280 CapMarkets introduces straight-through processing
280 CapMarkets, a fixed-income technology company providing best execution trading support and price transparency to advisors, institutions and issuers, has rolled out straight-through processing (STP) capabilities, which accelerate and automate the processing of client transactions.
The firm’s goal is to help clients manage their own trading allocations and incorporate BondNav into their existing operational workflows. In addition to municipal and corporate bonds that are currently offered on the platform, 280 said it will include certificates of deposits (CDs).
280 CapMarkets also filed a non-provisional patent for its cloud-native technology platform BondNav in 2020 and it is currently patent-pending.
“Our mission is to continuously improve advisors’ and institutions' experience with 280 CapMarkets through technology to modernize fixed income accessibility for all market participants,” said Dave Rudd, president, 280 CapMarkets. “The roll-out of STP allows advisors and brokers to fully integrate order workflow into our BondNav platform seamlessly allowing clients to manage their allocations in BondNav.”
280 CapMarkets clients get access to dealer pricings through its own trading desk with the goal of getting better pricing for various market participants. 280 currently has about 1,000 clients that are both wealth management and institutional firms.
“We are all about making technology work for our clients,” Rudd said. “STP will allow clients buying any asset class to simplify their workflows. The automation allows for a better client experience which we believe will only encourage more utilization.”
Prescott Nasser, chief technology officer, 280 CapMarkets, said the firm’s “connectivity developments, addition of new asset classes, along with the recognition of our innovative technology, positions 280 CapMarkets for continued growth.”
“During the past few months of this pandemic, we have been able to validate the use of our technology and meet client demands during extreme market volatility,” he said. “BondNav, coupled with the expertise of 280’s trading desk, is designed to level the playing field for investment advisors.”
Nasser noted the firm’s cloud-native platform has allowed BondNav to “seamlessly scale with the increasing fixed income markets’ activity during COVID while also allowing us to accelerate development on additional asset classes, specifically agencies and Treasuries, later this year.”
“Our technology roadmap is all about serving the market more efficiently and transparently. The access we are privileged to have today spans the small wealth manager to the largest institutions — so yes, the more we continue to develop the functionality, connectivity and product suite, the more our BondNav marketplace grows,” Rudd said.
“Also, adding CDs at this time (in addition to munis and corporates) is a way to deepen our relationships with the wealth managers we serve,” Rudd said.
280 CapMarkets has plans to continue to add asset classes such as agencies and mortgages as well over time.
More recently, 280 CapMarkets said its move to a new corporate headquarters in San Francisco is designed to meet the needs as 280 continues to grow. Employees will be given the option to work remote or from the new offices in San Francisco or its other office locations once the usual business operations resume following the pandemic work from home orders.