RBC and UBS buy into Yieldbroker
Investment banks RBC Capital Markets and UBS have agreed to undertake equity investments into online trading company Yieldbroker, giving both banks an equal share of the company alongside existing shareholders ABN Amro, Citi, Deutsche Bank, JP Morgan and Macquarie Bank.
Yieldbroker is a co-operatively owned venture offering an electronic trading platform in the local debt markets, providing institutional investors with the ability to view live indicative prices and request competitive two-way markets in over 700 debt securities.
Yieldbroker general manager Richard Swift emphasised the company’s capacity to co-operatively develop important debt market infrastructure.
“The cost of building and supporting systems can be prohibitive for individual banks, particularly in the current market environment. Yieldbroker’s shared-cost nature avoids unnecessary duplication and makes the kind of industry-wide projects we are pursuing a realistic proposition.”
Both RBC and UBC are available for trading through Yieldbroker’s DEBTS application.
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