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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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Banks including Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM) are collaborating to sell structured products in Asia as private wealth in the region balloons.Six financial institutions and technology provider AG Delta have formed a company called Contineo Ltd. that will provide an Internet platform to sell equity-linked structured notes to private banks and wealth management firms, according to an e-mailed statement today. Current distribution of such products is highly manual and having a one-stop virtual network should help lower costs, according to the statement.

Asia is home to the third-largest number of ultra high net worth individuals and the region’s wealth is poised to overtake Europe within the next 10 years, a Wealth-X and UBS Group AG November study found. The report defines an ultra high net worth individual as someone with at least $30 million in net assets. Sales of equity-linked securities in Korea jumped 59 percent to 10.5 trillion won ($9.7 billion) last month, the most on record, while Japanese household investors poured more than $36 billion into uridashi bonds in 2014.

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The first open messaging network, delivering greater access to equity-linked structured products for private banking and wealth management firms, has been launched.Named Contineo Limited, it has backing from AG Delta, Barclays, BNP Paribas, Goldman Sachs, HSBC, J.P. Morgan and Societe Generale Corporate & Investment Banking.

The funding will support the implementation and ongoing development of Contineo’s network and technology, which at launch will allow subscribers to easily access their counterparties through a web-based interface and a set of open application programming interfaces (APIs).

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Contineo initiative set to transform structured product sector from a manual to an electronic basis.The launch of the industry’s first open multi-issuer network Contineo today is set to transform the structured products business from a manual to an electronic standard, just as happened with the cash equities business 20 years ago, according to Mark Munoz, Hong Kong-based managing director for the entity.

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Tech Firm Aims to Improve Transparency and Efficiency of Products Amid Rising DemandHONG KONG—Six of the world’s biggest banks have joined forces to back a new network for selling structured products in Asia, as competition intensifies among firms running marketplaces for wealthy investors.

Contineo, a Hong Kong-based technology firm with the backing of a consortium consisting of Barclays, BNP Paribas, Goldman Sachs, HSBC, J.P. Morgan, Société Générale and data services company AG Delta, aims to provide increased transparency in the Asian structured-product market for private banks and their customers.

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Contineo Limited launched today the industry’s first open messaging network, delivering greater access to equity-linked structured products for private banking and wealth management firms. Contineo has backing from: AG Delta, Barclays, BNP Paribas, Goldman Sachs, HSBC, J.P. Morgan and Societe Generale Corporate & Investment Banking.The funding will support the implementation and ongoing development of Contineo’s network and technology, which at launch will allow subscribers to easily access their counter-parties through a web-based interface and a set of open application programming interfaces (APIs). The technology is powered by AG Delta’s application architecture and is targeted to go live in early 2015.

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