Spotting a significant gap in the market to build a technology platform for private banks to gain access to all third-party providers in a broker-friendly manner, six investment banks and one technology provider have formed a consortium and officially launched their open multi-issuer network for equity-linked structured products in Hong Kong and Singapore today.
Barclays, BNP Paribas, Goldman Sachs, HSBC, J.P Morgan and Société Générale Corporate and Investment Banking have joined forces with Singapore-based technology provider AG Delta to form the company, Contineo Limited, to automate the sale of equity-linked structured notes to private banks in Asia. The platform is in the process of onboarding its issuers and is targeting to go live in the next two months. It is also currently registering private banks, as well as working with other certified third party technology companies.
Indeed, players in the private banking industry have been seeking a solution that can help them achieve increased revenues and enhanced efficiency of transactions simultaneously. Contineo argues that it has the answer. “The cost savings are exponential, as firms move from managing physical connections to a single line to access all counterparties,” explains Mark Muñoz, managing director of Contineo, when asked how Contineo can create greater efficiencies. “Those savings will first be seen through a lower infrastructure overhead. The industry also gains by having an efficient and transparent network and protocol, which will save their team time and money as they expand their connectivity,” he says.