Appital launches block trading solution for asset managers: no information leakage or price erosion

Rick Steves

Appital Insights empowers buy-side traders and portfolio managers (PMs) by enabling them to evaluate the feasibility of executing larger average daily volume (ADV) orders without risking information leakage or price erosion.

Appital is introducing a game-changing solution called Appital Insights to redefine how buy-side institutions assess and unlock unique liquidity opportunities, especially those unavailable through traditional electronic trading venues.

The provider of peer-to-peer price discovery and liquidity sourcing technology for asset managers is launching Appital Insights to empower traders to assess the viability of executing large orders without market alerts.

The viability of executing large orders without risking information leakage or price erosion

Appital Insights empowers buy-side traders and portfolio managers (PMs) by enabling them to evaluate the feasibility of executing larger average daily volume (ADV) orders without risking information leakage or price erosion. This groundbreaking solution also provides traders and PMs with the means to access liquidity events in relevant equities that meet their minimum ADV or pricing criteria.

The platform builds upon the existing bookbuilding capabilities of Appital Turquoise BookBuilder, which has already automated a historically manual and opaque process, allowing the execution of large volumes on the regulated Turquoise MTF.

Appital Insights takes this a step further by offering real-time origination alerts, allowing buy-side institutions to tap into cross-border deal flow opportunities before any price formation or deal launch occurs.

Data within Appital Insights offers automated feedback on live positions and the likelihood of driving liquidity for any relevant asset. This feature provides traders and PMs with the confidence that they can identify counterparty interest before launching a bookbuild.

Mark Badyra, CEO of Appital, said: “Launching Appital Insights is the next step in our evolution and complementary to the existing price and deal formation process. Buyside firms no longer have to enter the market with a larger ADV order without the confidence that the trade will complete at a single shape and price which they are comfortable with.”

Appital Insights ensures that user actions remain concealed from the market

Unlike current buy-side trading technology, Appital Insights does not begin to match or execute orders sequentially, ensuring that user actions remain concealed from the market until a suitable group of relevant asset managers is identified. Once identified, users are directed to the Appital Turquoise BookBuilder for execution.

Since its launch with European stocks in May 2023, Appital has facilitated deal flow opportunities worth $200 million, with an average opportunity size equivalent to 2.5 days of ADV.

The platform has witnessed substantial growth since the introduction of Appital Turquoise BookBuilder in August 2022, onboarding 25 asset management clients collectively managing $12 trillion in assets under management (AUM). An additional 40 asset management firms, overseeing a combined $28 trillion AUM, are currently undergoing the onboarding process.

Integration with existing EMS (Execution Management System) platforms, including Bloomberg IOIAs, has played a pivotal role in attracting an ever-expanding community of asset managers to the platform. These integrations enable easy access to elusive liquidity directly within the traders’ existing trading infrastructure.

Matt Jefford, Appital’s Head of Liquidity Solutions, said: “The buyside is no longer constrained by placing large orders into a block venue to find the other side of the trade, while risking information leakage. With Appital Insights, they can get live feedback from our platform that there is a contra on the other side, stimulating liquidity formation at that point in time.”

FlexTrade is integrated with Appital Insights

FlexTrade is the first EMS provider to integrate with Appital Insights, further strengthening the collaboration between the two companies.

Andy Mahoney, Managing Director at FlexTrade, commented: “Delivering actionable feedback around the likelihood to drive meaningful and unique liquidity via Appital Turquoise BookBuilder without alerting the market and within their EMS cockpit, alongside other liquidity options, creates the real-time view of the market, which is crucial to optimizing trading decisions.”

Appital actively monitors all information within its platform, disincentivizing platform misuse by providing data to all users. This allows users to choose the types of firms or liquidity they interact with, ultimately fostering trust within the platform.

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