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Dan Alderson

StoneX is preparing to launch a trading venue it hopes will transform the loan market by creating greater liquidity and pricing transparency, while preserving the anonymity of institutional client counterparties.

StoneX LoanMatch, which is due to go live in September, will allow clients to participate in open matching sessions in which they can enter buy/sell orders at a specified mid-price set by StoneX. Dark pool technology will allow them to do this without revealing their identity, the direction of their trade, or their order size.

StoneX is responding to what it sees as a gap in liquidity for the loan asset class, which has grown rapidly over the past decade but not been matched by dealer capacity to make markets. It will facilitate client-to-client trading, which it says will enable lenders to more proactively manage their portfolios.

Senior StoneX personnel overseeing the project include Robert Lepone, head of EMEA loans and claims, as well as Geoffrey Drayson and Robert Dziedziech, co-heads of European credit.

At the outset, StoneX plans on hosting two sessions a day, each of 30 minutes, at 10am and 3pm London time. The initial focus is on European credits, with a view to expand the service later into areas such as BWICs/OWICs, large private credit trades, and the US loan market.

Trades will be executed with a pre-agreed transaction cost, which StoneX says will provide clear and transparent pricing for all participants. Commissions will be lower for higher trading volumes. The pricing information will be available to those using the service who are not counterparties to a particular trade, as they will be able to view open orders and trading activity across the market.

At the same time, clients will have complete confidentiality up to the point of execution, after which only StoneX, as principal, will know their identity. In many cases, the fixed transaction cost will be lower than the bid/offers clients would obtain from dealers, and they can enter into trades of any size with confidence they won't move the market. They will also avoid potential conflicts arising from dealer desks misusing client trading flows.

Trade settlement will be through the ClearPar system wherever possible.

StoneX LoanMatch screenshot, showing representative open trades with bids and offers

StoneX to boost loan trading liquidity with dark pool tech platform

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StoneX to boost loan trading liquidity with dark pool tech platform

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