Research profile: Neptune shines bright

The DESK spoke with Byron Cooper-Fogarty, CEO of Neptune, to understand how it keeps delivering for buy-side users.

Axe streaming service, Neptune, has continued to demonstrate its strength as a pre-trade data source with nearly half (47%) of buy-side traders in the 2025 Trading Intentions Survey reporting that they use it, and over a fifth (21%) reporting they are major users of it. This means, of all pre-trade data sources, it has the highest proportion of users who rely on the service. In an area facing stiff competition, that is a strong moat.

“Axes are a key source of data for the buy-side on block trades, particularly those where non-comp is the chosen option,” notes Neptune’s CEO, Byron Cooper-Fogarty. “A client chooses non-comp primarily to limit information leakage. As such, having axes guide you towards the right, trusted counterparty is vital. Otherwise, you are relying on human judgement alone, and that can often be unreliable.”

When markets are facing uncertainty and volatility, immediacy of execution and lower information leakage can be a far greater priority than looking for price improvement. Finding a replicable way to manage and analyse block trading performance can be invaluable.

“Data plus human judgemental overlay is a powerful combination,” he says. “In volatile times, like the present, the trust in data is even more important, albeit counterparty relationships are the most vital factor, particularly if markets were to enter a crisis period.”

While Neptune launched with a focus on investment grade (IG) and high yield (HY) credit, with axes streamed direct from the sell-side line traders, it has expanded into asset classes including emerging markets, rates and municipal bonds.

“The proliferation of algo desks on the sell-side has meant Neptune adding algo-derived axes over recent years,” says Cooper-Fogarty. “We’ve also moved increasingly into the analytics side, most notably our launch of Portfolio Analytics last year, for buy-side clients that take a more data driven approach to portfolio trading, particularly around construction and counterparty selection. Linking the axes to execution is something that is often discussed, as always, we are monitoring value add opportunities in that area.”

Adding the capability to consume API feeds of axes is allows core workflow tools to use the data within these decision making processes, such as order and execution management systems (O/EMSs) and proprietary models such as liquidity optimisers.

“This means a buy-side client can benefit from axe data, particularly those targeted at that client, across trading, portfolio management and quant driven research,” he says. “A PM can have axes sitting alongside their holdings, allowing for more opportunistic decision making, or a better understanding of which bonds can be executed, and therefore offer the best application of their investment process. APIs will also allow, in due course, clients to overlay AI tools to garner greater insights, where humans are swamped by the immense amount of axe data.”