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Banks Unite in Project Neptune to Boost Bond Trading

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A group of banks and investors is working on a project to increase trading of corporate bonds in the U.S. and Europe amid a drop in dealer holdings because of new regulations.

The 12 lenders and 16 European money managers are working with ETrading Software Ltd. to create standardized language and a messaging system known as the Neptune project, said Sassan Danesh, a partner at the London-based technology consultancy. The Wall Street Journal reported the plans yesterday.