Appital achieves $2bn buy-side liquidity milestone

Rick Steves

“The significant traction we have within the asset management community validates the need for our offering, as our technology addresses the industry’s key pain points: accessing hard-to-find liquidity and the ability to execute multiple days ADV, including in small to mid-cap stocks, without the risk of price erosion.”

Appital has announced significant strides in expanding its user base and its peer-to-peer price discovery and liquidity sourcing technology for asset managers. The platform has impressively reached $2bn of buy-side liquidity, marking a considerable achievement in its growth trajectory.

In November alone, Appital’s platform liquidity reached an impressive $800m notional. An outstanding $300m was recorded on a single day in December, showcasing the platform’s robust capability in handling large transactions.

Appital Insights has been a game-changer

This growth is a significant leap from the $200m recorded between August 2022 and August 2023, underscoring the impact of the recent launch of Appital Insights in September 2023. Currently, 32 asset managers with a combined $15 trillion Assets Under Management (AUM) are engaged with the platform, while an additional 55 managers, overseeing another $30 trillion AUM, are in the onboarding process.

Appital Insights, an industry-first initiative launched in September, has been a game-changer. It allows buy-side institutions to evaluate the feasibility of executing large orders, over 20% Average Daily Volume (ADV), without prematurely alerting the market.

This feature augments Appital’s existing bookbuilding capabilities, offering asset managers expanded access to elusive, cross-border deal flow opportunities and fostering collaboration in liquidity discovery and price formation.

Client onboarding driven by integrations with FlexTrade, Factset, TS Imagine, Virtu, Bloomberg

Client onboarding is partly driven by integrations with prominent EMS providers, including Flextrade, Factset’s Portware, TS Imagine, Virtu Financial’s Triton EMS, and Bloomberg. These integrations are pivotal as they allow clients to seamlessly integrate Appital’s liquidity opportunities and bookbuilding processes into their existing trading infrastructure, facilitating participation in significant price formation opportunities.

The fourth quarter of 2023 saw a balanced spread of liquidity across small, mid, and large-cap stocks, with each category representing approximately 33%. Daily volumes varied significantly, ranging from 20% to 600% ADV. The average notional value per opportunity within Appital Insights™ stood at $18m, illustrating the platform’s capacity to handle substantial transactions.

Accessing hard-to-find liquidity and executing high volumes without risk of price erosion

Mark Badyra, CEO of Appital, said: “Since launching Appital Turquoise BookBuilder 15 months ago we have continued to deepen our EMS integrations, increase our buyside community, and have launched Appital Insights, which is complementary to our existing price and deal formation process. We are delighted with the industry support and participation we have seen to date. The significant traction we have within the asset management community validates the need for our offering, as our technology addresses the industry’s key pain points: accessing hard-to-find liquidity and the ability to execute multiple days ADV, including in small to mid-cap stocks, without the risk of price erosion.”

Brian Guckian, Chief Business Development Officer, Appital: “This is an incredibly exciting time for our business and I feel that Appital has now reached an inflexion point. We have reached a significant milestone by hitting $2bn of buy-side liquidity in the first three months of Appital Insights going live. In 2023, our focus has been on deepening unique liquidity on our platform; in 2024 we expect that the asset management community will fully unlock the potential of our platform. We look forward to continuing our collaborations, partnerships and integrations.”

Appital enables the buyside community to access previously unreachable deal flow and execution opportunities, facilitating interactions among institutions for liquidity discovery and price formation. The platform efficiently drives the bookbuilding process, allowing for large volume executions with minimal market impact.

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