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.
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