LedgerEdge, the blockchain-based trading platform for corporate bonds, is now in production. The UK-regulated offering was built in collaboration with leading global banks, asset managers, and market makers. So far there are 45 firms in the UK Multilateral Trading Facility (MTF) and 70 globally that are using it or being onboarded. It’s entering a market currently dominated by Bloomberg, MarketAxess, and Tradeweb.
The bond trading startup was co-founded by David Rutter, CEO of enterprise blockchain firm R3 who previously founded LiquidityEdge, the US Treasuries platform acquired by MarketAxess. Unsurprisingly, LedgerEdge uses R3’s Corda distributed ledger technology (DLT).
The platform selectively shares pre-trade data in a peer-to-peer fashion. A key pain point addressed by LedgerEdge is to give its users control over their own data. Most trading venues offer centralized order books, where sell-side firms upload all their data and the trading platform then owns and sells that data, including back to the trader.
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