Equity markets technology solution Appital today revealed the integration of Virtu Financial’s Triton Execution Management System (EMS) with its bookbuilding platform, Appital Turquoise BookBuilder.
Appital Turquoise BookBuilder was launched in August last year. The algorithmic bookbuilding platform brings a historically highly manual and opaque process into an automated, electronic platform. The integration allows buyside clients to gain exposure cross-border deal flow opportunities and interact with institutions in the liquidity discovery and price formation process.
Furthermore, the integration with Triton Valor EMS will allow buy-side firms to receive Appital liquidity opportunities directly into their workflows and trading infrastructure.
Brian Guckian, Chief Development Officer of Appital, said:
We are very excited to add Virtu’s Triton Valor to our community of EMS partners. Its users are now able to originate bookbuilds and participate in price formation opportunities in a market for size that is relevant to them.
Melissa Ellis, Head of European Workflow Sales, at Virtu Financial, said:
Our clients are always looking for new and innovative ways to seek out liquidity. Appital allows them to interact with like-minded institutions in a market for size. By integrating with Appital, asset managers are now able to access liquidity that would otherwise be latent and initiate a bookbuilding process, adding value to their overall investment processes.
The official announcement detailed that the first companies to gain access Appital’s bookbuilding platform via Triton Valor EMS include Morgan Stanley Investment Management; Unigestion SA; Principal Financial Group; Groupama Asset Management and BBVA Asset Management.
Appital has already attracted institutions managing a total of $4.3 trillion assets under management (AUM) to its platform. Since its launch, the platform has facilitated bookbuilds worth $110 million across UK and Swiss equities, with an average deal size of 2.3 days average daily volume (ADV).
Moreover, Appital is currently in the process of onboarding buy-side institutions representing an additional $25 trillion in AUM. The company is also actively reaching out to asset managers on a global, regional, and specialist level to enhance the platform’s liquidity opportunities.
