The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Electronic trading: Portal alliance aims to facilitate 144a issuance

Twelve Wall Street firms are in the early stages of developing a single trading portal alliance platform, operated by Nasdaq, for all 144a securities. The companies hope the platform will bring liquidity and transparency to the 144a market, which has been associated with unregistered, opaque trading.

"With the advent of a more transparent and efficient private placement market, Latin American and other companies considering a traditional IPO have an attractive new option to gain faster, simpler, less expensive access to the capital they require," says John Jacobs, an executive vice-president at Nasdaq.

"Any initiative that aims to put more liquidity into the market will be well received," says Stefan Alexander, CFO of Globo, a Brazilian conglomerate that has issued 144a securities in the past. But Antonio Neto, head of structured finance at Société Générale in Brazil, has doubts: "I think this will be an important initiative, as it will facilitate investors’ access to these securities. However, I don’t think that there will be a dramatic change in liquidity."

Bank of America, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, UBS and Wachovia will all join Nasdaq to form the new trading platform, called the Portal Alliance.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree