DBS has launched what it describes as Asia’s first fully digital and automated fixed-income execution platform, FIX Marketplace, where issuers can directly connect with investors at their sole discretion. Keppel Corporation’s US$1 billion euro-commercial paper programme is the first to be digitalized for issuances under the FIX Marketplace. The company has appointed DBS as the sole arranger and dealer of the programme.
The FIX Marketplace aims to make access to capital markets more time- and cost-efficient, and accelerate the development of Asian bond markets, thereby creating more inclusive and accessible markets for issuers.
The platform provides issuers an interface to directly issue their own bonds into the marketplace, while maintaining the ability to execute bond transactions via dealers.
It allows deals to be launched with one click, and enables direct order taking and transparent allocation for investors on primary market bond issuances. Documentation and primary trade confirmation generation are fully digitalized on the platform.
The platform provides relevant tools and information to enable issuers and investors to make more informed funding and investment decisions. It also supports issuers in generating “digital bond” ready transactions which can be listed and traded on the DBS Digital Exchange.
Clifford Lee, global head of fixed income at DBS, says: “The FIX Marketplace marks the first step in this ambitious journey to democratize the capital markets for better transparency and broader financial inclusion. This can only be done effectively in consultation and collaboration with market players and participants, including arrangers, issuers, investors, lawyers, auditors and clearing houses. Through this collective effort, we can enhance the capabilities and features of the FIX Marketplace to best transform the market for the better.”