Citi-led consortium plans multibank CLO trading platform

‘Project Octopus’ aims to fend off independent platforms eyeing a push into CLOs


A consortium of banks is preparing to combine the collateralised loan obligation (CLO) trading efforts of its members into a new multibank trading platform, with the working title Project Octopus. Sources say the move is a bid to prevent existing fixed income platforms from cornering the nascent electronic CLO market and charging what the banks see as high fees for trading and market data.

Project Octopus is understood to have originated with Citi and Bank of America, which have since

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