A consortium of banks including JPMorgan, Goldman Sachs, HSBC, Barclays, BNP Paribas and Société Générale Corporate & Investment Banking (CIB), and technology firm AG Delta are set to launch today a new open messaging network in a move to provide greater access to equity-linked structured products for private banking and wealth management firms.The new platform will be managed by Contineo Ltd, which is backed and funded by the consortium to support the network and technology. The new platform, which will be led by technology veteran Mark Muñoz as managing director, will allowsubscribers to access their counterparties through a web-based interface and a set of open application programming interfaces (APIs).
Singapore-based technology firm AG Delta will provide the technology infrastructure of the platform, which is expected to go live early this year once the process of registration of private banks and connectivity to issuers has been completed.
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