- 70% European HY & IG credit, 30% emerging markets
Paul O’Brien, CEO and founder of Glimpse Markets said, “This is a major milestone for Glimpse, I’m excited that we’ve now proven the concept that asset managers are willing to share their transaction data with their peers on a ‘give to get’ basis in order to collectively improve market transparency while also reducing data costs. As our network continues to grow over the summer months, I’m optimistic that Glimpse can bring about some real market structure change and ultimately improve trading outcomes for end investors.”
