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3 major banks unite to boost Asia's online debt markets
HONG KONG. July 19: The battle to boost liquidity In Asia's diverse and disparate debt markets opened another front in cyberspace today when three of the world's largest banks Joined forces to try and tackle the problem, reports Reuters.
HSBC 0005.HK. Citigroup CN. Deutsche Bank DBKGn. DE. along with information group BRIDGE eMarkets, announced an alliance to build a new electronic Infrastructure for trading in Aslan domestic and international fixed income securities.
The new service, called BondsInAsia. will provide pricing. research, news, analysis and commentary, as well as offering a trading system for local and international Aslan debt instruments over the public internet and some private networks.
BondslnAsia.com Joins recently established portals like asiabondportal.com. yield broker.com and dcbtdomaln.com. which are all trying to harness the Internet to boost transparency and efficiency in the I region’s debt markets.
BondsInAsla's model differs from the others by taking the form of multi-dealer hubs In each major market.
These will initially cover the Hong Kong. Singapore and G3 currency denominated Asian credit markets by the first quarter of 2001. Later there will be hubs for the debt markets of South Korea. Taiwan. Thailand. Malaysia. the Philippines and India.
system's promoters hope will beat the liquidity trap.
"The franchise system will allow people to take a share In the piece of the pie they are Interested in," said Patrick Dewllde, country treasurer and financial markets head at Citibank in Hong Kong.
Franchisees in the particular platforms will set the rules for their platforms.
The Joint venture partners expect all Asian government and corporate straight bonds and floating rate notes will eventually be quoted on one of the platforms In BondsInAsia.
Prices will be live for liquid Issues. Indicative for most other deals, while very illiquid deals will be negotiable through the chat room format.
There are no other specific criteria for quoting a bond as long as one of the franchisees Is willing to offer prices.
For the three founding banks, apart from benefiting from Increased trading In the Aslan bond market which they already dominate, the gain comes in owning the Infrastructure of a future Asian electronic debt market.