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Wall Street’s New Bond-Ordering System to Start Testing in 2020

  • DirectBooks aims modernize the new-issue corporate debt market
  • Richard Kerschner, formerly of Nymex and CLS, named CEO
Inverted Yield Curve in 2018 Is Taking Over Wall Street Outlooks

Photographer: Scott Eells/Bloomberg

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The joint venture between Wall Street’s biggest banks that’s looking to revolutionize the way new corporate bonds are marketed and sold plans to start testing its platform with select buyside clients in the first quarter of 2020.

The newly named DirectBooks LLC -- backed by JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Barclays Plc, BNP Paribas SA, Deutsche Bank AG, Goldman Sachs Group Inc., Morgan Stanley and Wells Fargo & Co. -- will initially focus on U.S. dollar-denominated investment-grade corporate bond offerings before expanding into other fixed-income assets, according to a statement released Friday.