Reuters has named Jim Perrello as chief executive officer of Liquid Markets, a soon-to-be-launched electronic marketplace with full transaction capabilities for the money markets.
Issuers and investors will be able to communicate with dealers, view money market information and conduct transactions electronically in real-time, starting with commercial paper and extending to Certificates of Deposit, Agency Discount Notes and other money market instruments, says Reuters.
Reuters Liquid Markets will launch its product for commercial paper in the US and the European markets first followed by the Asian, Australian and Canadian markets.
Perrello has been pioneering the development of an on-line money market service at LiquidyLink.com, where he was the founder. Formerly a senior commercial paper trader at a major Wall Street bank, Perrello was responsible for managing the bank's short-term debt relationship with Fortune 500 clients. Based in New York, he will initially report to Philip Wood, Reuters managing director business development.
Jim Perrello comments: "We strongly believe that the institutional money market constituents need a product that extends beyond the simple electronic execution capability. Our objective is to enhance workflow efficiency by providing dealers, issuers and investors the entire suite of market data, news, credit information, straight-through-processing, electronic communications and electronic execution."