The NowCM Group (“NowCM”), the leading digital solutions and infrastructure provider for the primary debt markets, together with Liquidnet, the global institutional investment network, has successfully performed its first simulation of a deal origination and order submission.
The simulation involved two leading dealer banks, transaction counsel and a leading European frequent issuer, together with Liquidnet. It delivered the real-time production and negotiation of a complete set of transaction documentation in English and German on NowDocs, NowCM’s documentation platform.
The key transaction information and new issue data was shared electronically with Liquidnet’s primary market workflow tools, designed to connect institutional investors to actionable electronic data in the syndication process.
Robert Koller, CEO and founder of NowCM, said: “We are grateful to have had the opportunity to test the complete workflow with these prestigious market participants. We now not only have flexibility in the production of any transaction document in our digital documentation modules, we can also involve an unlimited number of parties to negotiate these live on syndicated debt transactions. This can include both investors and dealer banks, all within a MiFID II compliant environment.”
Koller added: “We look forward to making several important rollout announcements in the coming weeks which will show the benefits of a fully integrated value chain which is truly end-to-end and not simply focused on a small part of the issuance process. The digital primary debt markets are now finally ready for take-off.”
Paul Tregidgo, Head of Primary Markets at Liquidnet, commented: “NowCM is a highly innovative firm looking to optimize the capital creation process. We are happy with the results of this successful test environment transaction demonstrating the importance of connectivity between various parts of the transaction chain. The outcome shows how a connected digital process can improve the primary markets user experience for all parties involved and exemplifies that working together with partners through open architecture can bring value to the market.”