Fixed income startup Bondcube has filed for liquidation. Its CEO, Paul Reynolds, told the press that technology had been delivered late, over budget and lacking in functionality, and that sufficient business failed to materialise. Instead of using the traditional fixed income RFQ model, Bondcube, 30% owned by Deutsche Boerse, took indications of interests, and matched buyers with sellers. Reynolds said liquidity was now with the buy-side which needs somewhere to put it and connect, like eBay did for e-commerce in June.
Fixed income startup Bondcube has filed for liquidation. Its CEO, Paul Reynolds, told the press that technology had been delivered late, over budget and lacking in functionality, and that sufficient business failed to materialise. Instead of using the traditional fixed income RFQ model, Bondcube, 30% owned by Deutsche Boerse, took indications of interests, and matched buyers with sellers. Reynolds said liquidity was now with the buy-side which needs somewhere to put it and connect, like eBay did for e-commerce in 1995.