BondBook says it will roll out its electronic trading network to a first wave of institutional investors within the next few weeks. The online marketplace, established by five top-flight investment banks, is in the final phase of testing.
News of the impending release came as BondBook named John Kim of Aeltus Investment Management as president and CEO, and Paine Webber alumni Gustavo Larramendi as chief operating officer.
Larry Buchalter and Jim Pellicane, who have served as co-chief executive officers of BondBook since its formation and who led in the definition and initial implementation of BondBook's business and trading model, will remain with the company over the next several months to help in the management transition and the roll out of live trading.
BondBook has been conceived to provide an open, real-time electronic market for improved price discovery, liquidity and transparency in global bond markets. The idea is for market participants to post live bids and offers and trade anonymously with one another across a full range of investment grade and high yield issues. The company's founding firms include Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley Dean Witter and Salomon Smith Barney.